Buying your first property can be exciting. However, you should be ready for the figures, documents and fine print that follow. A house may seem ideal during a visit, but a decision taken in haste can result in bitter surprises later.
If you’re looking at flats in Trivandrum or even comparing them with flats in Kochi, the following advice on buying homes is for you.
Avoid these mistakes that first-time buyers usually make.
Don’t set your budget based only on your EMI capacity
Buyers usually plan according to their EMI capacity when buying their first home. It’s important to remember that you pay much more than just the monthly instalment. There are additional expenses such as maintenance deposits, interiors, insurance costs and connection charges. Stay prepared for these ancillary costs.
Don’t fall for the sales brochure
An expansive living room, an upscale clubhouse, carefully chosen language and other attractions mentioned in a sales brochure may be tempting. But before you give in, independently verify the fine print.
For a RERA-registered project, check whether the brochure mentions the RERA reference number. Cross-check details of the project, such as plans, promoter information and project approvals, on the RERA website. As per the regulations, K-RERA registration is mandatory for any real estate project that is displayed, advertised or offered for sale. This is especially important when comparing luxury apartments in Trivandrum, where many of the amenities are part of the price.
Check the builder’s previous projects
While the project may be new, remember that the builder’s track record is not. Ask around and try to learn about past projects undertaken by the builder and their completion status. Also, observe the condition and maintenance of the building or society to get an idea of the builder’s credibility.
Don’t overlook legal formalities
A purchase of this magnitude should not be made without checking the legal formalities thoroughly. Review the title to the property, approvals, encumbrances, and whether the project is registered with RERA. K-RERA also requires promoters to give buyers the prescribed information and to comply with the requirements concerning agreements and conveyance. It is a good idea to hire an independent property lawyer to examine all the paperwork before you sign any documents.
Don’t compare homes based only on cost per square foot
Along with the price per square foot, compare the overall carpet area of the property and additional costs such as parking, maintenance deposits, applicable taxes and registration charges. It’s important to compare the total cost of possession against the apartment’s carpet area and location. This is especially important when comparing flats in Kochi and apartments in Trivandrum, as they have different project specifics.
Think about life after possession begins
Ask yourself whether the location is convenient. How far are essential services such as schools, hospitals and metro stations? What are the maintenance charges? Are there any societies or neighbourhoods that would be a good fit in the long run?
Your first home is much more than just an investment. So, take the time to research your options and make sure it’s the best-informed decision.