As a leading real estate developer in South India, we meet people from around the world and they discuss the challenges they face when they are on lookout for the best properties in Bangalore. Most of these NRI homebuyers ask about how they can invest in the right vacation home. What are the rules that they must follow before making the big decision.
Here are the 5 most important things NRI homebuyers should know if they are buying a vacation home in Bangalore, India.
- Know the costs
With many real estate developers in Bangalore, the cost appearing on the brochure, website or their promotional material is not the final one. So first of all, stay away from the developers who don’t give you the accurate idea of how much a property is going to cost you. Do not fall in any such traps and avoid falling in such situations by strategically calculating the total cost involved in the home buying process. You can take help of experts to get an idea of the total costs involved. A reliable real estate developer will keep you hanging between estimations.
Buying a vacation home in suburbs is undoubtedly a smart choice over the properties in city. But you must know that not all the areas are the same. Before you make the big decision of buying such property, check the history of the area. Check the crime rate and collect all the necessary information about the neighbourhood. A vacation home means that your will visit it bit will keep it vacant for some time.
- Stay for sometime
Don’t just buy a house and leave the city. At least spend some time in your new house once it gets ready. It is always better if you can stay there for a few days or weeks. You will come to know more about the neighbourhood and if you don’t hesitate in socialising, there are chances that you might find some trustworthy people around you or even if you don’t, people at least will see you and will come to know the actual owner of the property. Building relations can help you in the long run.
- Someone for care
When you are not on vacation, you can ask someone to take care of your property. If this is not possible for you, then make sure that you are buying in a place where the developer has made all the arrangement for security. CCTV cameras, proper lighting, security guard are essential these days.
- Rental Income Is good But Not Always
Renting out your vacation home is undoubtedly a good idea, but before you start looking for a potential tenant, make sure that you have the complete control over the situations. Do not just build and rent out. Keep the property, stay there for some time, try to visit frequently, build strong relations with neighbours and then rent out. You’ll never regret if you’ll follow these tips.