Real estate investments will consume a major chunk of your savings and lifetime earnings. With this in mind, it is better to play smart when it comes to investing in property. While investing in luxury flats in Chennai may seem desirable, there are certain things you need to do or take into account before and after the purchase.
As a real estate developer, Lifestyle Housing is dedicated to creating awareness in the best interest of the buyers for a mutually beneficial relationship. Here are a few tips that truly make your real estate investment smart.
Resolve your debt:
Nearly every home buyer resorts to taking out a home loan to purchase a property. But you may have existing debt in a place like credit card debt, personal loans, jewel loans, etc. When they are active, your credit score is less and you might not get the full loan value as you expected. Try to clear away the other debts to improve your credit score and then apply for a home loan. While doing this, be wary of foreclosure charges and how they impact your credit score. They can adversely impact it at times. Clarify this with your lender before closing the loans in one go.
Account for your regular expenses
You would still need to pour a significant amount of your monthly income into repaying the loan. When setting the tenure and EMI value, take your regular expenses into consideration. There are essential expenses you cannot forgo like groceries, utilities, educational fees, insurance, etc. You should be able to meet your EMI above and beyond these expenses.
Buying for rental purposes
When you are buying flats in Chennai for rental purposes bear in mind that you are also responsible for its upkeep whether there are tenants or its unoccupied. Every time a tenant moves out, you are obliged to spruce up the place for the new tenants. You need to account for these expenses and if you can meet them. The value can be factored into the rental value you set for the property. The rent should be able to cover most of the EMI you would pay towards the home loan too.
Do your research
Buying a property requires a fair amount of research and internal consideration. You need to figure out what your requirements are before you start searching for properties. What kind of property do you want, its size, location, amenities, purpose, access to public transport and other infrastructure, etc. All these have an impact on its appreciation, and also the selling price. It also needs to fit into your budget. You must first list down all your specification and then narrow down the properties that fit the list.
Do some more research into the current property rates in the area. Ask the existing residents or people in adjacent properties about water and power supply, and importantly waterlogging during the rainy season.
Lifestyle Housing is a reputed developer of apartments in Chennai. Our latest projects include budget-friendly, spacious 2 BHK flats in Porur. They come equipped with all the premium amenities that give you the best value for your money. Life within Lifestyle Housing projects is designed for comfort, productivity, and creating a healthy work-life balance. Our experts will guide and advise you on the best financial options for you to help you achieve your dreams of owning a home. We partner with nationalised banks to speed up the home loan process.