Big or small, the need to own personal space is becoming a basic requirement for most of us. If you are a first-time apartment buyer, you might want to invest in something small and easy to maintain. A 2BHK will be the right choice for you, especially in metropolitan cities like Chennai. However, you must analyze whether it caters to the two basic amenities: kids’ recreation and good security. Get assistance from professional building contractors in Chennai if you want to buy the best flat at a reasonable price in the heart of the city. Other luxury amenities include a gym, jogging track, swimming pool, clubhouse, etc. Let us discuss why 2BHKs are in great demand in terms of investment.
Advantages of Investing in a 2BHK Apartment (H2)
Cities in India have got adapted to apartment culture for decades. There are big apartment complexes and small communities. People mostly prefer 2BHK irrespective of its size because:
- 2BHK apartments are readily available. In today’s scenario, you will not be able to get a 1BHK apartment in all areas. 3BHK will be highly-priced and may not fit into the budget of most middle-class citizens. Thus, 2BHKs have become popular. You get a wide choice when you look into 2BHK flats for sale in Chennai.
- 2BHK is sufficient for a small group of friends and a nuclear family where everyone has privacy.
- Property prices keep increasing in cities. Flats have an excellent resale value if it is in a good location and has the best amenities. Even if you use your 2BHK for a certain period, with good maintenance, you can sell it for a good price later.
- Owing to its affordability when compared to 3 BHKs and 4BHKs, 2BHK is always considered a great deal. Thus, 2BHks are economical.
- As 2BHK homes charge lesser rent, tenants prefer them over 3BHKs.
- 2BHK flat owners can earn a passive income by leasing out their property. Therefore, 2BHKs are best for investments.
- 2BHKs are easy to maintain as they incur only lower maintenance charges as the house area is less.
- The documentation charges are also lesser than 3 and 4 BHKs as they are estimated based on the property value.
An Overview of Financial Benefits in 2BHK Flats (H2)
It is natural for every buyer to expect profits when investing in a house. Let us evaluate the situation when owning and renting a 2BHK apartment. It will help you understand the financial benefits better. When a person rents a 2BHK flat for 12,000 rupees per month, they will have to pay more in a few years, as the owner will increase the rent yearly. At the end of approximately 15 years, they would have spent around 25 lakhs. This is not a wise decision to make in the long run.
Now let us analyze the same scenario when the same person buys it with EMI. They will be able to clear their dues in a few years and also own a house for themselves. Furthermore, they will be able to rent it out to another person and make some money on a monthly basis. If you calculate the rent the owner will incur if he rents out the 2BHK for 20,000 rupees, over 15 years, they will be able to make 40 lakhs. This makes tangible property a dependable asset and a source of income for the family. Thus, a 2BHK apartment is better to own rather than rent.
Factors to Consider While Shortlisting a 2BHK Apartment (H3)
Best building contractors in Chennai will be able to deliver a premium apartment with absolute integrity that suits your budgets and needs. There are a few factors to consider when choosing a 2BHK in big cities like Chennai, Bangalore and Hyderabad. They are:
Dimension
A 2BHK apartment ranging between 1000-1250 square feet is considered spacious. It can offer an incredible lifestyle for a small family when equipped with aesthetic interiors. You can escalate its beauty with trendy lighting ideas. Moreover, with a balcony, you can have a cup of coffee in the breezy outdoors and create everlasting memories with family and friends.
Location
An apartment in a prime location with good accessibility to metros, major IT hubs, educational institutions, hospitals and other entertainment centres will make an excellent asset. When the flat has a lot of retail shops and socio-cultural spots nearby, it will have a great resale value. Moreover, flats that are unified by nature with a friendly neighbourhood add more merit.
Budget
The budget may vary from person to person. But it is essential to fix one and shortlist apartments accordingly. Besides the down payment, you will have to inquire about the home loan parameters, processing fees, registration costs, etc.
Property Documents
Before investing in any apartment, you must verify the design and site approval, construction completion certificates, and water, sewage and electricity connections.
Land Records
The plot’s title must be clear of all dues. You are responsible for checking the title deed and soil and topography details.
Carpet Area
Do your homework and find details about the built-up and carpet areas. While the built area refers to areas like the apartment living space, staircase, elevator and lobby, the carpet area is the actual floor area of the flat.
Handover Time
Read the terms and conditions and learn when the builder will hand over the flat. Usually, a delay of six months is allowed. If anything goes beyond this period, the builder must pay the buyer a penalty charge for every month.
Closure
2BHK is the right choice, even for a person who is single. It gives them expandability choices and also a higher resale value. However, make the best decision after going through all the criteria mentioned above. If you are looking for a 2BHK in Chennai, get help from renowned and highly experienced building contractors in Chennai and reach out to legitimate properties.