Buying a house is a vital decision and a major milestone. As you search for a residential apartment for sale in Chennai, you will find a variety of world-class living spaces to suit diverse budgets. Property investment involves a large sum of money. Therefore, you need to carry out proper research before deciding. You must think about your specific needs and concerns, compare the available options, and consider a few important before finalising the right property to invest in.
Understand Your Needs
The first thing you must do is to make a list of things you want in the new home. After doing so, you should put the things into two categories – needs and wants. Doing so would help you understand what exactly your necessities are, like a good neighbourhood and reliable water supply, and what things you want, for instance, a swimming pool or a gym. Making a list beforehand shall help prioritise your demands, making it easier to find an apartment without making any compromises.
Budget
Budget is among the most vital aspects to consider when buying a residential apartment for sale in Chennai. Apartments, especially in large metro cities, involve a good sum of investment. Thus, you need to fix a budget before shortlisting the apartment options.
You should ideally calculate the sum of money you shall be left with every month from your income sources after bearing all the necessary expenses. It will give you a good idea about the property loan EMIs you can afford. You should also check your investments and savings to properly assess the amount of money you can pay for a down payment. These calculations should make it easy for you to set the budget for property investment. Setting the budget beforehand is necessary to avoid spending time researching projects that you will not even be able to afford.
Location
Location plays a significant role in property investment. Whether you want to buy the apartment for yourself, rent it out or sell it off in the future, selecting the right location for the investment is important. Projects in well-connected and flourishing localities are more lucrative as they generally appreciate at a faster pace over the years. Therefore, buying an apartment in such areas would fetch you a good resale value over time.
The convenience of living in an apartment is directly impacted by its location. Hence, buyers who wish to buy a house must carefully assess the connectivity and neighbourhood of a locality before making their investment. They should look for an apartment located near schools, hospitals, malls, office complexes, and other essential facilities. These localities do not face any shortage of renters. Rather, you can be assured of enjoying a substantial amount of rent every month if you have an apartment in a locality with a good social infrastructure. When looking for a home to live with your family, you also must consider factors like safety and amenities that align with your needs and living standards.
Builder’s Reputation
You need to check the builder's reputation diligently. It will be your best bet to ensure the apartment you purchase is developed by a reliable real estate development company. You should check the previous projects of the company and go through their reviews and testimonials to get an idea about the quality of work they deliver. Scouting the company's track record would help determine the material quality, delivery time, and more details.
Due Diligence
It is crucial to verify the ownership titles of the property to identify and legitimatise the seller. This would involve confirming the authenticity of sale deeds, examining land records, and reviewing encumbrance certificates. These documents provide clear evidence of the ownership history of the property and help establish that the seller has the legal right to sell the house. By carefully checking these records, you can steer clear of potential disputes or legal complications related to the ownership.
Approvals
You should acquire relevant approvals and permits from distinctive local authorities as well as bodies like the Chennai Metropolitan Development Authority or the Greater Chennai Corporation. It would involve verifying occupancy certificates, environmental clearances, building plan sanctions, and more, to ensure the apartment adheres to the local building regulations.
Buying a residential apartment for sale in Chennai may seem like a complicated process in the beginning but will be easier if you pay attention to the pointers discussed above.
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