Tips and Insights for First-Time Home Buyers in Kannur

Being a beautiful coastal city in Kerala, Kannur is known for its sun-kissed beaches, forts, temples and water parks. It has Asia’s longest drive-in beach, and educational institutions are coming up in a big way in Kannur. Hence, many consider it as the most preferred city to migrate, thereby leading to a rising demand for residential properties in Kannur. With its diverse cultural heritage and modern tranquility, without any doubts, Kannur is indeed the best place for real estate owners. 

If you are planning to buy houses or flats in Kannur, this list of home buying tips will be of great help to you. Apart from that, understanding the real estate market in Kannur for flat buyers is critical to make any decision regarding investments. There is a standard checklist, and it has all the requirements you should consider before buying an apartment in Kannur. Also, this helps in avoiding unpleasant surprises and will help you find your dream home. Especially, if you are a first time home buyer – you might have a lot of unanswered questions in mind. Here are a few tips and insights for first-time home buyers in Kannur. 

Trends In The Real-Estate Market 

Have an eye on the real estate market trends and check the type of properties that are in demand, the rates in each locality, trending neighborhoods or residential areas, and more. Check if the builder has all the necessary approvals from local authorities and ensure that the property is not violating any legal or regulatory requirements. The property should have a clear title with no encumbrances. Flat owners should be aware of the regulations in Kannur. RERA protects real-estate buyers and ensures transparency in all transactions, so check if the flat is RERA-approved. This is among the most important tips and insights for first-time home buyers in Kannur.

Don’t Forget To Check The Property Documents 

A sale agreement is signed between you and the seller of the flat, which is usually the property developer. Builders in Kannur from whom you are purchasing the property will also be involved in the sale agreement. This is also important for getting loans from banks or other financial institutions. Apart from this, the other documents include RERA certificate, encumbrance certificate, property tax receipt, NOC from various authorities like environment department, forest department, and other relevant authorities, approved building plan, and the occupancy certificate. These are a few must-have legal documents for buying a flat in Kannur that will help you ease the process of buying the flats. 

Avail Financing

Home loans are available from a number of banks and financial institutions; check your credit score to see the maximum amount you can get. Your home buying budget should be based on that. You can get up to 90% of the property value as loan, but we recommend only taking that much loan as is necessary, so that you don’t need to pay heavy EMIs every month. Compare offers from various lenders, like the interest rates, prepayment or pre-closure penalties, tenure, and other services before you finalize.

Check The Value For Money 

Every piece of land or property commands a price depending on the place, amenities around them, and so on. Based on that, there is a standard price fixed by the government authorities (called fair value), and a market price that gets fixed based on demand and supply. Be aware of that and ensure you do not pay a sum for a flat that is not truly reflective of its actual value.

Location is Everything

With rising demand for residential properties in Kannur, several projects are coming up in different residential areas of Kannur, some in emerging areas where you may be able to get flats for a lower price than the ones in established and in-demand areas. However, if price is not a big problem, check out flats in some of the top areas in Kannur like Mele Chovva, Payyambalam, Payyannur, Thavakkara, Fort Road, and so on. What makes a location ideal? PRoximity to markets and stores selling essential household items, groceries, dairy, etc., access to main roads and public transportation, availability of primary educational and medical facilities, and so on. Do some research and find out if the area gets waterlogged during the monsoon. Needless to say, you also need a place that is safe and secure for your family.

Well-Designed Living Spaces Speak A Lot 

Once you’ve decided on the location, it’s time to take a look at individual flats. Everyone dreams of beautiful homes that are stylish and elegant, while also being comfortable and functional. Thoughtful layouts are the need of the hour, hence a well-designed living room and interiors has become vital for any houses in Kannur. Hence, check out how much of the available space is actually usable. Are there unusable or unreachable corners in the flat? Is there too much of balcony or corridor space that has made the bedrooms or living room smaller? Find answers to these questions.

Amenities for Comfortable Living

All builders of luxury flats today provide a number of amenities like landscaped gardens, swimming pool, party hall, play area for children, multiple elevators, power backup, 24 hour security with CCTV surveillance, biometric access, intercom between flats, premium electrical and plumbing fittings, rainwater harvesting and others. Make sure that the flat you buy has the amenities that you want.

Conclusion

We hope that you found this guide to choosing the perfect flat in Kannur valuable and have a good idea how to find your dream home. We invite you to come and take a look at some of our projects. PVS Builders is one of the most reputed builders in Kerala, and we have delivered several well-executed apartment projects in various cities. Our projects adhere to RERA norms and our dealings are fair and transparent.