How do you Choose the Right Home Among the Plenty of New Projects?

The housing market is abuzz with activity. New projects, promising modern amenities, swanky designs, and idyllic lifestyles are popping up everywhere. But for you, the homebuyer, this abundance can be paralyzing. How do you pick the right one? Don’t worry, this comprehensive guide will equip you to navigate the options and find your dream dwelling. Explore the real estate predictions for 2024 as well for better decisions. Also, read the guidelines for plot buying if you are looking at investment!

Tips to Choose the Right Home Among the Plenty of New Projects

Step 1: Know Needs and Priorities

Before diving into the market craze, take a deep breath and begin a journey of self-discovery. What precisely do you seek in a home? Here are some key areas to consider:

Lifestyle

Family Needs: Consider the number of bedrooms and bathrooms required for your current and future needs. Do you have young children who need dedicated play areas? Are aging parents moving in, requiring accessible features?

Maintenance: Are you a busy professional seeking a low-maintenance condo or apartment? Or do you have the time and desire to maintain a house with a yard for gardening or backyard barbecues?

Social Butterfly or Bookworm? Think about your desired level of community interaction. Do you crave a vibrant neighborhood with cafes, shops, and events at your doorstep? Or are you a quiet soul seeking a peaceful haven away from the hustle and bustle?

Budget

Be realistic about your finances. Factor in not just the purchase price but also ongoing costs like homeowner association (HOA) fees, property taxes, and potential maintenance expenses. Remember, a lower purchase price might be offset by high HOA fees.

Location

Location goes beyond just aesthetics. Consider commute times to work, schools, and frequently visited places. Think about access to public transportation, essential amenities like grocery stores and healthcare facilities, and parks and recreational areas for leisure activities. Research the neighborhood’s future development plans. A new highway might improve accessibility but could also increase noise levels.

Step 2: Become a Real Estate Sherlock – Researching the Projects

Now that you know your must-haves, it’s time to delve into the world of new projects. Here’s how to be a meticulous researcher:

Developer Due Diligence

Investigate the developer’s reputation. Look for a history of quality construction, timely project completion, and good customer service.

Project Details Deciphered

Analyze the project details. Look beyond the count of bedrooms and bathrooms. Examine the floor plans to understand the layout and functionality of the space. See what amenities are offered – gyms, swimming pools, security features, co-working spaces,  –  and assess how important these are to your lifestyle.

Area Exploration

The neighborhood is an extension of your home. Research the area’s demographics, crime rates, and overall vibe. Look into future development plans. A new shopping mall could add convenience, but a large office complex might increase traffic congestion.

Step 3: Virtually There and Physically Present – Experiencing the Options

Virtual Tours

Most new projects offer virtual tours. These give you a good sense of the layout, amenities, and overall aesthetics. Utilize them to shortlist a few promising options.

Site Visit

Schedule in-person tours to get a real feel for the space. Walk through the units, and pay attention to noise levels from surrounding areas like traffic or construction. If possible, talk to residents about their experiences. This firsthand perspective can be invaluable.

Step 4: Considering the Future

Analyze Resale Value

While you envision yourself living here forever, consider the possibility of resale. Consider how the location, amenities, and overall market trends affect the property value in the future.

Analyze Rental Options

If you plan to rent out the property, research rental potential in the area based on the type of unit, size, and amenities offered.

Step 5: Expert Advice is Key

The Real Estate Oracle

A good real estate agent can guide you through the market complexities, understand pricing strategies, negotiate offers on your behalf, and identify potential hidden costs.

The Mortgage Magician

Get pre-approved for a mortgage to solidify your budget and make a stronger purchase offer. A mortgage broker can help you compare rates and terms from different lenders to secure the best deal.

How to Research the Growth of a Location for a New Home Project

Population Trends: Gather data on the area’s population growth, age distribution, and income levels. Look for areas with a rising population, particularly young families, as this indicates future demand for housing.

Employment Landscape: Research the job market in the area. Are there major employers nearby? Are there any upcoming developments in industries that might attract new residents?

Existing and Planned Developments: Identify existing and planned residential projects, retail spaces, and commercial developments in the area. This can indicate infrastructure improvements and future growth.

Sources: Local government websites, construction news websites, and real estate market reports

Property Value Trajectory: Analyze the area’s historical and projected property value trends. Look for areas with a steady or increasing value, suggesting a growing and desirable location.

Infrastructure Projects: Research any planned infrastructure projects like new highways, public transportation expansion, or improvements to schools and hospitals. These can significantly impact an area’s attractiveness and property values.

Sources: Local government websites and news articles on infrastructure development plans

Zoning Regulations: Understand the current zoning regulations and any potential changes on the horizon. This can impact the type of housing you can build and the overall density of the development.

Sources: Local government websites, zoning department contacts

Community Engagement: Talk to local residents, business owners, and community leaders. Get their insights on the neighborhood’s vibe, future development expectations, and any potential concerns.

Methods: Community meetings, local events, surveys

Traffic Flow and Amenities: Observe traffic patterns during different times of the day.  Assess the proximity to essential amenities like grocery stores, parks, and schools. These factors impact the quality of life and resident satisfaction.

Additional Resources

• Real estate industry reports: These reports often contain data and analysis on specific geographic areas, including growth projections
• Urban planning consultants: These professionals can provide expert advice on the development potential of a location

Wrap-Up

So many new homes, how do you pick just one? It’s easy to get overwhelmed, just think about what matters most to you, like how many bedrooms you need, if you want a yard, and how close you want to live to work or shops. Once you know your must-haves, research the new projects. Look online and visit them in person to see if they tick your boxes. Don’t forget to ask for help from a real estate agent and a mortgage lender. Finally, think about the future – will this home still work for you in a few years? Consider checking flats in Guduvanchery.

Finding your dream home is exciting! Take your time, do your research, and have fun with the hunt. The most important thing is to find a place that feels like home, sweet home!

Explore stunning properties located in and around Chennai, encompassing areas like Sriperumbudur, all within Lancor‘s portfolio.