The market for residential properties in Chennai is expanding widely as a multitude of residential projects, right from villas to apartments, are being brought up developers all around the city. Now, while potential homebuyers prepare themselves to grab on to the best plans available, there are a few common mistakes that people tend to make when investing in real estate, which you would do well to avoid.
Not Researching well
A lot of people go ahead with purchasing properties without researching well. Research is the key to a successful deal, any day. And since real estate investments are huge, you have all the more reasons to make a detailed research. Failing to research properly, you not only stand to get an expensive deal, but also make a dead investment for a property that may not sell at all.
So, one of the first things that you need to bear in mind when you think of investing in properties in Chennai or in any city for that matter is to research well. You can either talk to locals and friends or get in touch with property dealers online or offline for this. Make sure that you look into every aspect of the property, from its location, history, neighbourhood, ownership, and building type to the square feet rate in the Chennai locality.
Rushing the deal
As the age old saying goes – Haste makes waste. Another common mistake that people make when investing in real estate is jumping the gun. Making a rush to sign off on a deal can cost you heavily as the investor. There may be some significant detail or a better deal that you could miss out on in the process. Stay calm and aware when you involve yourself in an investment this big.
There are various monetary as well as legal aspects that you will need to double check when investing in housing properties in Chennai, or in any other city.
Misjudging the Costs
When investing in real estate, be it the commercial or residential property market, people hope to make gains. A mistake that can completely mar their plans is miscalculating the costs. The rates for properties for sale in Chennai, like any other city, vary from location to location. However, when calculating the cost of a property, there are various factors that you will have to take note of, including government fees, taxes, registration charges, etc.
Not comprehending the costs associated with converting or constructing real estate properties will get you in trouble later.
Not Paying Close Attention to Paperwork
Scams related to real estate are not unheard of in India. Ascertaining the validity and legality of the properties deal in Chennai that you are partaking in should therefore be your top priority. Post thorough research, it is document verification that can save you from property scams.
Make sure that you read the contract well and assess the documents for legitimacy as well correct and up to date information.
Overlooking Small Details
Real estate investments are a tedious affair and involve a lot of paperwork. In such a case, it is quite possible to miss out on certain details, in an attempt to close the deal soon. Oftentimes, builders have certain clauses that if overlooked could lead to legal hassles later on. It is hence advised that you get a legal expert to go through your contract before you sign it.
Keeping Blind Faith in People
Various people investing in real estate with an aim of building themselves a safe home are often first timers. They often blindly trust people and take their word for things. Doing so can be really unwise, as people often tend to do things that are in their best interest.
People could misguide you into spending more than is necessary and into things that may not even suit your needs. It is therefore necessary that you get a clear idea of things before you head in this direction. Instead of depending on people, you can seek help from experts who hold a proven record of offering good and just deals.
Apart from the above, mistiming a deal, ignoring risk factors, and keeping unrealistically high expectations are also a few errors that property buyers and investors commonly make. The blunders that you make in real estate investments can cost you greatly. It can have a huge impact on not just your present financial situation, but also your future income.