In Mumbai most of the residential property owners follow a simple rule. The rent is a package and the package is divided into rent plus security. For every Rs one lakh of security that one pays, the rent decreases by Rs 1,000 per month.
Mumbai real estate is under going a declining phase. The rising rental prices for Gym Consultancy are leaving property hunters confused. Property analysts say that this unprecedented hike in rental values will compel many people and companies to exit the main city in search of cheaper homes and offices.
A buy to let investment is buying a property in order to rent out to tenants. It can be a medium to long term investment. It is different from owning your own home. It is about becoming a landlord and running a small business with legal responsibilities.
It is surely a good news before the festival season. As economy is going down, rupee value is going through the whirlwind and worsening job scenario day by day, buyers nowadays are getting avert to the market. Builders remain the realty inventory of more than 700 million sq ft. As said by a research firm.
Take the case of Amit Tandon, a bachelor working with KPMG in Mumbai, who shares his three bedroom apartment with his two friends. Their monthly rent package was Rs 30,000 but after paying a whopping security of Rs five lakh, they have managed to reduce the monthly rent by Rs 5,000 to Rs 25,000. Says Amit, “This is a simple rule that is followed in most places in Mumbai. And the security amount has to be paid before shifting.” If it is a furnished flat, a landlord takes deposits that cover the assets of his flat.
Emphasises good structure, which includes the layout of the property, the number of columns and pillars as well as the foundation of the land. If there are too many columns, it would be very difficult to renovate the house. If you notice a gap between the wall and the floor, it is a sign of earth movement, which denotes a structural problem.
Real estate. . . No matter what kind you own or want to buy it’s still an investment. In fact, many people buy and sell real estate as a business and I’m not talking brokers or agents here. You know who they are. They’re the ones who tell you about a deal they just did and boy did they ever make a bundle on it! How’d they do that? They made the property look good. It’s what buyers interested in. How a property looks. So you see curb appeal really IS important.
Number five is what distinguishes a passionate but penniless person from a passionate wealthy person. Although your focus is on doing what you love most, you have to keep a critical eye on the profit scoreboard. If the profits aren’t coming within an appropriate period of time then you need to improve your business model.