Things to Know before buying an apartment /Flat in Kerala - Guidelines

 Buying an apartment and flat is not easy always .In this fast growing real estate world it is difficult to find out a good project and Apartment suitable for you. Increased level of earnings has beckoned people to concentrate more on their convenience aspects. A flat offers many more facilities than a traditional house. It offers more security, more amenities /facilities such as Swimming pool, health club, shops and restaurants, clubhouses, proper maintenance, uninterrupted supply of water, stand-by electricity system, in-house gym and recreational facilities and resident association memberships, which comes in handy in life’s difficult situations. But even with all such positives, there are certain things that one needs to take care of while buying a flat. For avoiding all confusions you must follow some guide line before buying an apartment.

1.   Builder

2.   Project

3.   Unit

4.   Locality

5.   Price

6.   Purpose of Buying

Learn to Recognize a Good Deal - which are the “good deals”?

Builders Credibility

Make sure that the builder is credible and do a little research on the other projects of the builder, which has delivered recently. Check the following things for finding about the builder’s credibility.

1. Builder experience - number of projects / types of projects / number of years.
2. Builder reputation - builder quality / adherences to industry standards / adherence to rules and regulations.
3. Builder transparency in dealings - financial, non financial, technical, promotions.
4. Builder responsiveness - how fast, how well.
5. Builder staff quality with whom you interact.
6. Builder tie-up with financial institutions and other bodies of interest.
7. Builder review/feedback you have come across.
8. Builder background - experience and business background of main promoters.
9. What kind of after sale support. How long? Any charges? Any special help for NRIs? Any help in reselling or in finding tenants?

Project

A detail study of the Projects is good for less the stress in future.Verify the construction work has begun on schedule and the progress is satisfactory.In addition, check the status of other projects from the same builder.  Check the following things also 

1. Building Specifications Materials
2. Foundation Type
3. Structure Type
4. Standard Compliance
5. Structural Engineer / Team
6. Architect / Group
7. Construction Contractors if any
8. Number of Blocks / Number of Floors / Number of units per floor.
9. Plan and lay out
10. What is on north, east, west and south of this project right now? Is there anything that may diminish the value of this project?
11. Is there anything going to come up in the vicinity of this project in the near future that may diminish the value of this project?
12. Facilities - Open space / play area, Temporary parking for guest, Toilet/ bathroom facilities for driver/ watchman etc, cable connection, Standby inverter separately for each flat, Roofing in terrace, 24 hours watch and ward provision, etc. etc.
13. Water - type, nature. What is available in each unit.
14. Electricity - type, nature. Back up generator? What is supported on back up
15. Number of lifts. Back up supply?
16. Cooking Fuel - type, nature, distribution
17. Fire Safety - type, nature
18. Earthquake Safety - type, nature
19. Sewage treatment plant.
20. Owners association? Monthly charges?

Unit

The detail study of building units gets more idea about your building; from its specifications we can evaluate the building and can finding out is it worth for spending money., you have to check approved plan of the building along with the number of floors. Make sure that the floor of the flat/apartment that you plan to buy is been approved. Check the following things

1. Floor plan. Number of bed rooms and bath rooms. Total area. Other rooms
2. Wall material
3. Inside wall finish ( e.g. putty with plastic emulsion )
4. Outside wall (e.g - weather coat )
5. Main door material, type, finish and strength.
6. Inside door and window material
7. Floorings - material, color and finish - what options available
8. Ceiling. Type, finish options.
9. Bedrooms - number and sizes. Attached?
10. Kitchen. Top and sink
11. Work area?
12. Living room features?
13. Drawing room features?
14. Dining room features?
15. What is going to be the view from all the windows?
16. Servant room and servant entrance?
17. Centralized gas supply system?
18. Bathroom floor material
19. Bathroom wall material and up to what height
20. Bathroom counter tops
21. Bathroom accessories / sanitary fixtures and fittings.
22. Type of AC provisions. Window/split/central
23. Electrical : Number of phases, points, back up
24. Phone. TV, Internet, Intercom provisions.
25. Common Sewage treatment provision.
26. Cross ventilation
27. Intercom to security?
28. Provisions for storage?
29. Are you aware of the new trends in flooring /sanitary / kitchen modules /furniture / wardrobes. What you want and what is possible in this unit?

Locality

Through the study of the locality of the apartment, we can evaluate the land value of the building and its future selling price.Check whether the builder is the owner of the land or if he has made an agreement with the land owner for the same.

 Find out the following important things.

1. Access to main road / and other common facilities
2. Distance from places like airport, hospital , rail station , bus station, super markets , schools , colleges , place of worship, police station, fire station
3. Locality statistics - like people education levels, income levels
4. Residential / commercial / industrial / other
5. Water availability and nature of water.
6. Locality statistics - like crime rate, mosquito index. It is nice to have a water front apartment.
7. Future plans for this locality by civic bodies and government that may affect the prospects of the locality one way or other
8. Locality weather sensitivity - how is it in monsoon? Water logging, flooding in the area, flooding of the approach roads to this locality.
9. Greenery?

Price

Determining the value of an apartment building investment is one of the greatest difficulties that many new commercial real estate investors face.Check with the specifications given in the brochure to the agreement for sale.Check the applicable building bye laws in that area and make sure the builder is not violating those laws. 

1. Rate per square feet
2. Price
3. What is included in price / rate?
4. What is definitely not included in price /rate?
5. What are the extras and how much a buyer has to spend?
6. Statutory charges such as Stamp Duty, Registration Fee, Electricity connection fee, Water connection fee, Sales Tax, Building tax , service tax. Any other expected expenditure.
7. What are the recurring monthly charges like association fee/ security/common fund etc
8. Payment schedule:
9. Tie up with housing loan institutions

Purpose of Buying

The investing idea flies from money and mindset. The purpose of buying or investing is  one of the important aspect.

1. For living / for renting / investment / for resale / just to have another place.
2. For living - How well it meets your and families current and future plans/criteria for living
3. For renting - current and future rent expected. How is the rent going to change in future. Will there be enough demand in future. What are the rent rules in the area? How easy it to get a new tenant. Formalities involved. What kind of service can be expected from builder? Are there complete service providers to manage rental. Flat association rules. Income tax impact.
4. For resale - Ease of selling, expected rate of appreciation in short and long term. Formalities. Rules that affect flat reselling.
5. As an alternate place to live.
6. I live abroad. Just want my own place when i visit / when I return.
7. As long term asset for my children. How does this investment compare with other forms of long-term investment?
8. As a gift.
9. Just to make use of the loan I'm entitled to.