The best investment is always about choices, and it’s a good idea to get an educated view of the different options.
To be more precise, the best option is one that you have a reasonable amount of time and space to make, but that’s not something you can easily do overnight.
So let’s get into some of the best deals on the market.
The house you choose to buy can make or break your investmentThe cost of the property varies between states.
In Maharashtra, the cheapest house you can buy in a suburb is $500,000.
But in Delhi, the median price is $2.7 million.
The next cheapest house is Rs2.5 million.
But the best price you can get is Rs4.5-5 million in Delhi.
If you’re looking for a house in Delhi for Rs3.4-3.6 million, it’s not an option, says Rajiv Kumar, vice-chairman, Real Estate Board of India.
He recommends the Mumbai-Guwahati suburban area for an investment of Rs1.2-1.5 lakhs.
In Mumbai, the same house with a more modest price tag of Rs2-2.4 lakhs is sold for Rs2 crore.
For a house of Rs3 crore, you can find the best deal in the western suburbs of Mumbai and Ahmedabad, said Mr Kumar.
And, if you want to go for a more luxurious home in the suburbs of Chennai and Bangalore, you’ll need to look for the Mumbai suburbs, where the median home price is around Rs5.2 crore, according to Zillow.
You can also find better deals in the eastern suburbs of Delhi, like the area around Juhu, where houses sell for Rs1-1,500 lakhs and Rs2 lakhs respectively.
The home you choose is important in terms of your incomeThe income is one of the most important factors to consider when looking at the best house for an income.
The higher the amount you earn, the better your property can be.
For instance, the income of an average Indian, the annual income will be around Rs1,000-1 1,500.
For the top 10 per cent of earners, it is around the Rs7-8 lakhs per annum, which is an incredible amount.
But the average income of a typical Indian family will be below that, said K Srikumar, managing director, Real estate firm Realtors India.
In fact, an average family in Mumbai earns around Rs500,00 per annu, and an average household in Chennai will earn around Rs2,000,00.
So, the main reason for this income gap is that the house you buy should make your income more or less equal.
This will make you a bit more selective, he said.
You also need to consider the age of the house.
According to a survey conducted by the Indian Council for Historical Research, it was found that people in their 30s are the most likely to be considering a house for purchase, with over 80 per cent being married couples.
But a 40-year-old can also afford a house worth over Rs2 million, which the average Indian family is able to buy for around Rs6-7 lakhs, said Srikampal.
For this reason, he suggests looking for houses that are close to places where people live.
And this is something that a house owner in Mumbai will want to know about, as the average house price in Mumbai is about Rs2 – 3 lakhs ($400-500, 000) a square metre, while in Chennai it is Rs1 lakh-1 lakhs (around Rs6,000-$7,000).
So the best thing you can do is to look at the location.
For example, in Mumbai, you may be able to get a house that is 10-20 minutes from a well-known residential area, such as the Malad, but in Chennai, the opposite is true.
Therefore, you should think about the area where you live and the quality of your property.
It is also important to look out for amenities, which include indoor/outdoor living spaces, a rooftop terrace, a kitchen, a garden, a swimming pool and a gym.