Chennai has been a hub for real estate investment for a while now. Given that it is one of the original metros, it has grown overtime and people have flocked over to own a property in the city. However, there are some common mistakes that people make while investing in the Chennai Real Estate.
Identifying the location:
With the recent event of a flood and the problems associated with it, finding a property in Chennai that is not on marshlands can get challenging. Just because a property labels itself premier does not mean that it was built safe and sturdy.
Study the market:
Before making an investment, remember to study the market extensively. Research is the key to a good deal in the real estate buy. So ensure that enough and more research is done on the properties available, prices, and resale values.
Checking the paperwork:
Paperwork is the most important aspect of any real estate transaction. Never undermine the importance of running it through a trusted lawyer. Check all the paperwork and ensure that everything is in order before any money changes hands.
Looking at the finer details:
Be aware that sometimes builders camouflage a lot of the information to look like a sweet deal. However, when the actual purchase is made you might notice that there are a lot of slips in between. Make sure to check the apartment and all its details extensively. As they say rightly, the devil is in the details.
Underestimating the cost:
The reason a person invests in real estate is to ensure that they reap profits. It is important to set money aside for hidden costs that will be unavoidable with the investment in a property. This includes things like maintenance and any renovation needs that the house may require.
Buying overvalued property:
A key to getting the best returns on investment is to know when and how to invest. Make sure that all the research you do go towards getting the best price for your house at the right time. The value of the property must also be evaluated by a trusted expert before you invest money in it.
Planning the budget:
Often the planning of the budget happens after you have taken to a house. Additionally, people tend to underestimate it. Ensure that you always budget it, inclusive of contingencies. This will ensure that there are no bad surprises when going through the registration of the property.
Expecting immediate returns:
Remember that for the most part, a property is usually a long-term investment. Do not expect an immediate hike in the property price as soon as you invest in it, especially in Chennai, it having a fairly mature economy.
Blindly trusting the brokers and not doing due diligence:
Although your broker is the person who introduces you to the property, keep in mind that in the end you will have to do your own research to ensure that you are not being conned by him or her due to ignorance. Always trust but verify to ensure that you are not misled by someone.
Rushing the deal:
It might be exciting to invest in a new house and chances are that both sellers and buyers would be excited to sell or buy a new house. However, it is important to step back and see if the deal is worth it and take the time to review everything before making the investment.
Overall, Chennai has been going through rough times of late. So see to it that you pick the right place, and invest at the right time to ensure that you have a safe and secure home for you and your family.