Buying property is always going to be a one-time deal. You cannot exchange or give away your home as you do with the other things you didn’t like. Mostly there are no second attempts and no looking back. Apart from the fact that our choice determines the type of investment we make, for most of us, our home is going to stay with us for the rest of our life. We have to decide by taking different circumstances into account.
Coming to the Chennai real estate market, it is mostly end-user driven. The drive towards residential real estate started with the various improvements from the government. RERA (Real Estate Protection and Regulation act) was introduced in 2016, it promoted transparency in real estate and protected buyer-interest. It also helped clear preconceived notions about real estate and increased sales. The PMAY, tax subsidies and the GST are among others that contribute to the increase in the construction and sale of residential apartments and villas in Chennai. The areas near the IT hubs are also seeing a rapid increase in housing because of connectivity and infrastructural development. If you are looking to invest in Chennai, this would probably be the best time as benefits outweigh the supposed-disadvantages. Here is a checklist of the things you should have ready before buying a property.
An important parameter before buying a property is to have your finances sorted. Firstly, identify the purpose of your purchase. By doing this you will come to know the exact amount you would require to complete the process of buying. Say, you are a first time home buyer, it is likely you would need about 20-30% of your entire payment. Even if you pay the 20% of the amount initially, you would have other additional payments such as the stamp duty and registration charges. Interior, parking-space, maintenance and deposit are among other charges that might dawn upon you later on. It is better to be ready for any other costs that might come your way.
#2. The right location
The right location differs from person to person. An ideal location might be, the area you are used to, or the area that has the best growth potential. When you are a first time home buyer you have to look at factors such as accessibility, etc. The fitting option would be to look for a place that is within a 5km radius from your workspace. In our culture, our potential home should satisfy the needs of the entire family. Schools, hospitals, shopping centres are a few musts; the area should basically be kids and senior citizen friendly. Other infrastructural developments such as the bus stations, train stations & metros should be functional. Connectivity to other areas is also vital to look for in the location. Let’s take the example of OMR, Chennai. The place is fast-filling with residential apartments. It is predominantly an end-user market because of the infrastructural development in the area. It has good connectivity to the rest of the city. There are a number of schools and hospitals in the area and its surrounding. Even the suburbs of OMR are becoming sought after since they share the location advantages.
#3. The right developer
The brand name and the position of the brand holds an important place when looking to buy a home. Before you choose a builder, check their entire history and background. You could start by just browsing about the builder. The quality of the product and the projected timeline should be enough to validate the builder initially. This could be done by getting in touch with people who have previously purchased from the builder. They would be able to give you a clear picture of the pros and cons. Also, look for any legal or finance related issues with the builder. This could be done by just searching the web or by asking around. Once you have landed on a suitable developer it is important to see if the registration procedure is carried out accordingly; this could be done with the help of a lawyer too. Take time to choose the right builder as a hasty decision might cause hindrance in the future.
#4. A spot with a great appreciation & rental potential
Even if you have to sell the property in the future, it should fetch you a good return. Choose an area that has the maximum growth potential. Even if it is a suburban area, choose one that is likely to appreciate in a few years. If the area has growth potential with good infrastructure then it would be easy to get people for rental too.
#5. A good locality
The locality you choose must be free of any external disturbances such as noise pollution. Ask yourself certain questions such as, will my family be comfortable here? Is this place suitable for my kids? This might help in finding out if you are really happy with the neighbourhood.
#6. A range of amenities offered
Mostly, people choose gated community apartments or villas that provide most of the amenities in-house. You should also be looking for any specific amenities that might be essential for your family. Apart from the in-house amenities, you should also be looking for the condition of the roads outside the building as you are going to be travelling a lot on those roads.
Buying a home is a precious moment to us, but at the same time, it is also tiring and stressful. We tend to decide in a rush and regret later. The first step to buying a home is to relax and do extensive research. Take ample time to find out what best suits you and your family.