9 Things to Consider Before You Buy Apartments in Kerala

Residential apartment projects are sprouting up in almost every locality in Kerala, and with good reason. More and more people are opting to live in apartments for several factors such as, increased security, more amenities and less maintenance responsibility. While it might be an easy decision to invest in an apartment, there are few things you need to think about before you jump in.

9 Things to Consider Before You Buy Apartments in Kerala

1. Builder’s Reputation

This is probably the most important thing you need to check on when you’re buying an apartment. Not all builders have a good reputation. And if you don’t go with a reputed builder, you will be facing quite a risk with your investment.

Some of the checks you can do to verify the builder’s reputation are:

• Past history – Take a look at other projects the builder has completed. Check if they have been delivered on time and with all the amenities that were promised.
• General feedback – Look at what others are saying about the builder. Check out online reviews and consult with those who have prior experience with the builder.
• Building specifications – Double check the building specifications to ensure what has been promised.
• Building quality – Visit the site of the new building and see the progress for yourself. You can also visit completed projects of the same builder to ensure the quality of their buildings.

2. Title of the Building

Check if the builder holds the rights to sell the apartment to you. The original land might belong to a different land owner, so the agreement between the owner and the builder has to be valid.

An easy way to verify this is to check if reputed banks have cleared the property. Banks normally perform rigid checks on new apartment projects, so as to the clear the loan applications of potential buyers easily. If the apartment project has bank clearance, it means the title of the property is intact and you might not face any hassles later on.

3. Legal Status of the Project

You will have to check the legal status of the project in terms of the approvals received. The project should have a project commencement certificate form the corporation or local authorities. This ensures that the builder has the permission to start the project.

Once the project is completed, the builder should also possess a project completion certificate from the concerned authorities. These two certificates ensure that the project is approved by the local officials and major amenities such as water and electricity are available.

4. Price Negotiation

You need to have someone experienced negotiating the price for you. This is beneficial because a professional will know the prevailing market rates and the current real estate trends.

It’s also important to note that negotiation is not just about settling for a lower price. It is about bringing all the relevant details applicable to the deal onto the table. Price is just one of the factors that you need to negotiate upon. If you’re bargaining for a lower price, you will get either a ‘yes’ or a ‘no’. A good negotiator will be able stand in the gap between you and the builder, and get you the best best possible mutually acceptable deal.

5. Projects Considered

How many projects have you considered before you finalized on a particular apartment? Experienced realtors say that we should see 100 properties and place an offer for 10. Out of those 10, only 3 might get accepted, from which you can choose one. Don’t settle on a single property right away. Do you research and consider other apartment projects too before you make your final decision.

6. Location and Direction

Take some time to consider where your chosen apartment is located in the overall project layout. You will also have to visit the site and check that your apartment is facing in the direction you prefer. Double check the views from each of the rooms, so you are not in for surprises later on.

7. Floor Plan

Study the floor plan of the apartment you’ve chosen. The actual carpet area will be much lesser that what has been quoted. Check that each room’s dimensions are what you are looking for. Verify the location of balconies, bathrooms, utility areas, and all the doors and windows.

8. Project Phase

There are different stages of entry for an apartment project. The 4 phases where you can buy an apartment are:

• Pre-launch – This is the phase just before the project commences. The apartment is still in the visualization phase and you will basically be funding the builder. This is the lowest entry point with respect to monetary investment but also includes some element of risk. If it is a reputed builder, and you’re sure the apartment will be delivered as promised, it’s best to go for a pre-launch offer.
• Launch – In this phase, the project has commenced and the basic structure is coming up. The price will be a bit more than the pre-lanch phase but you can see the progress of the building and have an overall idea of how it will look when it’s completed.
• Completed project – In this phase the project is 100% completed. There is very minimal risk at this stage. You can see firsthand how the finished apartment looks, and all the amenities that are provided. The price, however, will be drastically higher than the previous two stages.
• Community – In this phase, people have started moving into the apartment complex. You get a good idea of how the property is being maintained and how vibrant the community is. If builder is successful in building a community there, the price of the apartment goes up. You will also get a feel of how active and engaged the people in the community are.

Each phase has its own advantages and disadvantages. Assure that the price you’re paying for the apartment is based on the current stage of the project.

9. Apartment Community

You will have to check what are the chances that an active community will be formed in the apartment complex. There are several factors that influence an apartment’s community. If the apartment is located in proximity to main roads, schools and shops, more people will want to stay there.

The profile of the people, such as type of work and financial status, also matters when it comes to building a vibrant community. If there are more owners residing in their own apartments, it will be a more stable community, rather than tenants moving in and out constantly. If most owners have bought apartments for investment purposes, fewer people will be staying there. But if people have bought for residential purposes, the community will be more homely and engaged.

We hope this article has given you more information on the things you need to consider before you buy apartments in Kerala. If you’d like further information or assistance, do let us know. We’d love to help you!