How to Wisely Plan Your Apartment Purchase in Calicut

Buying a home is a huge decision and one of the most important decisions you will make in life. It’s an emotional and sentimental process, as owning your own home is a matter of prestige, and an investment for the future as well. Apartment purchase involves large sums of money, and for this reason, you have to be very careful and plan the process meticulously. 

To ensure that you employ the best real estate investment strategies in Calicut, follow these tips:

Understand Your Purpose: Is it for a Home or Investment?

This is critical; are you buying the apartment as a home for you and your family to live in, or for the purpose of renting it out and earning an income? Once you have the answer to this question, you will have a better idea of the type of flat that you want to purchase. Any home you are buying for your family, you need to consider proximity to your workplace, children’s schools, and other needs of family members. However, if you plan to rent it out, look for areas where there is heavy demand for rental flats, and resale potential. Areas with rapid development and high growth potential are ideal for this purpose.

Make Your Budget And Stick to It

Making a budget for an apartment purchase involves a lot more than checking your bank account; you need to look at all the incomes, expenses, current EMIs, liabilities, assets, possibility of loan, help from family members, and so on.

Then you have to calculate the cost of the apartment, where you must not forget to include stamp duty, registration fees, GST, broker’s fees, cost of interior decor, parking space charges, maintenance charges, and so on. Always keep a buffer of 10-15% so that you are not caught short in an emergency.

Look at your credit score and determine if you are eligible for a bank loan; anything above 725 should be adequate, but verify with the bank. Also, compare a few loan products before you apply, and select the one that is the most favourable in terms of interest, repayment, tenure, EMI amount, and so on. Getting pre-approved can speed up the loan process.

Choose the Right Location in Calicut

Location is probably the most important thing when it comes to real estate, especially an apartment. Make sure it is a neighbourhood that is safe, green, well-connected through roads, has plenty of stores and shopping, schools, healthcare facilities, and is reasonably close to the railway station. Availability of public transport, recreational and entertainment facilities are big bonuses.

If you want apartments in Calicut with modern amenities, you may want to look at areas like Thondayad, Kottooli, Govindapuram, Palazhi, and Puthiyara.

Pick a Reputed Builder with a Proven Track Record

There are many builders in Calicut, so how will you choose? One of the important investment strategies for first time buyers is to choose a builder known for delivering quality projects in time and with transparent dealings. Check these:

• RERA registration for properties
• High-quality construction
• Online reviews by previous customers
• Proper documents

Don’t Just Compare Prices

It may be tempting to buy a flat that is priced lower, but that could be a mistake. A decision on apartment purchase must not be made without looking at all amenities offered like power backup, high-speed elevators, covered car parking, 24/7 security, swimming pool, gym, biometric access, landscaped gardens, clubhouse, party hall, and others. Such amenities elevate your living experience, and are value adding features that can fetch you higher rental yield and resale value. Cheaper flats may not offer these amenities, and you may miss out on a lot.

Physical Inspection

Brochures and listings can look very attractive and tempting, but you should never finalize an apartment purchase without actually seeing it for yourself. You will get an idea of what quality materials have been used, how the ventilation is, what the surrounding environment is like, and how the layout of the flat is. The quality of paint, electrical and plumbing fixtures and fittings are also important.

Be sure to ask the builder about the completion timeline if it is under construction, floor plans, payment schedules, and modifications you can make.

Keep All Documents in Order

Ignoring the documentation required is one of the top mistakes to avoid in the home buying process. Ensure that all the documents are in order from the builder’s side, and keep copies of the agreement, payment receipt, loan documents, and communication with the builder. Check for RERA registration, plan approvals, occupancy certificate, title deed, encumbrance certificate, sale deed, and other permits and approvals.

Conclusion

To do a quick recap, make sure that you know why you want to buy a flat, choose the best location and builder, compare quality and amenities, consider all costs and budget properly, and ensure that all necessary documentation is available.  

This way, you can have a stress-free and hassle-free apartment purchase process, and not undergo financial difficulty. Your property can bring you happiness and enhanced value in the long run.

The real estate market in Calicut is growing at a steady pace, and with the right planning, you can ensure that you get maximum ROI on your real estate investment.

PVS Builders is one of the most trusted names in Calicut when it comes to apartments. All their projects are RERA approved, located in the best residential areas of Calicut, and feature high quality construction. PVS Builders is reputed for their fair and transparent dealings. If you’re looking for your dream apartment in Calicut, come and check out our 2 and 3 BHK apartments today.