|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.|
Property investment requires high capital and great understanding, being aware of the growing property markets, many are looking to invest in the sector in India. Among metropolitan centers of the country, Chennai is a viable investment destination. Here are a few things which make the city a hit in the real estate market.
Chennai also referred to as “The Detroit of India,” and also being a a fast developing city of India, is considered as a good option for making real estate investments. Chennai has a traditional culture of property investment. This is why the real estate market here has lesser speculators and more genuine buyers, due to which the market is and in the future too is likely to grow more steadily compared to other cities. So if you are planning to invest, then it is best to buy a home or a plot in Chennai in areas which are either- well know and easy to market or those who are developing and are expected to attract many buyers in the future.
Here are some of the best places to invest in Chennai to ensure you accrue good returns.
OMR (Old Mahabalipuram Road)
OMR with its many upcoming IT Parks has become one of the most popular places in Chennai for IT professionals. There are many property buyers attracted to the locality considering that the place is very easily accessible to the city through the IT specific way. Besides this, the locality has various health care centers, entertainment centers, educational institutes as well as excellent transportation facilities making it a great place to stay as well. Its proximity to the beach, and the other amenities are attracting potential investors to invest in the locality. Likewise, many well-known builders too have spent in the area. For instance, Unitech is offering township plots in Chennai located in their integrated township which is nestled between OMR and the GST road.
GST (Grand Southern Trunk Road)
|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.|
GST Road connecting Chennai to the southern region of Tamil Naidu, as well as to the Chennai airport is one of the busiest highways of Chennai. With many IT professionals working close by, it has become an excellent residential locality, besides already being a good industrial area. This road starts from the Jathipara junction in Guindy and is well connected by rail and road. Also possessing excellent social infrastructure, GST is an important investment location maintaining stylish and urban apartments, gated communities, colleges, health care centers, and so on.
Poonamalle High Road
Being a prime residential locality of Chennai, the area has a lot of investment opportunities available. Besides being close to the central business district of Chennai, it has high accessibility with a major highway. Along with being close to popular areas and having great amenities, staying here you can also enjoy the advantages of peaceful living only experienced in a suburb. Being a fast developing area, it is surrounded by malls, hospitals, schools, plenty of ATM's and other such necessary facilities. But the major consideration to keep in mind while investing here is that- while the area is great if you are working close to localities such as the GST or Ashok Nagar areas, it is quite far off from many of the IT parks located in the city.
Despite being one of the oldest localities in Chennai, the place is again becoming popular due to its proximity to the Airport. Also, up-gradation of infrastructure and other developments have made the area much more attractive. The locality provides easy access to OMR especially for the IT professionals, as well as to Guindy if you want to go to the central city. There are numerous educational institutions, IT companies, various amenities such as shopping malls, etc. in the area. Also, Connectivity wise it has decent roads, railways, and other facilities. Tambaram East has many independent houses and multi-storey apartments you can invest in. Steady demand depicts Tambaram to be an investment hub.
Besides the above famous localities you could also take a look at other places in Chennai such as – Guduvancheri; which being an upcoming area is the next place to think about investing after Tambaram, due to its ease of access to central areas. Velachery too though already occupied mainly has a lot of surrounding areas close by and is ideal for investment.
|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.|