Read More about - Real Estate Joint Ventures in Chennai
In order to make the process of buying and selling properties a piece of cake, one can get hold of real estate agents. The task played by these real estate agents is broad who ensure to make the entire journey hassle-free for the property owners and purchasers. Estate Agents in in Chennai trade into various kinds of houses for sale, residential apartments, property to rent and commercial properties. For being into this field they are abreast with the real estate trends and demands and accordingly can extend their assistance to the clients. By working as a bridge between the two parties it helps both of them achieve a fair deal. They provide an array of services into the realm that include inspecting the properties well so that it becomes a fair deal for a buyer. At the same time they also help the sellers ascertain the most appropriate market price of their properties. Provided above is a vast list of real estate agents in your neighbourhood.
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A Detailed Guide For Property Renting and Buying
'Don't wait to buy real estate, buy real estate and wait' is a common saying in the property market. The sentiment that real estate is not limited to merely buying a tangible asset is a valid one. Instead, it is an investment in the truest sense.
The property market in India is an ever-changing and volatile one. This market comprises of builders, developers, real estate brokers or property dealers and real estate agents, and real estate companies, both offline and online. Each one of them has a key role to play. Moreover, this market is regulated by the government authorities who determine various aspects in terms of the real estate prices, taxes, and rules and regulations.
For some, property matters may seem like an incomprehensible subject and a daunting task. However, if you chalk out a game plan with clear forethought, research and planning, the whole process may seem like a walk in the park. With the added expertise of Real Estate Agents in in Chennai, you can turn the tide in your favour. You cannot leave any room for confusion and indecision when it comes to putting your hard-earned, life's savings into a real estate property.
Keeping the various factors into consideration through the following checklist, you can use it as a guide to buy a real estate property and rent one.How can Real Estate Agents in in Chennai help you when buying residential properties?
Have you made a firm decision on what you want to buy? Do you want to buy a sprawling villa that overlooks the sea or a fully-furnished 2BHK apartment in a society? Though you may have narrowed down on one particular type, it can also throw light on aspects that you may have overlooked after consulting with some of the best Real Estate Agents in Chennai has.1. Under-construction property versus ready-to-move-in property
Both these property types serve their purposes well but also come with their own pros and cons. While an under-construction 1 BHK property may help you in realizing your dream of owning a home and within your desired budget, on the flip side, you don't really know when you will actually get the possession. Delayed possession is one of the common risks associated with under-construction properties.
Ready-to-move-in properties are obviously ones that are the finished products and are usually immediately available. These may or may not be furnished apartments. However, some expert property dealers say that a drawback of investing in such a property is the higher cost as compared to under-construction ones. At the same time, in Chennai Real Estate Agents also recommend checking the age of the property.2. For investment versus for end-use
It also makes a huge difference if you are planning to buy a real estate property solely for investment purposes or looking for one to move in with your family. In both cases, you may need to delve deeper with the guidance of one of the top Real Estate Agents in Chennai.
Type of Property: The in Chennai Real Estate Agents are in the know that a typical end-user will certainly look into the family requirements while taking a buying decision and so will select an apartment with multiple bedrooms – 2 BHK, 3 BHK - instead of a single bedroom or a 1 BHK. At the same time, Real Estate Agents in in Chennai are also aware that an investor will prefer to invest in a property type and configuration that is more in demand in the market.
Location and Infrastructure: A convenient location is what you should consider in terms of the ease of access to transport options, healthcare and education facilities, and proximity to an economic or commercial hub with the help of any of the nearby Real Estate Agents in Chennai. In addition to these aspects, you may also consider whether the neighbourhood where the property lies in suits your lifestyle or not. in Chennai Real Estate Agents also know that in terms of the infrastructure, how desirable a good road network that facilitates the ease of connectivity to airports, metro stations, railway stations and bus stops is.
