Chennai Properties Stable Compared To Other Citites

Buy sell Property & Real Estate Investment Guide

Buying Property Tips#1: Choose the Right Location
Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.
Buying Property Tips#2: Study the Local Market Dynamics
It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.

Investors wonder how costly it is to buy a property in Chennai. A recent report says that Chennai properties are lot more affordable compared to Mumbai and Delhi. The realty prices of this city are reasonable and everybody from banks to first time home buyers feels a lot comfortable.

Many realty experts believe the realty market of Bangalore and Chennai is stable. The meltdown has hit the realty markets of the other cities severely and home sales have dipped to significant low across the country. The slump has also been witnessed in Mumbai and Delhi-NCR as the value of prime properties took a downturn which made buyers hesitate to invest. But irrespective of the financial slump Chennai properties has emerged as a robust realty market.

The properties in Chennai and Bangalore are good investment option. Among the various areas considered to be a potential investment, the Old Mahabalipuram Road (OMR) is a favourite for investors. Experts believe that the residential rental market of this area is expected to grow in the coming years because of IT companies are setting up their corporate offices around it. This area is a prime centre for the professionals because of its proximity to the working place and for this reason it pushes the demand for rental accommodation.

Buying Property Tips#3: Choose the Right Property
Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.
Buying Property Tips#4: Do the Math Properly
Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.
Buying Property Tips#5: Consider Additional Expenses
When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.

Because of the reasonable prices apartments in Chennai are mainly end-user. Home buyers search for flats and studio apartments to live in instead of making it an investment option. Developers and builders to meet the demand of such home buyers offer ready-to-move-in flats and cooperative multi-storeys with well maintained social infrastructure. And for this reason, the sales and demand for Chennai real estate has registered a growth.

Among the various areas in the city, the northern parts have seen the maximum appreciation in residential prices. Prices in these regions have shoot up significantly because of the lack of adequate infrastructure in the other areas of the city.

The residential market in Chennai has always been positive. With the growing competition, developers are coming up with attractive schemes and offers for home buyers to boost sales. They are even providing information on online realty portals to reach home buyers because smart home buyers spend a lot of time on realty sites before making a decision. For instance, major developers are approaching the popular realty website Makaan.com, a leading real estate website that connects home buyers and sellers, to reach home buyers easily.

Realizing the potentiality of Chennai realty market investors are rushing to invest in Chennai properties for better returns.

Buying Property Tips#6: Inspect the Property
To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.
Buying Property Tips#7: Pick the Right Financing Option
While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.
Buying Property Tips#8: Invest through Equity
One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.
Updated: March 1, 2018 — 7:42 am
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