Finding the most suitable flat can make you quite stressful if you don’t know how to go about it. There are some important things to know before buying a flat to minimize your risk. Below are the tips to be take care of before buying flats in Kochi.
Legality: It’s the most crucial thing to check before buying an apartment or flat. In every city there is local government bodies authorized to approve maps and property registration of any building. Buyer has to visit the local government authorities to assure that the information shared about the property by the builder is valid and true before entering into contract or agreement.
Builder Reputation: A buyer/investor it’s your key responsibility to check the work history of any Developers or Builders you are about to approach for owing a property. Generally, all reputed Developer companies keep their complete profile in their Web sites also provides us the soft copy or hard copy in the first round of discussion. Just refer it before buying the apartment or flat also asks for a few reputed clients contact details to know their feedback on the builder’s service. Also enquire about their background to clients to make sure that whether builder would able to offer the flat or apartment on promised possession date and what after sales services they are providing to their clients.
Competitor Work: Before signing on agreement, it is very essential that the buyer makes a thorough study on the work done by different builders in the same location. By seeing different projects you will be in a better position to compare and make judgment about Facilities, Quality and Price offered by the builder you approached with key competitors from the same market place.
Loan Facility: Usually all reputed builder Groups are registered with leading Banks and NBFC’s to provide Housing Loan facilities to their clients. Whenever any Bank or NBFC approves any project for such facility, they grant APF (Approved Project Finance) number to the builder/developer. When client applies for a home loan, they can just quote the APF number of the project, submit their documents and get loan approved.
Budget: 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 should calculate before finalizing the property. There are add on costs like parking Space charges,Security charges, Building common area cleaning and maintenance charges, Service tax, club membership charges, 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. If you need any expert advice do not hesitate to discuss the matter with an experienced Financial Advisory.
Price: A buyer should do a whole survey about the prices in area/location in which he is planning to buy the apartment/flat compare their prices against the amenities they are providing. But there are certain variables which necessity be kept in mind before you make a conclusion on the basis of price
Buying a Flat/apartment is one of the major steps in your life since you are investing a major part of your earning in buying it; however you should remember each of these points before you seal the deal.
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