The Chennai real estate market provides amazing opportunities to those who wish to invest in a house either for residing or for generating passive income. However, buying a property involves several important steps, starting with an in-depth understanding of the market’s nitty-gritty. As it involves a heavy investment, one also needs to have a better understanding of their finances, so they can buy a worthy property in Chennai for the best possible price.
Here is a look at the top things to consider before taking the plunge:
Consolidate your Finances:
Before you start looking at buying a property, take a closer look at your finances. Evaluate where you stand and how much you can afford to invest. Deciding on the budget is step one. Once you decide on the budget, assess if you need a home loan. If yes, do find out about bank interest rates that work best for you. Banks normally lend up to 80 % of the property’s overall cost. The remaining 20 percent is the down payment. Home loan interests range from 6 to 9 percent in India, depending on the period of the home loan applied.
Understand the Chennai Real Estate Market :
Before buying a house in Chennai, it is vital to get familiar with the real estate market trends of the city. Some of the more preferred locations in the city include Velachery, T. Nagar, Old Mahabalipuram Road (OMR), Medavakkam, East Coast Road (ECR), and Alwarpet. Each location offers both budget and luxury real estate.
Most of the newly built apartments come with good amenities and services including a clubhouse, gym, swimming pool, and children’s play area. Also, while buying a property many people prefer to be in close proximity to transportation and surrounding infrastructure. If you wish to buy a plot to build your dream house, opt for a location that has good connectivity.
Look for an Appropriate Real Estate Agent :
While there are several new apartments and plots up for grabs, to find which works in your budget, getting help for documentation, legalities, and other requirements, can be a tough task. This is where a real estate agent comes in. It is important to understand that buying a home can be a long and tedious process, to have a partner will be greatly helpful. Global Adjustments Realty services are one of the top real estate agents in the city to help you get your dream home.
Chennai offers an array of options for those who wish to invest in a property that not only meets your budget but also comes with attractive amenities. Whether it is your first home or second, it is important to be prepared each time, as buying a house in Chennai can be challenging if you are not well prepared. So before you get ready to invest in your dream home, make a personal checklist of your finances and requirements.
If you are looking to invest in a new home, check out Radiance Realty. The brand features the latest amenities and modern designs, which focus on delivering luxurious lifestyle options suited to the discerning homeowner. With the promoters having a background of over 70 years of experience in construction, Radiance Realty is the brand to be associated with, to make all your real estate dreams come true. Check out www.radiancerealty.in to find out more.