If you have been looking to diversify your portfolio investment beyond stocks and bonds and have the finances at hand, buying an apartment or villa in Chennai can be a good choice. On one hand, you can buy a property in Chennai and resell it after its price appreciates, and on the other, you can buy apartments in Chennai solely for the purpose of renting it out. Renting a property in Chennai will generate a steady monthly income, with price appreciation being a big bonus.
While there are a number of upcoming real estate projects in Chennai you can invest in, there are a few things to keep in mind: -
While looking at properties in Chennai, your main consideration from an investment point of view should be capital growth. Select an apartment or villa in Chennai that shows potential for more development. Consider the area and the market trends. If they suggest that property prices will double in five to six years, you should certainly consider investing. You can even discuss these factors with a real estate agent familiar with properties in Chennai.
Potential rental income from property in Chennai is another important factor, especially if the rental income is your top priority. There are a few areas in Chennai which attract more tenants. Maintain the property well as dealing with tenants is not an easy task, and tenants are notorious for not maintaining the property like an owner would.
Investing in a property in Chennai in a familiar and well-known area is easy. The process is also less time consuming. But if you aren’t aware of the popular localities or seek to invest in an upcoming real estate project in Chennai, you can take help of real estate agents and professionals to guide you on well-known localities. You can even research about the area and properties on the internet. One of the few things you should find out about is the proximity of schools, colleges, hospitals and other amenities from the property. Also make sure that the property is situated close to a high-rise building.
After you are done with your research, ensure that the property in Chennai which you have selected is appealing and can please the targeted market. If you want to rent your property to professionals and office goers, having a second bathroom would be better than having just one. If you intend to rent the flat or apartment to a family, then an assured parking spot is a huge selling point. For senior citizens or couples with a baby, an apartment in Chennai with access to lift would be a lot more preferable. Therefore, choose right.
Regardless of your future plan to live in the property, you should definitely take interest in the conditions and aesthetics of the property you intend to invest in. The aesthetics of an apartment or villa in Chennai should appeal to a broad range of tenants. Look at the age of the property, facilities and present conditions, and configuration of the rooms. Renovating the property which you want to invest in is different from renovating your home. Both have different objectives; when you renovate a property you’ve bought for an investment point of view, the end objective is monetary gains. On the other hand, renovation of the home that you live in is more about comfort and lifestyle.
•Employment Opportunities in the Vicinity
From the lot of upcoming real estate projects in Chennai, opt for a project in an area that has numerous employment opportunities nearby, as it attracts more people. When you invest in an apartment or villa in Chennai that has numerous job opportunities nearby, you will be attracting job-seekers, which in turn means a strong demand among the renters.
When you have found the property in Chennai that you seek, make sure that it meets the criteria mentioned above. This will ensure that you get the best cash flow from your invest in apartment or villa in Chennai.