It might be a convenient decision to buy apartments in Kerala especially in Thrissur, but there are a few important considerations that any buyer must think about before making an investment; The answer to this may differ for every person as same is dependent on many variables like personal preferences, location, budget, etc. Still there
Top 14 Things to Consider Before Buying an Apartment in Kerala
It might be a convenient decision to buy apartments in Kerala especially in Thrissur, but there are a few important considerations that any buyer must think about before making an investment;
The answer to this may differ for every person as same is dependent on many variables like personal preferences, location, budget, etc. Still there are certain things which are specific to flat purchase and are common, with no impact of your location choice like City Centre or Sub Urban and category choice like Affordable, Economical or Luxury. It is very important to make a checklist of things to consider before buying an apartment. Over the years, there are certain things which are important for the buyer/investor to remember before buying a flat/apartment/dwelling unit, but the 10 most important ones (according to my opinion, same may differ from readers preferences) are detailed in this post.
1. The Reputation of the Builder
This is an important consideration that one needs to examine carefully before making any purchase. You can check out the builder’s reputation by making a detailed study of history, past records, feedback from previous clients, checking out the features and quality of the building. This will ensure you that the builder is reliable and well-established.
As a buyer/investor it’s your responsibility to check the history of Builder or Developer. By visiting old buildings constructed by the same builder, you will be in a position to decide upon the quality standards followed by the Builder. Generally, all good Developer companies maintain their complete profile in CD’s. Just ask for it before buying the flat. Also by checking the past history you can make a prediction that whether builder will provide the flat on promised possession date or not.
2. Title deeds
Make sure, you do check the ownership of the land, right to sell, encumbrance if any.
Imagine you made the list of top 10 builders in Kerala. One of them impressed you, so you bought a home and lived happily ever after. Well buying a home is seldom that easy.
Even after you have found the right apartment, there are certain documents that you should possess absence of which can turn your life into a nightmare.
The most important of them is the Title Deed. It is a document that shows the ownership of a piece of property. The holder of this document is conferred with certain rights including the right to transfer ownership of the property.
This ensures that no one will move for a legal claim over your property in the future. And it is little difficult to obtain a title deed in our country because you have to be ready with a long list of other documents like the possession certificate, sale deed, encumbrance certificate, transfer certificate, etc.
3. Check the Property Title
Make sure you do check that the right to sell that particular apartment belongs to the builder. If the apartment is owned by someone else, and the right to sell is in the hands of the builder then ensure that the agreement between the apartment owner is absolutely valid. You can verify this by checking if the banks had cleared the apartment. You can check out apartment buying checklist here.
4. Official Status
One must check the official status of the property to examine all the Permissions received, such as a commencement certificate from local authorities, completion certificate from concerned official authorities. Certificates can help in ensuring the apartment construction is approved by the Government and amenities like electricity and water are available.
Price of an apartment depends on the location, cost of land, amenities provided, materials used and nature of the project.
Negotiating doesn’t mean settling at a lower rate, it is all about getting all the significant information related to the deal on the table.
You must also be aware of the price of projects in that area. Well, in the end it all comes down to Price. A buyer must do a complete survey about the prices in location/area in which he is planning to buy the flat/apartment.
But there are certain variables which must be kept in mind before you make a decision on the basis of price. These are facilities in the building, specifications of the flat, location, possession date, quality of construction, etc.
You must understand that the most economical to buy may not be necessarily the best.
6. Project Location (Future in Perspective)
Always confirm the facilities in and around the location of the project, like educational institutions, market, health services, places of worship, etc. My views are very different on this particular decision point. It is not necessary always that project on main roads have location advantage compared to the ones located on inside roads. Things to consider before buying an apartment also include the following. Down the line, after some years you might realize that you have done the mistake by selecting Residential Project located on the main road because of increased traffic sound and commercial activities. Remember we are buying home not office. While selecting any location you should check for basic facilities like grocery store, schools, hospitals, public transport, etc.
7. Floor Plan
Before buying any Luxury apartments, the floor plan must be studied properly. The salable area of an apartment includes the common area, wall thickness and the inside area namely Carpet area. So the dimensions mentioned in the brochure against each room area is the actual dimensions of a room. You can check out 5 ideas for a one bedroom apartment with study (Includes Floor Plans)
It’s the most important thing to check before buying a flat. In every city there are local government bodies authorized to approve maps of any building. Buyer must check the approvals before entering into agreement or contract. To get more knowledge click on property document checklist.
