Buying a house of one’s own is a dream that every individual has at some point in their life. Given that it is a very important milestone in a person’s life, it is a decision that should be made after proper research and consideration.
Purchasing a property is not only an expensive affair, but also a complex one, as it involves multiple steps. With that being said, it is quite easy for people to go wrong in the process of buying a house, especially when the city is as big as Chennai.
So to guide you in the right direction, here are some important factors that you must bear in mind when buying a house in ChPurchasing a property is not only an expensive affair, but also a complex one, as it involves multiple steps. With that being said, it is quite easy for people to go wrong in the process of buying a house, especially when the city is as big as Chennai.
Be Aware of Your Needs
Being a metropolitan with a large commercial sector, there is no doubt in the fact that Chennai makes for a good market for real estate. For a prospective homebuyer, finding different types of residential properties within the city would, for the very same reason, be no problem at all.
So, whatever you seek, whether it is an individual house or a flat in a posh residential complex, you will find it here. It is therefore, you, who needs to be clear with what you want. Different properties bring different set of advantages and you need to weigh them well before you arrive at your final decision.
Know What You Can Afford
Buying a house is an expensive affair and heading in this direction without proper consideration is no doubt a step that no sane homebuyer will be willing to take. You have to sensibly chalk out the expenses you will have to bear when buying a house in Chennai and make preparations for the same. This should not only cover the price of the property in question, but also the overhead charges, which many people often miss, thus risking their valuable savings. These additional charges can include legal fees, stamp duty, property tax, brokerage fees, and so on.
Again, if the house you intend to buy is not new, you also need to consider the cost of repair and maintenance that shall ensue.
Analyse Your Considerations
Once you have made your decision regarding which property you wish to purchase, comes the next step, which is evaluation. For this purpose, you not only need to look into the background of the seller, but also get on to the legal side of things.
It should be clear that this will need a little bit of work. You will have to ensure that the builder of the property has attained a “No Objection Certificate” and a “Property Development Agreement” from the local municipal body, water supply board, electricity board, sewage board, and other local authorities.
You can seek the help of a legal advisor, who would look into these aspects on your behalf. Legal checks of the property are also organized by a bank when the buyer of the property is seeking a loan with them.
Research Well About Fresh Projects
Booking apartments before the launch of the property is a common practice in Chennai real estate and other parts of the nation as well. While purchasing projects at the pre-launch stage does have its benefits, there are a few things that you need to check before that to avoid falling into any sort of trap. Included among these things is checking whether or not the builder has a development agreement from the landowner, a document that states that the common terms and conditions regarding building the property have been agreed upon by both the parties. You also need to check if the approved plan has been displayed at the construction site, and if the construction is as per the plan.
If the project is complete, you then need to check whether or not the builder has the right to transfer the property. You will need to go through the allotment letter for this. You must ensure that you receive all relevant documents for a secure transaction.
A Few Popular Destinations in Chennai that You Can Consider When Buying a House
Owning a house in the rapidly flourishing urban localities of Chennai is a desire that many harbour. After all, getting to live in the cultural capital of South India, while getting the benefit of its advanced amenities, is something that anyone would look forward to.
There are certain localities within the city that have amassed huge significance in the real estate of Chennai. Availability of good connectivity and sound infrastructure in the form of schools, colleges, hospitals as well as IT hubs close by; have made areas like OMR and ECR prime locations for buying a house in Chennai.
Tambaram, Velachery, Adyar, GST Road, Anna Nagar are a few other locations where houses sell like hot cakes.