Things to Check Before Buying Your Apartment in Kerala

There is no doubt that owning an apartment is one of the best and most crucial decisions you will make in your life. For some people, it is a noteworthy achievement in their lives. 

Purchasing an apartment might sometimes get confusing and stressful. The journey can be exciting and emotional at the same time. However, this shouldn't make you overwhelmed since it includes quite a lot of your hard-earned money. All you need to do is to make wise and careful choices while making the investment. 

In this blog, we will make a list of all the essential factors to keep in mind before buying an apartment. Let's help you make informed choices regarding your major investment!

How to Verify Property Before Buying?

You cannot just make a verbal claim of ownership to your apartment. A lot of documentation and complex paperworks go behind this process. Therefore, one needs to carefully study all the essential documents before making the purchase. This will help you receive all the necessary information regarding the property, including details about the owner and other legal complexities and responsibilities. 

If your preferred apartment has legal and financial issues such as debts or court cases, it might not be transferable by law. A careful study of the documents will ensure you are aware of these issues as well as other restrictions and responsibilities regarding the property. This will help you avoid legal issues such as zoning laws or boundary conflicts with the government and neighbors. 

What are the Documents to be Checked Before Buying an Apartment? 

• Title Deeds/Prior Deeds
• Building Permit (for projects that are under construction) or Occupancy Certificate (for ready-to-occupy)
• Encumbrance certificate (EC)
• Land Tax Receipt
• Possession Certificate
• RERA Registration
• Location Sketch
• Approved Building Plan From The Local Authority
• No Objection Certificate (Fire, Pollution, Aviation)
• Electrical Inspectorate Sanctions
• Bank Approvals

You can get more details from legal documents or a checklist to verify before buying an apartment.

Things to Consider While Buying a Flat

Here are a few things to consider before buying a flat/apartments.

Know Your Needs

It’s important to understand your needs before buying an apartment. Think about the type of the apartment that best suits your priorities. 

If investing is your thing, you can purchase an apartment to sell or lease when its value appreciates. And in order for it to succeed, you need to speak with nearby real estate brokers to obtain the following details:

• Rent for residing in the apartments
• Growth rate of appreciation

Making an informed decision requires having access to the most recent facts.You should enquire about the size and location of the flats too. Flats are available in a variety of sizes, including 1BHK, 2BHK, 3BHK, and above, when you're ready to move in. You should make that decision based on the size of the family.

If you have elderly or children in your household, you need to purchase an apartment close to a hospital or school. Besides, you should also have easy access to all nearby locations and facilities such as shopping malls, railway stations and bus stops. 

Your relocation might take longer than you have expected. Occasionally, the construction process may take up to a year or more to finish before delivery. Therefore, it would be preferable to decide when to relocate, after which you can select between an apartment that is ready or still under construction.

Understand The Current Market Prices

Once you are sure about the type of apartment to live in, check for the market prices. In order to properly plan your budget, you will need a deep understanding of the current market costs of apartments or flats. Instead of making vague guesses, know the correct cost in proper numbers. This will also help you to be aware of the existing offers and discounts. 

Budget Planning

Your financial capacity is an important aspect to take into account before purchasing an apartment. If the apartment of your dreams is above your budget, you can request a loan from your bank.

The majority of banks provide loans up to 80–90% of the apartment's full value. Thus, be sure you have the funds necessary for the down payment.

Decide On The Under-Construction Or Ready-to-Occupy Flat

You've set your budget and the date you want to move into the new apartment. Now you can decide between an apartment that is still under construction and one that is ready to occupy

Choose ongoing flat projects if you can wait a few months or years. And make use of these advantages:

• Compared to apartments that are ready for occupancy, you will pay 10%–30% less.
• Numerous schemes and offers on ongoing projects will be offered to you.
• While you wait, the apartment's appreciation value will rise gradually.
• Token money is all that is required to reserve the apartment; the remaining balance can be paid during the waiting time. You can easily make the payment, no matter how long it takes.
• You'll move into a brand-new apartment with all the newest features when it's ready.
• Remember that the waiting time may increase by a few digits.

Choose ready-to-occupy apartments if you're renting a home and would like to move in as soon as possible. The following are some benefits exclusive to these apartments:

• You will be making owner-paid EMIs for your new residence in place of rent.
• Either you see what you were promised, or you'll get it.
• Approval of your loan will be simple.
• You will learn about the people next to you.
• As soon as you move in, you'll be among the first to use the facilities.
• There won't be any taxes due.

Choose RERA Approved Projects

Investors and purchasers are protected from real estate fraud by the Real Estate Regulatory Authority. Consider this to be one of the essential factors to take into account before purchasing an apartment in India. The apartment you select needs to be a part of the RERA-registered project. You can check the project's details by going to the RERA website in your state and using their database. If the project is valid, you will be able to access all of the information.

Select Reputed Builders

Reputable builders won't give you any problems in the long run. As a result, check the builder's reputation, experience, qualifications, years of service, etc.

Your hard-earned money will be invested when you purchase a flat. So, you may expect high-quality work and timely delivery if you select the right builder's project.

How Can I Check the Credibility of the Builder?

The builder's experience in the field says a lot about their credibility and expertise. If a builder has been in business for a long time and has continuously produced top-notch work during that time, you can be confident they are offering high-quality services.

It's also very important to look closely at how many jobs the constructor has already finished. Check if they have completed all their projects on time, or if they have left anything midway. This may serve as a clear sign of the builder's effectiveness, dependability, and skill.

You may also check the holdings and assets of the builder you are planning to partner with. A builder with significant assets and a solid financial standing in the industry can be reliable.

Is it Essential to Have a Home Inspection Done Before Purchasing?

A house inspection is crucial because it will help you identify any hidden problems or flaws in the building. This also verifies that the property satisfies safety regulations and is in excellent shape. A thorough home inspection aids in price negotiations using the inspection report as a basis. Additionally, it also gives comfort in knowing the property's true condition.

What Financial Aspects Should I Consider Before Purchasing a Flat?

• The entire cost of the apartment, including registration, stamp duty, and other fees
• Home loans availability and their interest rates.
• Your ability to repay and qualify for home loans.
• Fees for upkeep and other ongoing expenses.
• Possibility of rental income growth and property appreciation.

Also Read: How to Choose the Right Builder for Your Dream Home

Conclusion

Purchasing an apartment in Kerala is undoubtedly a fantastic idea, but to ensure an effortless and informed transaction, a number of standards need to be carefully considered. Analyzing the building's reputation, location, legal approvals, quality of construction, facilities, maintenance expenses, documentation, and resale value are all crucial.

You may prevent any potential issues and make an informed selection by keeping these points in mind. Make sure the property is a good fit for you by taking your time to fully investigate and comprehend all of the details before choosing to move forward with the purchase. Also, remember to purchase your flat from reputed builders. 

As the top builders and developers in Kerala, Desai Homes have always upheld great quality, exacting deadlines, and timely project completion over the years. Desai has always put the demands of their clients first. This includes selecting the appropriate partners and suppliers who share equal responsibility for delivering unmatched service as well as offering first-rate after-sales support. For more information and bookings, feel free to contact us now.

Own your dream apartment with Desai Homes!