Mistakes To Avoid When Investing In Flats in Calicut

Are you thinking about reasons why you should invest in flats in Calicut? Calicut is a vibrant, thriving, coastal city in the northern part of Kerala. Its welcoming nature has made it a cosmopolitan city, a literal melting pot of cultures, languages, and cuisines. An important port in the ancient days, it has also been a hub of trade and commerce since ages, and continues to be commercially important even today. The government has been promoting the IT industry through various initiatives like IT parks, incubation facilities, easy financing and so on, and it has borne fruit. There are a large number of startups here, and Calicut is soon becoming the preferred destination for IT entrepreneurs and professionals.

This augurs well for the real estate market, as more people flowing into the city is pushing up demand for residential spaces. When you are deciding your real estate investment strategies in Calicut, you need to consider a lot of factors, like whether you should purchase a flat or independent house, how you will arrange the funds, and so on.

Addressing the first question, it is better to choose an apartment over an independent house, as you have several advantages. You will also notice that there are many more flats in Calicut for sale than standalone houses. 

That being said, you should be aware of these mistakes to avoid when investing in flats in Calicut:

Ignoring the Location

Location is of utmost importance. It must be a place where you have all the essential services and stores nearby. We are talking about your daily household needs, groceries, dairy, vegetables, and so on. You should also have primary education and basic healthcare facilities. Ensure that the neighbourhood is a safe one, a place where your family members can move about fearlessly. Check that it is a clean neighbourhood, away from garbage disposal sites, and with plenty of greenery. Otherwise, there could be negative impacts on their health. Seeking medical help immediately should be possible, and your toddlers should not have to commute to their play class or kindergarten. Availability of public transport, access to the main road, and a good approach road are also necessary. Having avenues for recreation and entertainment nearby is a plus.

Not Planning the Finances

This is one of the biggest mistakes to avoid when investing in flats in Calicut. If you are not clear about your budget, or make a budget and don’t stick to it, you could land in serious trouble. After all, purchasing property involves huge sums of money. It is imperative that you plan well ahead about what your budget is, so that you can search for properties within that price range. Take stock of your savings, monthly income, expenses, assets, and loans currently running. Will your family help you with money? Will you need to take a loan? If you are taking a loan, you must try to keep it to the least amount possible, and the least tenure, so that your overall interest burden is less. If you don’t plan these things, you may end up with a huge financial burden and struggle to keep up.

Making Emotional Decisions

Purchasing a home can be sentimental, but it is important to be clinical. You may fall in love with a property just by its outward appearance. But remember that while aesthetics are important, the quality of construction, the layout, and many other aspects need to be looked at. Make sure you physically inspect the apartment and be convinced about its value. Do your due diligence and make sure that there are no hidden costs. You should be aware of the common risks in investing in flats in Calicut, especially if you have newly settled in the city or are purchasing a flat for the first time.

Not Checking Legalities and Documentation

Real estate transactions are subject to a number of legalities, and several documents are required. Not verifying that the builder has followed all the requirements can cause problems for you later. We have seen how illegally built apartments were demolished by the authorities within months, leaving homeowners in the lurch. Check that the builder has completed the project by sticking to the approved building plan, and has followed the zoning regulations. Verify that the required no objection certificates have been taken from the relevant authorities. One of the mistakes to avoid when investing in flats in Calicut is not checking the title deed and sale deed properly. If required, get help from professionals like real estate agents and lawyers, and make sure you are not being cheated. Verify that the occupancy certificate has been issued.

Failing to Verify the Builder’s Background

There are a number of builders who may promise you the moon. As in any field, there are genuine property developers, and unscrupulous ones too. Do a little background check, read reviews left by previous customers, and current homeowners. Talk to them if possible and find out if the builder delivered everything as promised: within budget and the time, and whether all amenities were provided as mentioned. This is very important.

Not Considering Future Value

You may not live in that same apartment for the rest of your life, so you should consider how much it is likely to appreciate in value in the future. This way, you will have an idea of how much you can get if you want to sell it off, or maybe give it on rent.

Conclusion

Now that you are aware of the mistakes to avoid when investing in flats in Calicut, what is stopping you from searching for your dream apartment? PVS Builders is one of the leading builders in Calicut, and has some of the most beautiful, solidly constructed, and thoughtfully laid out apartment projects in the city, located in prime residential locations. All buildings are RERA approved, and feature top-notch amenities to make your life secure, comfortable, and convenient.

FAQ

Why is location so important when investing in a flat in Calicut?

Location plays a crucial role in determining your quality of life and the property’s future value. A well-connected area with essential services like schools, hospitals, grocery stores, and entertainment options ensures convenience and a higher appreciation rate. Additionally, a safe and clean neighborhood enhances your family’s well-being.

What financial mistakes should I avoid when buying a flat in Calicut?

One of the biggest mistakes is not planning your finances properly. Set a realistic budget, assess your savings, and determine how much loan you can afford without overburdening yourself. Avoid emotional spending and unexpected financial strain by considering all costs, including maintenance, property tax, and registration fees.

How can I verify the credibility of a builder before purchasing a flat?

To ensure a reliable purchase, research the builder’s track record by reading customer reviews, visiting completed projects, and checking if they have RERA registration. Verify legal documents like the title deed, sale deed, occupancy certificate, and necessary approvals from local authorities. Consulting a real estate lawyer can also help avoid legal pitfalls.