7 things you must consider while looking for luxury apartments
Apartment hunting is a daunting task. More so when, as a buyer, you are on the lookout for purchasing a luxury/boutique apartment. More than looking for various approaches to keep the buying budget to a minimum, there are many other things to watch out for before putting your hard-earned money into real estate.
Here, in this blog we are discussing a few things spacious luxury apartments in Kochi, or rather, their buyers must keep in mind before investing.
- Location: One of the essential factors that contribute to the overall worth of the luxury apartment is the LOCATION. Before zeroing-in on a particular apartment, it is important that the buyer does quick research on the infrastructure development plan which includes airport, bus, railway and/or metro connectivity, accessibility of school, hospital, hyper market and other business establishments. All these factors considered will help the buyer in picturing the liveability in that particular area.
- Always opt for a developer with high repute – The buyer should exercise strict due diligence of the brand or developer apropos his credibility/financial position in the market, and his reputation regarding meeting the project deadline.
- Home Loan – By and large, reputed developers join hands with known financial institutions for problem-free financing. For financing institutions, it is mandatory to run all legal checks and approvals before they associate their name with the project. These checks conducted by the financial institutions is a boon for the buyer, as most buyers are amateur and do not have the expertise of performing thorough check (legal documents, approvals and NOCs) of the property. After all this, what matters is the lowest interest rate, the buyer should go ahead with the financial institution that is reputed and offers loan at the lowest rate.
- Understanding of the costing factor – It is a marketing strategy, the developer always promotes the project with the basic cost. However, there is ‘N’ number of charges that are an integral part of the final cost of the property. A few examples of these charges include preferential location charge, external and internal development charges (both are separate), club charges, car parking, VAT, service tax, etc. It is important that the buyer study the market, and check and negotiate with the developer over these extra charges, and get the lowest possible price that fits the prevailing market situation.
- Increased costs during possession – During, or even way before possession, many developers incorporate changes in the overall project that leads to increase in area for every apartment or unit. Obviously, this increased built-up area demands price increase as well. To overcome this, it is important that the buyer asks for a written commitment from the developer that there won’t be any future cost escalations.
- Scrutinize the site plan – For some developers, the actual layout of the property remains different from what is delivered to the buyer. Leaving behind minor differences, it is important for the buyer to closely evaluate the site plan and look for discrepancies while the project is still at the development level. For example – Most buyers pay extra money for the preferential location or book an apartment facing green belt, park or the swimming pool, and since the buyer has already paid for that and it is there on the brochure as well. During possession, the buyer should get the apartment with pre-approved conditions. All this is possible if the buyer has closely examined the site plan.
- Quality of the construction – A secure home is everything, and for that, the buyer should guarantee that the developer has a good reputation when it comes to construction quality; and is known for using good quality building material. It is true that understanding the technical aspect of the project is difficult, but regular visits to the construction site and picking up bits of knowledge from a professional, like an architect or someone from the same field, might help in gaining insight on the construction quality.Besides these points, there are a few other things like resale potential, rental opportunity etc. that should always be adhered to before finalising a property. Last, but not the least, don’t go by the sample flat and promises.
For more information on real estate investment, contact us – the experts that specialise in spacious luxury apartments in Kochi.
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