How it's easy finding the right property in Belgaum
So you’ve decided to buy property in Belgaum and have set about searching for the perfect property in Belgaum, right? Congratulations!
Your search for the best property in Belgaum needs just the right direction so you can go find your dream home with ease. Your decision is based on certain needs
- Property to reside in.
- Property for investment.
- Property to let as a source of monthly income.
Based on what is your intent to buy property, set about searching for the right kind
Property to reside (residential property)
- Schools, shopping centers and hospitals nearby
- Easy access roads
- 24 hours uninterrupted water supply
- Safety from burglars with proper security
- The right budget fit
- Resale value for the future
- Distance from bus stop, railway station or airport in case that is your primary need
Once you have selected the proper locations for your ideal home, you’ve completed half the task. Locations that satisfy most of your needs are always high in value compared to others because they offer value for money invested. Most people want to live in such areas and hence, the properties available on sale are scarce and those that are, tend to be quite expensive compared to the others. You must be clear which of the criteria you are willing to compromise with in case you want to make immediate purchase well within your budget.
Property as investment
Belgaum is a booming city and with the Smart City Project being implemented, even the satellite townships like Basavan Kudachi, Sambre, Balekundri, Hindalga, Macche, Yellur, Halaga are being connected with the main city center. Roads, water, drainage, public transport, schools and colleges, markets, hospitals are all coming up in full swing. So when you’re searching for budget property as an investment, do keep in mind that the suburbs and the outskirts are going to expand in the days to come. Moreover, since this property is not for your immediate residential use, you can always count on the future appreciation of value for your property investment. If this property is to save on tax, you will need to take into account the depreciation that you can claim plus the exemption in monthly installments to the bank for loan if taken.
Property to let as a monthly source of income
For property that you can let out for rent, ensure that it has at least the basic amenities. If the location provides all the basic amenities like water, electricity, road connectivity and markets, you can always command a higher rent. Lack of amenities means lesser rent, lesser deposit and longer gaps between two tenant in case on vacates. Plus the additional cost of real estate ads in the classifieds of local newspapers will be an additional burden.
Active search for property
Once you are clear what kind of property you want to buy, you need to inspect the property yourself for your satisfaction. If it was only the word of mouth or that odd real estate agent who provided you leads for good quality, clear title properties, today you have a plethora of options available. Choose from
- Real Estate advertisements in local papers. Most local papers feature property ads daily, especially in Sunday classified supplements. You can scan through the pages and shortlist the ones that fit your criteria.
- Property search websites: Several websites like magicbricks.com, 99acres.com, list properties from Belgaum. You can scan through their pages with the right filters for searching.
- Real estate agents: the age old option of people showing you a database of properties on sale are trusted by many. They find it credible that someone is showing you around lending his weight to the sale. However, several agents charge a commission from both parties and many times, you end up paying a higher price for the same property just for the commission.
Due diligence for property purchase
After you have chosen the right mode for searching and shortlisted a property, make sure you have done all the background search pretty well. Do ask for documents based on their applicability, like
- Clear title
- Property registration deed
- Building Approved Plan
- No encumbrance certificate
- Project completion certificate
- Occupancy certificate, and others as applicable.
Also, do inquire about the Govt. rates of property in that area. Many times, the standard govt. rates and the actual sale rates differ. That happens when there is too much demand for property in that area and too little options available. Ex. It is comparatively difficult to find open plots in dense residential areas like Shahapur, Tilakwadi, Vadgaon, city center, etc. So though the govt. rates per square foot may be lesser, you may have to shell out pretty much extra to buy the desired property.
Check for credentials of owners
It is always wise to inquire and check for the credentials of the owners before making the final purchase. Inquire with the bank if the previous owner has had a loan on the property. Speak up with neighbours and ex-tenants if possible. Take help of a reputed lawyer who can make the right inquiry on your behalf. Having an advertisement placed of your intent to buy a certain property ensures you have safeguarded against further legal hassles.
Know future possibilities
With the Smart City project being implemented, Belgaum is seeing massive development works happening across the city. Soon, there will be sports complexes, large size shopping malls, vegetable markets, museums, flying school, etc. coming up at strategic locations. Brands and companies are making a beeline to invest in real estate in Belgaum. All said and done, the city is witnessing a boom in the property sector. It is wise to invest today in property in Belgaum for the long run.