Investing in an apartment is one of the most crucial decisions in everyones’ life. As it will be an idea that most people would have nurtured for several years, necessary steps must be taken to ensure the years of planning and saving does not go wasted. Although some people might consider purchasing an apartment to resale in the future for better returns.
If you are one of them, this blog is for you. We will be discussing the crucial things you need to remember to get high returns for your investment. They will help you with getting the maximum resale value for your apartments within your budget. The parameters that you need to focus on are:
Price of the property:
The first step in purchasing an apartment is to fix your budget. You need not have to look for properties that are beyond your limit. You can also compare the price of the apartments in Adyar with the ones in different localities that you prefer before choosing one. You can also make use of the internet to get an overall idea of the pricing of apartments from various portals.
Look into the carpet area of the apartment:
Now that you have a clear idea of how much you can spend on apartments, you can focus on the next step. Every real estate developer or seller will list the entire area of the apartment which includes unusable space like shafts. We won’t have a clear picture on the thickness of the wall by seeing the size mentioned. Hence, you should always ask for the overall carpet area of the apartment. In some cases, the difference between total square feet mentioned by the seller will differ as much as 30% from the carpet area.
Double check the papers:
The land on which your apartment has been built is crucial and you should thoroughly go through it to check for legal issues involved in it. You should also analyze the soil quality by going through the certifications as it will help to learn more about the foundation of the apartment. Going through the legal documents of apartments in Adyar will help you get a clear view of the rights, ownership, and obligations towards them.
Learn more about home loans:
Not everyone who plans to invest in apartments will have enough money to purchase them. If you are one of them, you should perform in-depth research of the market. Every bank has its own policy and you must go through them to ensure that you are on the safer side. If you are buying 3 BHK flats in Adyar from a reputed real estate developer, they also might arrange for home loans at lower interest with banks.
Determine the location of your apartment:
Although you are planning on purchasing an apartment to resale it in the future, it doesn’t mean that you can buy it in any location. Your primary objective should be to get the best resale value whenever you choose to sell it. In that case, you should look for apartments in localities that have commercial and entertainment centers along with educational institutes. The locality should also have proper water and electricity supply with a regulated sewage system. In addition to these, you should also look for the infrastructure development plans proposed by the local governing body as they will boost the price in no time once everything is implemented. If you plan to get 2 BHK apartments in Adyar, then you need not have to worry about these as it is already a prime location in the city.
Look into the security measures in the apartment:
Even though you won’t be moving into the apartment, you should keep a check on the security measures in the apartment. Most people will expect basic security measures present in every apartment such as CCTV cameras, security guards, etc. If you could get an apartment with premium security features such as smart door entry, you can resale it at a higher cost and get better returns.
Check for the number of elevators and emergency stairs:
Although this might not seem like a huge deal, you might have to face buyers who consider these seriously. In most cases, residential apartments in Adyar will have at least two elevators so that you need not have to rely on one elevator during emergency times. It can also be helpful during electricity breakdowns and if people are moving in with elders.
Look for the hidden charges associated with the legal papers:
For most people, legal documents are not their cup of tea as they will be highly technical and difficult to comprehend. In order to understand each and every clause and condition mentioned in the legal document, it is recommended to hire a lawyer. There will be additional charges on GST, stamp duty, etc., anyway which is common during a registration.
Conclusion:
Owning an additional residential property will easily increase your overall net worth. Getting high returns for the money you invest in the long term will have a significant impact on your lifestyle. Follow these crucial steps to purchase an apartment wisely and get the best value for your investment.
