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Tips for the first time land/house buyers in Chennai
19 July - 2019

Tips for the first time land/house buyers in Chennai

Buying or building own house is the supreme motivation for every people for which they work hard and conserve money. In India having a home is not an asset but also a piece of pride that shows your stability as well as security.

If you are planning to buy a house or land in Chennai, you have clicked on the right article, this will lead you to perfect solutions and tips.

Things to remember for first-time house/land buyers

Always access your needs

Before starting anything, you first need to access your needs. Chennai is one of the most literate states in India, so schools and renowned colleges are available everywhere. You need to look out for daily needs and their distance from your house. Before investing and buying plots and houses you should also keep in mind the availability of water and other resources.

Select your location

Chennai itself is a hot and humid place as the equator crosses over it. Thus choosing a location that has trees and other natural resources would be beneficial for you. You should also keep in mind about markets, distance from office, hospitals, before jumping to the final decision.

Legit license and approvals

Tricksters and frauds are omnipresent, thus check all documents and licenses of both the house and the builder or owner before finalizing. Inspecting this meticulously diminishes any legal inconveniences later regarding your property. Some important things such as title deeds, NOC by local bodies and RERA certificate must be checked.

Must check builder’s credibility

It is everyone’s dream to build their own house, investing in favor of your luck is a stupid thing to do. Many builders would offer you a low price on lands/houses, but there is a high rate of poor construction or any disputes on them. Gambling with real estate investment by opting for these properties is not suggested. Thus buying from a well-known builder ensures a smooth process of buying.

Fix your budget

There are a lot of financial institutions that offer lucrative benefits to first-time buyers. Chennai being the largest technological hub several home loan offices are present, which offers only 80% of the price of your property. The remaining 20% is managed by the buyer. Thus initially decide your budget before hunting for properties.

Agreement of both buyer and builder

During the occasion of booking a land/house, the buyer needs to pay some amount to finalize the booking process. He needs to sign an agreement which is known as a three-way agreement between the buyer, the builder and the bank which is providing the loan. Always read the terms and conditions thoroughly before signing on it.

When you sign the deed, the price is being finalized and any fluctuation in market rates would not bother you. Once the signature is done, you will have no scope to change your decisions even on legal grounds.

Final evaluation of a property

The cost of an apartment may fluctuate as there are some specific and additional charges which are levied from you. This might include the charges of the garage, maintenance of flats, security charges. Thus go through all details regarding your property before final payments.

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