Construction Status: If you are an investor, you should look to put your money in the pre-launch or launch stage itself, if you are looking for quick returns. For end-users, on the other hand, it may make more sense to invest in a ready-to-move property, like a furnished or an unfurnished flat, or one that is nearing possession, also say Real Estate Agents in Chennai.3. Fresh unit versus Resale
A fresh booking is one that you buy from a developer, on the contrary, a resale unit is a pre-owned or pre-lived home that you purchase from an owner. There are certain advantages and disadvantages to both, that most in Chennai Real Estate Agents may highlight.
Pros and Cons of investing in a fresh unit: A fresh, under-construction unit opens doors to customization and making changes to your home from scratch. These are usually unfurnished flats. Plus, you can benefit from the various payment plans, especially the construction linked plan. From 2017, it is mandatory for registering fresh bookings under RERA, paying the way to the transparency of information and transactions. On the flip side, an under-construction project comes with a risk of delayed possession and may attract GST. Also, bear in mind the percentage of brokerage you will need to shell out to the real estate broker on buying a fresh unit.
Pros and Cons of investing in a resale unit: Brokers and property dealers may recommend these types of properties as they are readily available and are best for moving in immediately. Also, owner(s) of a resale unit may be open to negotiations and certain investors could cut prices in an attempt to quickly liquidate their assets and exit the market, say Real Estate Agents in Chennai. At the same time, buying of this unfurnished or furnished apartment requires a down payment, sometimes immediately, which can pose to be a hurdle. Certain developers charge a transfer fee to handover the ownership of a property from buyer to buyer, which ranges between Rs. 200 to 1000 per sq. ft. The price of the under-construction flat certainly impacts the brokerage you will pay your real estate broker.4. Freehold property versus Leasehold property
Chances are terms like 'Freehold' and 'Leasehold' are something that you may not have encountered before and can possibly perplex you when dealing with property matters. Both these terms are about land ownership and control that any of the leading in Chennai Real Estate Agents can explain better.
Many Real Estate Agents in in Chennai may explain, that if you buy a freehold property, you not only own the house, but also the land that it is built on, for perpetuity. You can live there as long as you wish and can also make structural changes to apartments with due permissions. Furnished or unfurnished, apartments or flats cannot be freehold.
A leasehold property is one where you can reside for a stipulated period of time. Once the said period in the lease expires, say after 99 years, the ownership is given back to the landowner. When buying a leasehold property, you may want to know the tenure of the lease, as it is bound to influence the property's value, say Real Estate Agents in Chennai.How can Real Estate Agents in in Chennai help you when buying commercial properties?
When narrowing down to the ideal commercial property for operating your business or your investment, you may need to ascertain various factors such as location, the local job market scenario, current and future initiatives related to the area's infrastructure, and migration patterns with the help of the best Real Estate Agents in Chennai. The thing to do is to consult an appropriate commercial estate agent from the plethora of property dealers when researching on the following factors:Location
Location is perhaps the most crucial aspect when investing in a commercial property, is something that all well-informed property dealers would say. A key aspect determining the success of your business is the ease of access to customers. Therefore, with the help of the best Real Estate Agents in in Chennai, you may want to look for a property in a prime locale which boasts of extreme convenience in terms of commuting. Moreover, a commercial space in a well-connected increases your business' visibility and reputation.Budget
Proper budget planning is necessary before purchasing a property along with other business related transactions. With this budget in mind, you and your broker/ property dealer from one of the reputed Real Estate Agents in in Chennai will be able to narrow down to the right choice.Social Infrastructure
You should also check if the property location has malls, lifestyle centres and restaurants nearby as there is a likelihood of people frequenting the area. Through a real estate agent from one of the well-known Real Estate Agents in Chennai, you can also ascertain if the space in question has essential facilities like electrical connectivity, round-the-clock water supply, proper drainage system and elevators or lifts in place. You may need to crosscheck with the Real Estate Agents in in Chennai for generators or power backup systems in regions where load-shedding is common.Other Costs
You may also need to account for the additional costs associated with a property, before or after its purchase. Maintenance charges, building insurance cost, and other infrastructure fees need to be accounted for.Market Value
You need to check the market rate in the location of your choice. Furthermore, if you are looking to lease it out further, check the returns on rent in the area with any of the popular Real Estate Agents in Chennai.Modifications
Certain commercial spaces may impose limits on the scope of modifications to the interior or exterior of the properties. You need to carefully study what is allowed and what is not in greater detail.Litigation
You must check if the property is free from any from any old or current litigation matters. Unbeknownst to you if you buy a property with a pending litigation, you may be in a sticky situation and may need to forgo the deal. Get the required help from a real estate agent.Legal Use
You need to know under which legal ambit the property can be put to use. An IT company will use it as an office space, whereas a manufacturer will use it as a warehouse or for other commercial purposes.Physical condition
The present condition of a property in terms of its age and interiors will give you an idea of the wear and tear that the space has gone through and whether it will require repairs and modifications or not. Also, it will help you ascertain the resale value and the monthly rental amount that can be earned.How can Real Estate Agents in in Chennai help you in renting residential properties?