9. Competitor Work
Before signing on dotted lines, it is very important that the buyer makes a thorough research on the work done by different builders in the same location. By seeing different projects you will be in a better position to make judgement about Quality, Facilities and Price. You can also check out their flats, apartments and villa projects in Thrissur.
10. Features & Specifications
Features are the building facilities and specifications are related to facilities and amenities provided in the flat. Every Builder/Developer gives host of features and specifications to lure buyers. The important part in this regard is to understand which features & specifications are of real use and which are cosmetic.
11. Loan Facility
Generally all reputed builder groups are registered with leading Banks and NBFC’s to provide Home Loan facilities to their customers. Whenever any Bank or NBFC approves any project for home loan facility, they provide APF (Approved Project Finance) number to the builder/developer. When customer applies for a home loan, they can just quote the APF number of the project, submit their documents and get loan sanctioned. With APF facility customer is free from the stress of collecting legal documents of the project and submitting them along with his own financial papers. One good thing about project having APF number from leading banks is that this assures you of sound legal & technical credentials of the project.
12. Wish list/Priorities
You should have clear understanding of your wish list that what do you want? One thing we must all keep in mind is that it’s difficult to get everything we want. As a consumer you should have absolute clarity on facilities or specifications for which we are ready to compromise and for which we are not ready to compromise. Priorities must be clearly defined and you should stick to it before making decisions.
13. Budget/Add on expenses
Consumer must write down there budget carefully. Property cost is not only the price paid to the builder but there are several add on which you must calculate before finalizing the property. There are add on costs like club membership charges, parking space charges, service tax, stamp duty, registration charges, home loan processing fees, electrification charges, transformer charges, preferred location charges (PLC), etc. Sum of all these expenses is your actual property cost. I have not included maintenance deposit and charges in above list as they do not form part of property acquisition cost but are property maintenance cost. Some Builders have removed all above mentioned charges to make it simple for their customers. Such builders only charge Basic sale price (BSP) for the property.
14. Area Calculations
There are 3 terms which you will come across while buying any residential flat/apartment. These are Carpet area (The area within four walls of the flat), Built up area (The area including carpet area and area occupied by walls of flat) and Super built up area (The area including carpet area, built up area and proportionate of common areas). Generally builder charges on the basis of super built up area and consumer must understand the calculation before entering into the agreement or contract.
These are some of the most important considerations that one must think about before they invest their hard earned money in any of the properties anywhere! More details real estate investments can be viewed here.
Several equity investors base their investment thesis on structural factors. In the early days, they would bet on what the government would do in the budget. Then came the structural advantages offered by a now open economy.
These structural gains were the themes of the winning investments in the post-liberalisation period. Add to it the consumer boom that was unleashed when incomes moved up, and aspirations of a young population skyrocketed.
Investors in the markets in 2007 felt so confident about the structural advantages of India that the popular theory was that the country was ‘decoupled’ and, therefore, would not be impacted by the developments in the rest of the world.
You can easily find out if a landlord sucks with a few neighborly visits and/or phone calls. After you see an apartment you like—even after you submit your application—stop by a few other units and ask to speak with the tenants. It may feel weird to knock on a stranger’s door in a building you’ve never set foot in before, but that goes away once someone answers and you have a nice conversation.
If you’re feeling too shy to do that, find someone walking around downstairs to ask instead. You can’t prevent all weather-related issues. Sometimes your landlord just won’t know, and they may not be forthcoming with the information you want. As previously suggested, this is where talking to existing tenants can help. Ask them if they had an trouble during extreme weather conditions.
If so, find out how the landlord handled the situation. If it wasn’t well-managed, maybe you shouldn’t sign a lease. If it was, great. Infact, if you know you’re going to need something fixed come winter, ask the landlord to take care of it before your move-in date. You won’t be able to preempt all weather-related troubles, but if you do your due diligence you may save yourself a headache or two down the road.
TBPL is one among the best providers of apartments in Thrissur and Guruvayoor offering the most modernized and sophisticated living spaces with no compromise over the quality. We also provide property management services that include housekeeping, rental and resale activities to help people manage their assets efficiently. To avail our value added services, contact us today!