Know Why Should You Invest In Chennai

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.

Chennai's real estate market is one of the potential markets where you can invest as despite the slowdown across the country, Chennai's property market is comparatively in a better position. Due to several infrastructure developments and establishment of IT majors, Chennai has been experiencing a positive growth in the real estate business. Home seekers can choose from an ample of property options in Chennai starting from 1BHK flats to luxury apartments. But for making an investment you need to be sure on the positive factors of that region. Here are few such reasons that can help you in making the right decision towards investing or buying flats in Chennai.

Transport: Chennai has a strong transportation system that includes city bus service and local trains. The transport system is the city's backbone as the entire population depends on this mode. Also, because of city's latest stint with the corporate and IT sector, Chennai has experience lot of migration of young crowd which include both migrants and locals. The transportation system has supported this migration in a huge way, as it connects various remote areas to the corporate house and IT/ITes companies while making travel easy for the commuters. And with the first ever Chennai Metro Rail in place, from Koyambedu to Alandur, the city is now more closely connected from one end to another end of the city. The advent of the metro is expected to boost up realty sector in Chennai providing more options for the home-seekers to buy flats in the city.

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.

Affordable properties: If you have a budget constraint then also, you can invest in Chennai. In locations like Alandur offer affordable properties starting from around Rs 30 lakh. So you can easily make an investment with a small amount. Anna Nagar (E) also offers many options to buy flats in Chennai at an affordable price range as the region has lower land value.

Various location options for investment: In Chennai there are several regions which provide high appreciation value. Such as Anna Nagar (E) and Alandur in Chennai, where you can buy flats at a very reasonable price. So if you don't have a huge amount to invest, you can go with small one. Velachery is another region which is good for investment with high returns, due to its immediacy with the IT corridors and various infrastructure developments. A skywalk and three elevated roads are planned along with the first ever road from the Velachery road to Raj Bhavan. The Tharamani road is being widened to decongest the traffic leading to OMR. Tambaram is another prospective region for investment as a lot of infrastructure development is being planned in the region. A direct railway route has been planned from Tambaram to Arakonnam through Beach railway station. You can get properties in a very affordable price range in Tambaram starting from just Rs 13 lakh to crores.

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: May 3, 2018 — 3:01 am
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