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Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

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Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

Last updated: June 16 2016
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  • #51

    #51

    Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

    hi

    Originally posted by dhanam View Post
    thanks Franke.
    Hi did u get my msg

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    • #52

      #52

      Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

      I booked a flat in Olympia Opaline in March 2011, which after painstakingly waiting for close to 3 years, was handed over to us in Dec 2013. In this period, I paid over 10 lacs as interest alone on my home loan, with no benefit from the property.

      Post that I kept the apartment empty for a year hoping to sell it but couldn't. A year later, I realised CBRE is doing a much less than satisfactory job of maintaining the tower, so I rented out the property.

      Now I'm in the middle of changing tenants. I need your inputs on whether to hold this property or sell it, even at a loss, cos there's a huge opportunity cost on my other Home Loan which I can pay off using proceeds from this sale and save interest.

      Pls help

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      • #53

        #53

        Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

        Originally posted by richa1909 View Post
        I booked a flat in Olympia Opaline in March 2011, which after painstakingly waiting for close to 3 years, was handed over to us in Dec 2013. In this period, I paid over 10 lacs as interest alone on my home loan, with no benefit from the property.

        Post that I kept the apartment empty for a year hoping to sell it but couldn't. A year later, I realised CBRE is doing a much less than satisfactory job of maintaining the tower, so I rented out the property.

        Now I'm in the middle of changing tenants. I need your inputs on whether to hold this property or sell it, even at a loss, cos there's a huge opportunity cost on my other Home Loan which I can pay off using proceeds from this sale and save interest.

        Pls help

        What was your rental return?


        *if it is less than 5% per annum, better to sell it when the apartment still looks new or it is going to be more difficult down the lane. With new apartments being flooded in the market, builders with their strength in marketing and advertising can command good price but not individual sellers. Sell it for the best price you get within a time window (say three or four months).


        *If it is over 5% means it has got demand, don't sell it. when market condition changes your home might command a good price.so you might sell for profit or at least without loss.


        Buying home for investment with home loan may have worked in the past but not a good strategy with current market conditions.

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        • #54

          #54

          Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

          Thanks a lot. Appreciate it very much.

          Rental return was 3.5% (and continues to be the same) not including the HL interest paid. Thanks a lot again for your inputs.

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          • #55

            #55

            Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

            Isnt this the case with most homes purchased in the recent times? Unless you plan to move-in into that home in near future..

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            • #56

              #56

              Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

              Getting 5% return is very difficult always.

              3.5% is the average and 4% is the best

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              • #57

                #57

                Re : Olympia Opaline by Olympia Group in Old Mahabalipuram Road, Chennai

                It depends on the entry price , the location and apartment furnitutes. 5% is rare but possible all it means is the flat has got demand.

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