How to Choose a Chennai Property That Is AppealingWhile Being Of Good Value Too

The demand for property is increasing by the day. There are several stages to gothrough before you buy a property. Whether you're a first-time buyer or repeatedbuyer, the same principles apply. The golden rule is that you need to achieve theright balance between affordability, availability and suitability. Buying property isthe decision of a lifetime and you need to be equipped with the right know how.

For first-time buyers and repeat buyers as well, the decision to make an offer on aproperty is both exciting and scary. Looking for a new home is a time-consumingprocess, and it is tempting just to rush into making decisions. One in three peoplespend about 30 minutes choosing their property, in fact lesser time than it takes towatch an episode of their favorite soap opera.

Nevertheless watch out, as it will not be so easy to take back to the shop if youdecide you don't like it after you have moved in. A lot of care is needed whilebuying a new flat to avoid any legal issues cropping up. If the right planning is notdone prior to property buying, your property can become a nightmare. Areasonably well thought out plan helps you to avoid future problems and to buyan apartment that meets your requirement.

Important things to consider when buying a property

Define your requirement: This is the first and most important thing you need toconsider while buying property. Requirements of one person may vary from theother. You need to decide and define what you are looking for. Defining yourpreference or requirement helps you to save time. The requirement also dependson the purpose of buying this property. The purpose would vary from individualto individual. For some, it would be the place where they are going to build ahouse in the future and spend the rest of their life, for some it might be anadditional investment and for some others it might be for generating an additionalsource of income by leasing out or letting out after constructing. You also need toprioritize your requirements because the least important should not be given thehighest priority in taking a decision.

Budget:

The second aspect to be considered is the budget that you can afford, so that youcan filter your search within the budget. This can save time by avoiding lookingand discussing properties outside your budget. Fixing on a budget depends on theready availability of finance, arranging finance from other sources, amount youwish to invest, purpose of buying this property etc. The budget should also havethe space to be flexible. The requirements, availability and suitability may notalways match perfectly with the budget. Here you might have to take a decisiondepending on the priority.

Finance:

Finance is the next important aspect to be considered. This is important forpeople who needs to arrange finance from other sources like bank, financialorganizations etc. Make sure you check with the respective sources like banks andother financial sources and complete all the formalities and approval, in time.Repayment terms, repayment period, EMI, your future earnings, expenses and inyour capacity to fulfill these are very important, as this period will not be a shortduration. It might even go up to 20 or 25 years. Looking for a property or newproject would give you an opportunity to make payments in installment.

Availability:

The next aspect that you need to look into is the availability of the property asper your requirement, budget, location etc. This search can be done on theinternet, newspaper, property magazines, and real-estate agents. You may alsodirectly check with seller to avoid agency fees. Depending on the availability, youmay again need to compromise or make changes in your on the likes,requirements, budget and finance. You may also check for upcoming projects andnear future projects as well when considering the availability factor. At times, thereadily available projects may not completely suit your requirements. But giving aglance to the upcoming projects and near future projects might help you to findsuitable projects. This again depends on the time frame you have.

Suitability:

Another aspect for choose the right property is the suitability of the propertywhich you see or identify. Check whether the located or identified property suitsyour needs. It might look good from outside, with attractive facilities and features.The available properties which you have identified may not match with therequirements. This factor also includes the climate, your purpose for buying thesaid property and the location which should make it look attractive. The additionof tress and greenery will make the property more attractive than a vacant piece ofland with no vegetation. Taking this into consideration and looking for a propertythat is attractive to the eye is easy since there are several such properties. Onething you need to bear in mind is that these features may marginally increase yourbudget, but will prove to be a sensible investment of your money in the long run.

Location:

This is another important factor which needsto be kept in mind. The price of the propertyvaries from location to location. Some locationwill have premium pricing, whereas some placeswill have low demand and this directlyinfluence the prices. You also need to checkwhether the place is easily accessible. Remote

areas may be cheaper; however, it is an option if you are mostly depending onyour own vehicle. ‘Gentrification’ is a key indicator of an area which is improvingand where house prices are more likely to go up.

Another sign of a good area to invest in is one with a lot of interest from propertydevelopers. Simply touring the area can give you a good idea of what it is like.

Value:

An important factor which should be considered whether your investment isgiving you value for money. When considering the value, location, yourrequirements, facilities, building quality of the property, neighborhood, and resalevalue; all these together influence in deciding whether a deal is worth the price.

You need to strike a right balance between all these. Learning to do this will makeyour purchase worthwhile and the journey interesting.