BUYING A RESALE FLAT VELACHERY CHENNAI

Q: Need advice in buying a 13 year resale flat in velachery of 990Sqft with CCP.Flat condition is good not excellent. UDS 450Sqft
1. Is it a good idea to buy this flat for end use?
1. How much can I quote for the flat?
2. Will I have a decent return after 10 years?
Need urgent thoughts on this. Thanks in advance

Arun,

21st April 2017

Buying property in Velachery, Chennai

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After 5-7 years of construction is the perfect time to sell a flat as the appreciation in rate will be flat around this time frame and more maintenance issues will start to arise. Resale is also great value at this timeframe. That being said you can also buy a flat that is 5-7 years old and live in it for another 13-15 years without facing any problem, but one cannot expect a very high return on the money invested. After 20 years bigger maintenance issues may arise constantly and need to be tended to often.

Kushal, Chennai

25th April 2017

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First of all buying a 13 year flat is not at all a good idea and when you know that the condition of the flat is just good. After 10 years if you want to sell it off I do not think you will get a decent return.

Charan Raju, Chennai

25th April 2017

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