Factors to consider while investing in real estate in Kannur

Kannur is a coastal city in the northern part of Kerala, known for its stunning natural beauty, and traditional temple art and dance forms. It was known as the land of the 3 C’s: Cricket, circus, and cakes, as one of India’s best known circus companies originated from here. The city is renowned for its many bakeries that sell delicious cakes, and for its passion for cricket.

The city has equitable weather the year round as well; of late, the IT industry is making waves in the city, with several startups and branches of established companies choosing Kannur to operate in. The government facilities and subsidiaries encourage the setting up of such startups in the city, and this reason is responsible to a great extent for people swarming to Kannur.

These are great reasons for investing in real estate in the city; in fact, there has been a surge in the sale of flats in Kannur, as this is a great investment. Even if you yourself don’t plan to live there, you can earn rental income for years.

 Builders in Kannur have realized this, and have geared up to meet the increased demand for housing in the city. You can search online and find flats for sale, but there are a number of factors to consider before you actually invest in real estate in Kannur. Let’s examine them:

The Financial Aspect

This is a critical factor that you have to think about when you are buying flats in Kannur. There are all types of apartments available for sale at different price ranges. You have to set a budget after considering your financial situation. Take stock of all your assets, liabilities, incomes, and expenses, and leave aside funds for emergencies. This will give you an idea of what you can afford. 

Availing a Loan

Obviously, you may not be able to hand over the entire sum outright, but home loans are easily available. The amount of loan that you take should be such that you can pay the instalments every month without hassles.

Check Credit Score

It’s a good idea to check your credit score before you apply for the loan; a score of over725 is considered good; the higher, the better. A high score will get you loans on easier terms, and maybe even better interest rates and tenure.

The Builder’s Reputation

There are many builders constructing flats in Kannur, so how will you decide whom to buy from? This is in fact one of the most important factors to consider when investing in a flat. From the brochures, the flats may look good, but how good are they actually? It is important to do a background check on the builder and find out what their reputation is. Check if they have delivered their previous project within the timeframe and budget as promised, and whether the construction was as per the approved building plan.

Go through online reviews, and talk to people who have purchased flats from that builder, and ask them about the quality of construction, builder’s dealings, how transparent they are, and the quality of customer service they deliver.

The Location

Location is everything in real estate. You don’t want to live in a shabby neighbourhood where garbage is lying around on the streets, or in an industrial area with a lot of air and sound pollution, or where you have to travel far to get things that you need every day. The ideal location is one with these features:

• Clean and well maintained
• Safe, crime-free neighbourhood
• Adequate greenery
• Presence of markets or stores selling essential products
• Availability of essential services 
• Proximity to banks, hospitals or clinics, and schools
• Easy access to main roads and public transportation
• Absence of pollution

Additionally, having avenues of entertainment and recreation like malls, restaurants, turfs, movie theatres, and so on, are a big bonus.

Type of Flat

Depending on your budget and requirement, you need to decide what type of flat you want to buy, and how big you want it to be. If you have a big family, work from home, or run a small business from home, you need to look at 3bhk apartments. Otherwise, a 2 BHK may also suffice. You should also think about whether a regular apartment is enough or you need a luxury apartment.

Amenities Offered

When you are looking at lifestyle apartments in Kannur, you must look at the amenities being offered. Here are some of the most desirable amenities being offered by Kannur builders:

• Multiple high-speed elevators
• 24-hour power backup
• Swimming pool
• Gymnasium and clubhouse
• Courts for badminton, basketball, etc.
• Separate children’s play area
• Party hall
• Spacious lobbies
• Grand reception area
• Landscaped gardens
• Library and/or A/V room
• EV charging stations
• Day care

Every builder may not offer all these facilities and you may not need all of them. Think about what you need and check that it’s available.

Security

If you’re planning to live there with your family, make sure that there is adequate security, with guards, CCTV surveillance, biometric access, high walls, and so on. With nuclear families becoming common, gated community flats are very popular today thanks to the heightened security they offer.

Return on Investment

Think about how much the flat value will appreciate in value if you sell it in the future; you should be able to get a decent profit. Also think of the rental yield you can get from it in case you are planning to let it out. The returns you can get on your investment is one of the key factors to consider before buying a flat.

Conclusion

Investing in real estate can be very lucrative, as long as you do your due diligence and look at all the factors to consider before you actually sign the sale agreement. When you purchase from a reputed builder like PVS Builders, you don’t have to worry about your investment. Our flats are of exceptional quality and are sure to give you excellent returns over the years, and several happy years of an elevated lifestyle, depending on how you use it.