Imagine waking up to a scenic view of hills while taking in a breath of fresh air every morning. Well, having a property on a hill station can make this a reality.
Many people buy house in hill stations India as a vacation retreat or enjoy their lives post-retirement away from the fast-paced city life.
As a result, these tourist destinations have transformed into new-age hot spots for growing real estate opportunities. So, if you are considering investing in real estate at a hill station, here are some tips to help you along the process.
1. Consider the growth prospects of the property
If you want to buy real estate in a hill station to invest and multiply your excess funds, you must consider the region’s growth prospects. The property prices are affected by factors such as location, basic amenities, and social infrastructure. Moreover, the capital appreciation of the property is highly dependent on the popularity of the particular hill station.
Therefore, make sure you research thoroughly before signing a deal.
2. Check the construction quality
Here’s a fact. Construction on slopes is much more tricky and intricate as compared to flatlands. Thus, you must consult the builder and seller about the construction quality of the property and conduct a proper check on all aspects of the house. Find out what materials have been used for construction and inspect the drain systems and hard landscaping before buying the house.
Additional Read: Is It Worth Buying House in Hill Stations?
3. Enquire about any seasonal damage
As you know, hill stations are prone to natural issues due to the topography and soil type. Therefore, you must inquire about any seasonal damage like landslides and excess water stagnation during monsoons. Furthermore, make sure that the house has water availability all year round and other basic amenities.
4. Ask if there are any state restrictions
Most importantly, you must check if there are any restrictions on a non-resident to buy house in hill station India. For instance, non-residents have to seek the state government’s permission to purchase land in Himachal Pradesh. Similarly, outsiders are not permitted to own more than 250 square metres of land in Uttarakhand. Hence, it’s best to inquire about any state restrictions beforehand.
5. Consider a housing loan
Before you start shopping around for suitable hill station properties, you should figure out how to finance the purchase. After all, real estate is a significant financial commitment, and you must pick a method that doesn’t compromise your financial security. Hence, borrowing a home loan is ideal for purchasing real estate at a hill station as you don’t have to dip too much into your savings!
Additional Read: Budget 2021: Some Hits and Misses on Real Estate Sector
Over to you
With more and more people buying their dream home in the hills, the real estate market in hills stations is rapidly growing.
If you, too, are looking to escape to the mountains, Tata Capital can help make that possible. You can afford your desired abode with the help of our hassle-free housing loan options.
Visit our website to learn the exact interest rates and use the home loan EMI calculator to get an estimate of your monthly EMIs in an instant.