One of the intriguing factors that come into play with most of us while taking a decision to invest in residential real estate in Patna is whether to invest in an independent house or in a flat in Patna. One needs to understand that the property in Patna is for ones’ very own use and the first preference should be given to the location and size. If it is for a rent, you have to look at the view of its potential returns. Though the rental yields in our country averages only 3.5% and in Patna it is much lower. The attraction is therefore more about the appreciation in prices of real estate in Patna and there too the location and size is utmost significant.
Here are some assumptions from our team at BuysellrentPatna in Patna for you to decide on the sort of property in Patna you go for:
Objective of Investment:
The basic issue to be resolved is whether you are buying the property in Patna purely as an investment in Patna or for yourself. If it is for your own use, it would be better to invest in a house close by. If it is just for investment, you can look at localities perhaps a bit away from the city as the rate will be lower relatively. However, the locality should promise high appreciation in real estate prices.
If you have decided upon a flat in Patna to earn rent, to ensure high rental value, you need to ensure the property in Patna has three bed rooms, car parking space and the modern amenities. Also issues such as quality of construction and interior decoration should take into account. Look at features such as modular kitchen and bathroom fixtures as investments and not costs. Look at quality wall finishes and flooring material.
House or Flat:
A house will entail buying an existing house or having one built ideally. It is better to go for existing house as it takes considerable time and effort to have one built. House will do better if it is for your own use.
An independent real estate in Patna would require security. You need to ensure a tenant is there all the time. A flat in Patna on the other hand kept locked up safely, when you don’t have a tenant. It is better to go for longer rent contracts for an independent real estate and short term leases for the apartments in Patna.
A flat comes with amenities such as club house and a large garden area. Also maintenance is easier for you in case of an apartment, where the staff take care of the tenants needs.
Finally the budget and financing would play an important role too in deciding about a house or flat in Patna.