Should I buy a property or a flat?
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My wife and I are living in a rented apartment in Surat. We both are working and earning very well. And together, we have pretty good savings because of our early investments in mutual funds and savings.
Now we want to expand our family. But before that we want our house in this city. Other than my ancestral house, I have one apartment in my hometown. We are not in a mood to shift to that apartment in the future.
So I have a few queries:
- Should I sell that apartment and buy a new flat here, or should I buy a property and build a house on it?
- Should I wait for some time before buying any property?
- What factors should I consider before investing in any property?
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It is a great time to buying a property in Surat as there is a stable growth, which makes it a good time to invest in real estate as you have a stable income and savings. Its better to sell that old apartment as you are not going to live there in future. About your queries:
- Buying a land means longer construction time, more involvement in the process, increased cost. But buying a new flat gives you a facility ready-to-move-in with less hassle.
- The real estate market is very dynamic. Waiting for a best property may be offers you great results but it may also mean missing up the best opportunities.
- Your financial status, market trends, property location, legal clearances, resale value, tax implications. These are some factors which you need to consider before buying property or flat.