For people who wish to invest in property, the single most important criteria for investment is the return expected to be received over a definite period of time. This return usually depends on what type of property it is, where it is located and how is it going to be utilized? Similarly, for people who are looking for property for personal use, there is a need to make a choice of property from the many that are available, depending on your requirements. Here are some points on how this selection can be made:
1.Identify your needs: You need to ask yourself what is that you need the property for. Do you need to open some retail shop or buy a residence for living? Or, any of these would do since you are essentially in need of the returns? So, what is it that you exactly want? If the choice is open-ended then the search for the right property will increase in scope many times?
2.Determine your maximum stretchable budget: What is the maximum budget that you are able to invest? The limits of this maximum shall be very carefully examined since the people usually have a tendency to either stretch too much or to keep smaller budgets than they can afford. The reason for determining the maximum budget is that if there is some property available in market which is costly than your initial estimate, then you can still consider that property.
3.Identify the region: Once you are clear on budget, you can find the areas where properties in that range are available. This would require consultation with the dealers who operate in many regions. The regional identifications shall take into account the security related aspects as well.
4.Vetting the region on the basis of your requirements: Though the dealers will tell the region based on your requirement, you need to find whether a particular region meets your requirement. In short, do you like that region in terms of development and the locality of people around it? You also need to assess the future potential of the project.
5.Find the right builder: After zeroing in on the likely regions where you would be willing to put your money, you need to find out which properties are available and which reputed builders are having their projects in that area.
6.Find the right project or property: In a new area, people prefer to make analysis of builders and property simultaneously. They might not select the builder first. Even this approach is fine provided that the importance of builder is not ignored in selection of property. These are the broad outlines of how shall the search for purchasing a property shall be done in order to find one that meets all your requirements including the budget. A lot more is done in practical, within these broad contours of searches that have been laid down above.