Buying a dream apartment or property in Chennai is a great choice considering the standards the city has maintained for a long time. Given its urban metropolis significance, Chennai offers residents a combination of cultural involvement with modern amenities that are prevalent in global megacities. So, buying a dream apartment in Chennai is considered a dream for many Indians across different states as well.
Much like any other major city, buying an ideal property in Chennai involves a series of financial considerations. With state-wise taxation and regulations in place and the presence of the RERA Act are among the important considerations when planning to purchase a house in Chennai.
Buying a house is an expensive proposition. The fact that assessing your financial planning should be done in a way that would ease up any burden that might occur in case of something going wrong. That being said, here are some important tips to check out:
Check your budgets:
Although it seems obvious considering buying a house is an expensive immovable asset, the finance and cost behind buying them are paramount. Unfortunately, some people misjudge their ability with finance and in turn, mess up the entirety of finances. This often leads to countless problems and likely incurs losses more than anything.
Which is better? Resale homes or newly constructed homes?:
There are two types of properties you can opt for, one is existing homes that are up for resale and the other type is newly constructed properties. On a practical scale, a resale home costs less than a new home. The difference could be significantly more for the letter type of property. If you feel the budget of purchasing aligns with your budget, it is advisable to buy new homes. Else, resale homes are the best bet for you.
Research on the locality and the size of the apartment:
Houses can be of different shapes and sizes. Like from bedroom size including 1BHK, 2BHK, etc. to floor size of a property. Each of these has different specifications and the cost depends on the size and features it offers. For instance, locality also matters, considering the distance proximity from different major points of the city. Places like West Mambalam, Adayar, Besant Nagar, and Mylapore are known for their great standards of living and have all the features that give Chennai a reputable name. All these factors contribute to the increased price of a property/ apartment.
Calculating other costs:
While buying a flat, several costs come in addition and it is fair to include them while budgeting. From property registration to transfer to brokerage charges, all these are borne by you or the person buying the flat.
Concluding Thoughts
Buying a house in a Chennai neighborhood is easy with ample research work. As much as choosing the locality, and type of apartment is important, it is equally important to track the expense that comes alongside buying a house. In the end, it is always advisable to stick to your budget no matter what your dream might be. After all, a house is perhaps the most individual investment you would be making in your lifetime.