Purchasing
a property requires a lot of thought before you can arrive at a final decision.
It is generally advised to think twice before looking for properties as it
requires a lot of investment. There is a range of features and factors that you
should consider while looking for villas in Chennai or any other state, some of which are mentioned below:
Location
All other
factors may be considered as secondary when it comes to the location of the
flat. You should not forget to check the surroundings, the amenities available,
physical infrastructure, and proximity to basic facilities, where need-driven
essentials can be procured. This would also depend a lot on your personal
preferences; for example, some may prefer the outskirts of the city, some may
look for easy access to the airport, while others may be looking for easy
access to the major IT parks in the city.
Price of the Property
One of the
most crucial steps before finalising or purchasing a property is to fix a
budget. It not only makes it easier to shortlist a house, but also keeps a
check on the amount that you are wishing or willing to spend. Moreover, it is
important to compare the property you have chosen with similar ones in the area
to make sure you are getting a good deal for the stated price. This can be done
by connecting to the brokers of the areas in Chennai or by referring to online portals
or newspaper listings.
Land Record
Just like a
background check is important before you rent out a flat to strangers, tracking
the land record of the property you are about to buy is also necessary. Before
finalizing flats or villas in Chennai,
it is essential to research the soil quality, the land’s topography, the land
use agreement, etc. Also, it is vital to check whether the flat has any dues
entitled to it; and the house should be registered with the proper seller and
the title deed must be verified in detail.
Carpet Area of the House
Usually,
the area of the property mentioned includes shafts, stairs, the thickness of
walls, elevator space and others. Carpet area is the actual area constituted within
the walls of the house. This area can be up to 30 per cent lesser when compared
to the area used in calculating the price of the property. Sometimes, if the
property is shared between two or more owners, the price of the common spaces
is shared too.
Legal Check of Property
One of the most essential factors to
remember while looking for flats or villas
in Chennai is performing a legal check of the property chosen. Ensuring
whether the property is legally authorized to be constructed as a residence is
a must-do thing before arriving at the final decision of buying it. NOCs and
approvals from electricity boards, area development authorities, water supply
and sewage boards, along with the Municipal Corporation should be there with
the developer. In case, you are taking a home loan, the bank will authenticate
all the documents related to it, before sanctioning the amount.
Financing Via Banks
While planning to invest in
properties, one must be aware about the banks that would be willing to finance
it. Sometimes, owing to past records, some banks do not offer loans for certain
builders or projects. So, it is crucial to look for the banks that will fund
your dream house project.
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