The sudden spread of COVID-19 had put people’s home buying plans dangling. The concern about the future had resulted in indecisiveness. However, the success stories from around the world, in the invention of Coronavirus vaccines, have reinstated hope. This has rejuvenated the real estate field and sales are picking up slowly.
However, we will advise you to be cautious while going ahead with the decision to buy your dream home. You must identify the right property at a prime location that will be beneficial for your future generations too. The rise in the number of flats in Trivandrum, even during this period, is an ample example of this fact. Investors consider property investment as one of the most reliable options. You must discuss with your spouse/ family and close friends before you begin the search for a property. We are deliberating here a few things to consider before buying an apartment post-COVID 19.
5 Things To Check Before Buying An Apartment
5 things to check before deciding about the purchase of a property are detailed in the succeeding paragraphs. The points are envisaged to help you own the best property in Kerala.
1. The credibility of the Builder
The real estate industry had been down for a couple of months due to the pandemic. The complete stoppage or substantial drop in sales has worsened the financial condition of some builders. In a bid to sustain and stay in the market, they will be offering incredible deals and discounts. It is observed that the financial crisis might have affected the existence of a few of them. This may lead to discontinuation of projects midway.
Choose your builder carefully. The credibility and reliability of the builder have to be confirmed before you get down to an agreement with them. Research about their past performance, how time-bound they are, how long they are in the field, and so on. Read testimonials, enquire about your friends or relatives who might have bought the property in the recent past. Credible builders may have better sustainability too.
2. Ascertain your Finance
We haven’t come out completely from the fears of COVID-19. The vaccines may take some time before it is available for everyone around. You must have an adequate backup to meet the essential requirements in the interim.
Survival and existence are the main aspects we must concentrate on now. You must be able to manage finance and the forthcoming needs if any. The purchase of the property should not put you in complex situations, wherein you are forced to postpone urgent necessities.
3. Arranging Funds
Interest rates on home loans are on an all-time low. Hence, this is the ideal time to get a home loan for buying the apartment or villa of your choice at the best location. However, you must have calculated the EMIs and the way ahead for repaying the loan.
The repayment may incur a remarkable dent on your monthly budget. This should be catered for whilst calculating the loan amount and buying the property. You may take the loan for a longer period, which will reduce the monthly EMI. Consider taking a home loan from a bank that doesn’t charge a prepayment penalty. Thereby, you can pay the complete amount as and when the fund is available. Alternatively, when you find it the best.
4. Check the Time Schedule for Delivery
If you are buying a ready to move in apartment, you can pay and own the property. In case, you are opting for an apartment under construction, you must check the schedule of delivery and past performance of the builder. Thus, ensuring that you can own the home in time.
5. Research Thoroughly about the Location
Extensive research must be done about the locality the project is situated. The availability of water, proximity of amenities, connectivity, etc must be checked. To ensure that you will have a pleasant and comfortable stay.
Why Invest In Kerala?
The real estate sector in Kerala has grown manifold in the past decade. The infrastructural developments, strong bondage among people as a society, and communal harmony have been instrumental in making the state one of the most favorable for settling down. Not only Keralites but also outsiders love to own a property in the state.
Another factor that leveraged the growth in the real estate field is the availability of promising projects across the state, from reputed builders. People can find the property of their choice at their favorite location. You may want a villa in a prime location in Trivandrum or apartments in Kochi or a villa in Kozhikode, you will find upcoming and ready to move-in projects in all these areas. It depends on the customer, to finalize the location and the type of property he or she wants to own.
Investment in Kerala is more affordable and offers better ROI in a short period. The state has turned a property investor’s best bet for a while. Just browse through the available properties/ projects and decide one. The trouble-free state will extend you a serene and enjoyable life.