Nine tips to consider before investing in a property

Nine tips to consider before investing in a property

Due to the generally high level of risk involved, investing usually necessitates comprehensive investigation. Investing in a property, on the other hand, is among the best solutions available. Real estate allows for a good investment with a low level of risk due to the ongoing growth in asset value. However, there are nine key factors to take into account while investing in a property, just as there are with any other investment.

K-RERA approval

Kerala Real Estate Regulatory Authority (K RERA) was constituted by the Kerala Government, under the RERA Act for the seamless supervision and advancement of the real estate industry in the state. The act will serve to increase the openness and trustworthiness of the whole sales process, as well as reform the promoter-buyer relationship in the real estate industry. Before making a purchase, buyers must confirm to see if the property has been approved by K-RERA.

Track record of the builder

It is necessary to check the variety of projects finished by the builder to make sure the builder’s competency. Examine the builder’s past work, including both new and old ones. You’ll be able to tell if their older undertakings have stood the test of time and if their newest developments are up to date. Talk to the locals to get a firsthand impression of the project.

Customer references

Clients who purchased properties in previous work, and also regional marketers, should be contacted. The contractor’s reputation is indeed determined by the current market rate of previous projects in respect to competitors in the same area. You must also look into the accreditation of the subcontractors involved in the project.

It’s better to purchase from an established builder with a track record of on-time completion since he’ll be more professional, with procedures and processes in place. Experienced people can provide honest information on a service or product, and it is critical to seek their advice before investing.

Area Transparency

In residential developments, there are 3 major area computations, and the developer is accountable for dividing the Carpet area, Plinth area, and Common area.

Options for customization

Consumers overspend on finishing the d├ęcor after the construction is finished. Consumers can save money and effort if the builder is capable of modification. Furthermore, possessing a flat is a goal for everyone, and it is vital to construct one that meets their needs.

After-Sale Service

Confirm that the builder can provide you with after-sale services such as rental, resale, and maintenance and that the builder has done so in the past.

Materials used for construction

The builder is accountable for describing the customer in writing, and the buyer must verify that it is included in the contract.

Legal documents

While signing the deal, clients should double-check the property’s documentation.

Hidden charges

When it relates to investing in real estate, the procedure does not finish with down payments and EMIs. Additional costs are frequently tacked on by builders when you least expect them. Hence buyers must be aware of any additional fees that may apply.

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