The biggest challenge in today’s world is to be an educated and well-informed consumer. When it comes to buying a home, you are about to pour a lifetime’s worth of savings into it. So, it is even more crucial that you get all your doubts clarified before you take the plunge. Here, we address some of the most frequently asked questions that our customers have posed us. We hope that you find this article helpful and opens your eyes to buying your very own luxury apartments in Chennai.
Am I making the right choice in buying it now?
When it comes to buying a home there is never a particularly good time or age to start. A variety of factors come together to enable you to make the purchase of your lifetime. Are you confident that you can meet the financial commitments that come with the investment? Then you are good to go. Living in a home of your own is always better than renting, as you also enjoy all the benefits that come with ownership.
What are the important terms I should look out for?
Real estate might seem like a complicated affair on the surface, but it is only complicated to the less-informed. There are certain technical and legal aspects that you should know about in every property. Without clarifying these terms, you will never fully understand the entirety of what you are getting for your money.
The most common terms are the Super Built-up area, the built-up area, and the carpet area. The carpet area is literally all of the floor space excluding walls and extensions, on which you can lay a carpet. This is the actual usable area of the home. The built-up area includes the wall thicknesses. Super built-up area is the Built-up area + the percentage of land and other areas allocated to you from the common area and amenities. This super built-up area is what the value of the home will be calculated upon.
Does buying really add value when I can rent for less?
Buying a home is an investment in your future and for your family too. You have a safe space that you can call your own. By spending a little more than what you shell out for rent, you can make a luxury apartment in Chennai, yours. This is especially beneficial when you know you are going to be staying in the same city for a long time. You get a permanent place that can also turn out rental income if you move out or move to a different city.
How do I select the location of the home?
Selecting the location of the home is critical to building a comfortable life. Most developers of luxury apartments in Chennai place their projects in areas that have easy access to a lot of facilities. The projects are usually near schools, colleges, public transport hubs, hospitals, and entertainment zones. By choosing a home in such projects, you can lead a life of convenience. You can also choose a project that is close to your work or to your children’s school. This allows you more quality time with your family.
How do I finance the home?
Buying a home is a long-term financial commitment. You will spend a minimum of 15 years paying it off. The question to ask yourself is – Are you ready for this? If the answer is yes, then you can look for financing options. Most people choose to take a home loan from a bank. Before you take out a loan, make sure you have closed other debts and created a good enough credit score. This enables you to get a good interest rate and longer loan tenure.
These are some of the important and necessary questions you need to know before you consider buying a home. This is a decision where you cannot afford to make a mistake as it can prove to be a costly one. Lifestyle Housing is a reputed developer of premium real estate in Chennai. Our latest projects include apartments in TNagar and 2 BHK flats in Porur.
