Save money when you buy or sell your home
Almost, every individual or family nurses the dream of building their own dream house. Some prefer to buy vacant plots of land as an investment to sell later for a considerable profit.Yet others buy an apartment, or build a house on a piece of land to reside there for generations to come.
However, the business of Real estate, that is buying and selling of property, such as land or buildings along with the immovable assets, is highly volatile since it is governed by the economic conditions. With high inflation, it also increases the prices of raw materials, and hence it might result in a lull for developers. The Indian property bubble, a term coined by a few economists, believe that this obsession for real estate as an investment is only a bubble, where the sudden land boom will give away to a rapid decline due to the high costs.
Buying a property
Before making this huge decision of buying a property, it is important to consider the buying capability depending on your salary structure and other income sources if any. A broker or a seasoned agent maybe a useful option to show you around different properties.
Read also: A method to help you buy land in Chennai
- This can include property of varying sizes, location, budget and amenities.
- Finding a well networked agent who can work to meet your needs
- beyond the lucrative commission the agent stands to make
- will save you a certain percentage of the purchase costs
- rather than working with a mediocre agent
- which in all possibilities may end up increasing your average costs over time.
Also, the town, city or metro influences the cultural mindset of buying and selling property or a business. For example, in Chennai, location is a key factor.
Chennai is reputed for its conservative mind set where community living was an alien concept until now. With large number of the work force employed in IT corridors away from the city, the preference is for settling into township projects that offer a range of utilities in one common place.
Real estate in Chennai has in recent times has seen a surge in the INR 35-60 lakh segment, which includes budget housing and higher. While some buy for self use, others buy it as an investment option to sell at a higher rate and realize a hefty profit.
However, land in Chennai seems to have hit a low supply since developers can choose only land where basic infrastructure facilities can be supported. This invariably impacts prices since places where land does not have good facilities stagnant while yet others that are better placed witness a surge in prices. DTCP approved plots in Chennai may not necessarily be approved. The numbers of such plots are huge and may not have any legal validity. This is because of the lengthy approval process and bureaucracy.
Whenever you see a land for sale in Chennai, it is advisable to do a thorough research and check the background of the property to avoid getting into a long drawn expensive legal tussle.
Wisdom Properties 