Every city is a world of its own, with its own set of eccentric rules, social stigmas, and extremely diverse cuisine. Chennai is for sure one of the best places to live in the country, you have a beach there. What about the property rates though? If you are planning to settle down with a family, the property is definitely going to be a tough choice in Chennai. What is more crucial to look at, location or the size of the property? Let’s find out!
If you are settling down with a nuclear family
Homeowners who invest in property for a “home sweet home” do love their space but their prime motive is to look for a better location. This, in fact, is true because most of these homeowners have to travel to their workplaces, drop the kids off at schools; hence location is of grave importance to them. As having a home close to their regular travel spots makes their life easier.
When there are more than 3 people to accommodate!
Okay so when it comes to accommodating more than 3 people, it is a fact that you need to give the size of the property top priority. You are looking at close to 3000 sq ft at the moment. Having adequate space is now not only a necessity but also a way to provide privacy for the adults in the house and if the kids are in their teenage years they would prefer more space, so choose wisely.
What if I am single?
The equation here changes a bit because students and working men and women alike give location the single priority it deserves. For example in madipakkam rental house searches have been on a steep increment curve, why is that so? This place is around 6.6 km from the airport and has a great transport facility.
These are some things that single people looking for houses to reside in look for in Chennai. This is why most homeowners who want to invest in properties and looking for a return are investing in apartments with a location that is easily accessible, and so both size and location are given equal weight here.
Money- Could I have some more, please?
Budgeting is a great factor when it comes to owning properties. This is why people investing in real-estate in Chennai are focusing on locations because it simply means more money with faster returns. If budget is an issue, then you might have to settle for a property a bit in the outskirts, but weigh your real estate goals properly before jumping to the conclusion.
If you are looking for space to provide rent, you would need to invest quite a bit even for a smaller house or apartment in the city. But remember, you can avail easy installments from banks, especially as they tend to give out low-interest loans for specific projects in comparison to their competition.
Taxes- How much are you willing to pay?
Property taxes vary from region to region and also on the property that you currently possess and if any improvements are made on that. So, it is quite clear that it depends on both of these. Now if you are looking for a specific property, let’s say 2 floors with 3 bedrooms, 1 bath and 1 kitchen on each floor, your demand for these remains the same but where you have this property would reflect on your property taxes.
You can’t change your need from 2 floors to 1 but you can find a location which charges less tax. The taxable amount varies from municipality to municipality. Do your research and find out which one costs less.
Green patches, priority or not?
We think it’s fair to say that Tamil Nadu and most southern regions are still filled with soothing green patches of nature even with the increasing amount of concrete walls. It is only natural that you wish to have a bit of that in your property to let your eyes relax once in a while especially if you are planning to live in it.
Here the size does become the deciding factor. It is evident that with a house you have access to a garden patch, maybe a tree or two, rooftop gardens, etc. If this is something that is definitely important to you at a personal level, just like the rest of native Chennai folks you need to focus on a house big enough to accommodate a garden.
If budget seems to be an issue here or you don’t need a house for three people, go for bigger sized apartments with large balconies as there are tons of ways you can have a small green patch in there.
Think long term
Do you already have a house? Are you just a real-estate investor? Are you not going to reside in the property just as yet? Great, then there’s no need to engage your neurons with location judgment.
Most real estate investors in Chennai invest in large sized properties at locations that are not even close to the city but are mostly slowly urbanized sectors in the outskirts. The property prices here would be comparatively low and chances are you can sell it off after a few years for a 5 times higher price than the purchase.
Are you going to sell it off? Rent it out? Live in it?
Your priorities will and must change depending on the purpose. If you are ultimately going to sell it off 5 or 10 years from now, don’t worry about the location. If you are going to live in the property, please do give the location a priority, you never know how long it’s going to be till the transport gets better in your locality, and for rental? You must give equal weight to both these factors along with the investment you are making.
Buying a home may be the toughest decision if it’s a single desire that you have for a “home sweet home” but an easy one if you are simply looking for an asset. Most homeowners overlook the investment and purpose issue and shift from their logical views when looking at properties, but now that you know how location and size matters we hope this journey would be an easier one.
Originally Posted On NaijaTechGuy
Source: NAIJATECHGUY TECH FEED