Buying a villa is one of the major investment decisions that require careful consideration of various things before making the payment. Kerala is currently witnessing growth in the real estate sector and many areas in and around Kochi are becoming centers of real estate development. Many reputed builders are offering ready-to-move villas in Kochi and surrounding areas that come with excellent floor plans and amazing features. Some villas are built individually, while the others are being offered in the gated communities.
This surge in the real estate sector has led many people to buy villas and if you are also planning to buy a villa, there are some important things that you must keep in mind.
Here, we are going to share some important things that you need to check before buying a villa in Kerala. So, take a thorough read and make sure you keep them in mind before purchasing to avoid any losses or loss-causing deals.
So, here we go!
1. Documentation and Papers
The foremost things to check are the legal documents related to the property and various approvals. There are many different types of papers or documents that you must check before buying a house or property of any type, such as certificates, approvals, deeds, and agreements, etc.
As many villa builders in Kerala are currently developing properties of various types, it is easy to get tricked and get entangled with a disputed, illegal, or unapproved property that can prove to a massive loss.
So, check the papers, and once you are sure, proceed with the other steps.
2. Check the funding sources as well
It is not uncommon for people to use slush funds or illegal funding to start their property development business. And, currently, the real estate sector in Kerala is highly competitive and it is easy to get involved with a builder that has built the property with unfair or illegal means.
So, we recommend doing a little bit of background check and research about the banks that have funded the building projects. Also, don’t forget to check whether the property has been built as per the government regulations or not.
3. Figure out the complete cost
There are some visible and hidden costs that you have to bear when it comes to buying a villa or any other type of property, such as:
- Charges for preferential location
- Development charges (internal and external)
- Parking fees
- Maintenance fee
- Service taxes
- Broker commission
- Registry fee
- Processing fee for loans and other files etc.
We recommend finding all about them right from the start and then proceed with the purchase process to avoid any anxiety and financial stress later on.
Be direct about such things with the agents and builders and ask openly about such costs.
4. Always opt for a reputed builder
It is important to choose a reputed and verified builder with many happy clients. Do some background checks, internet checks on consumer complaint forums and police verification, etc. to check whether the builder is trustworthy or not.
Always opt for builders that are free of all criminal or legal offenses for avoiding any problems later on.
5. Don’t follow the ads blindly
While the official brochure and the photos of the property on the ads etc. might look nice and lucrative, always finalize the decision only after you have visited the property and seen it with your eyes. Many times agents claim that the villas are located in some prime location, have high-quality construction, and come with many facilities and amenities, it is highly likely for you to get duped in the process.
Hence, make it clear right from the start whether there is any difference between the ads or brochures and the actual property or not, to avoid any issues later.
6. What to do with the villa?
Many people buy a second or third home as an investment and for wealth creation. While there is nothing wrong with that, and in fact, you can get a side income by raising the property on rent, many people make the mistake of balancing the loan EMIs with the monthly rents.
This is not a profitable practice at all, as you are blocking your money and you put your finances under crunch this way. So, buy a villa that suits your budget and apply for a loan that has an easily affordable EMI.
7. Location is important
Kochi and nearby areas are currently witnessing a huge wave of development and the government has announced many new projects as well. So, we recommend opting for a location that has important places such as airports, bus stands, and railway stations, etc. nearby. However, you must also take care that there are no approved factories, manufacturing units, and other such commercial properties nearby.
8. Take the measurements before the Registry
Another very important thing to keep in mind before purchasing the villa is getting the measurements done. Only when you have done the measurements and have completed a physical visit to the property, and completed the checks, should you proceed with the registry.
9. Don’t forget to take some help from friends and family
Even if you are well versed with the various quality and aesthetics-related aspects of a property, you must take help from friends and family members and bring them with you for the visits. Because owning a home is everyone’s dream. So you need to consider and plan many things to build your dream home. Sometimes, your eyes might miss a few things that the others can see easily. So, we recommend bringing some knowledgeable people with you and checking everything before making the final purchase.
Well, this brings us to the closure of our discussion. We hope all our readers find it helpful and keep all these things in mind while buying villas or any other types of properties.
Thanks for reading!