As a tenant, you may think it is quite easy to get a furnished apartment or an unfurnished 1 BHK flat on rent, but you need to bear a few things in mind before finalizing a deal.Monthly Rent Amount
Besides seeking the services of the leading establishments in the field, do your own research to understand the trends in the local rental market and learn about the prevailing monthly rental rates. More often than not, the brokerage amount is equal to one month's rent. If it is a fully furnished apartment, it is possible that your landlord may just ask for a higher monthly rental amount. However, give due weightage to what is more important, proximity to your office and easy availability of amenities or a furnished flat.Documentation
The tenants must validate the title documents and be sure that the person renting the property is indeed the valid owner. They are bound to check for identity proofs of the landlord like Aadhaar card and PAN card.Security Deposit
More often than not, as a tenant, you will be asked for a security deposit. This is a refundable deposit that is usually between one to six months' rent.Rent Agreement
This legal document that binds the landlord and tenant to comply with certain conditions must be preferably drafted in mutual agreement, by any of the Real Estate Agents in Chennai has. Ideally, it should also be drafted in prior consultation with a lawyer. There are different types of rental agreements that vary with each state which are better explained by any of the professionals from the field. The agreement must clearly specify the monthly rental amount, though the brokerage amount may or may not be mentioned. It could be a tenancy agreement or a leave and license agreement. If the building that you are going to live in is due for redevelopment at any given point in time, it must be mentioned in the agreement.Tenure
Usually, the rental tenure is 11 months, whereas leave and license agreements can go up to 3 years. However, some agreements have a lock-in period clause where you as a tenant cannot leave the property or terminate the agreement before the period ends. The Real Estate Agents in in Chennai usually explain these caveats, if any.Police Verification
This step is done for both parties, tenants as well as landlords where the police verify the documents and the identities of both the parties.How can Real Estate Agents in in Chennai help you in renting commercial properties?
Most of the aforementioned points under are application when taking a commercial property on rent with the addition of the following points:Taxes
A commercial property attracts property taxes, maintenance charges and TDS. Usually, it is the landlord who pays the property taxes, whereas the GST and TDS on the rent and building maintenance charges are borne by the tenant.Tenure
The tenure for a leave and license term may be 3+3+3 years with renewal options after the initial term. However, the tenure varies from state to state. You may or may not be told to furnish a security, refundable deposit.Registering the lease
It is of utmost importance to register the lease with the concerned authority by paying the stamp duty and registration cost. You can either share the cost or bear it in full.
Frequently Asked Questions
1. Do estate agents also help in finding a rental property?
Yes, they do. Whether you are looking to rent a place or buy one, estate agents help you find a property that suits your needs.
2. Will the seller negotiate on the offer?
Yes, there is always room for negotiation on an offer. However, you are advised to allow the estate agent also to help you in the negotiation.
3. How will an estate agent help me find a home?
Depending on your needs, the estate agent taps into his contacts of sellers and builders. Once a place that matches your needs is found, the agent will contact you.
4. When can I see a house?
The estate agent will fix a date and time which you and the seller are comfortable with. And on the day of the visit, the estate agent will accompany you.
5. What is the commission charged by estate agents in in Chennai?
An estate agent will charge you a percentage of the total sale amount as commission or a month’s rent in case you are renting a home.