A long-time debate among home buyers is on how to gauge the value of a property. Do we assess it based on its size or does the location have its merits too? Since property investment involves a lifetime of earnings for many, careful consideration should be given to this question. There are many people from diverse age groups who are interested in buying flats in Chennai, and here let us look at how Size Vs Location impacts their choices.
Analyse your requirements:
Everyone has expectations of how their home should be and some of those expectations stem from essential requirements. For example, an individual with a large family might be looking for a large house with enough bedrooms so everyone gets their private space. A larger house might mean investing more money. In that case, they might compromise on location as rates go up in better neighbourhoods.
On the other hand, an individual with a nuclear family will understand the appeal of a premium location. They want the benefits that come with the location like access to facilities, better schools for the children, and a broader social circle.
Project the Return on Investment:
Ask yourself why you are buying the property. Is it for your own needs or just as an investment? If you and your family are going to live in it, it makes sense to go for a larger home. If you can afford a home in luxury flats in Chennai, in a premium location, then you are good to go. If you are just looking to rent it out, then go for a mid-sized home in a better location. This will ensure that tenants are easy to find. Your rent would be affordable to the tenants, as well as justify your investment.
Watch out for the resale value:
If you have definite plans to sell the property later on, or if you think you might need to, then go for a better location. Regardless of the size of the property, resale values will keep going up in premium residential areas with good connectivity. Luxury flats in Chennai will have better amenities and it is easy to find buyers for them. Even a large house in a lesser-known area will not fetch you the resale value of the former.
Remodeling over Relocating:
The physical space within the home can be altered to your preferences even after a few years down the line. But there is nothing you can do about the location of your home once the purchase goes down. Minor interior alterations and custom furnishings can help make your home bigger. So it’s wiser to choose a home of reasonable size in a high-end neighbourhood. It will offer you better access to essentials, healthcare, entertainment, etc. Luxury flats in Chennai will also have good connectivity with all modes of public transit. Of course, this may not apply to all home buyers and should be decided on a case-to-case basis.
In conclusion, if you are looking for a home for your own family, then you should go with a larger house. If you are looking at it as an investment option to rent out, then location is the factor you must give priority. However, the ideal situation would be to get a big home in a great location, and it must be affordable too.
Lifestyle Housing offers 4 BHK apartments in Chennai and 3 BHK flats for sale in Chennai. We are the best developers of luxury homes in premium locations, at the most competent prices. Our projects are spread over prominent residential areas.
