Being a first-time homebuyer can be intimidating. Owning a home today is much easier compared to a few decades ago as the Kerala real estate sector is growing. Homebuyers in Kerala have many choices today. However, first-time homebuyers in Kerala should tread the path carefully. It may seem easy but there are many loopholes.
We have formulated a checklist to ease the process of buying a home in Kerala.
1. Budget
The first step is to understand your finances. The budget is a major factor influencing your home-buying decision. After deducting your expenses and financial commitments from your income you can arrive at the budget for your home. Add in your savings to know your total budget for your home. In case you plan to take a home loan, you must have the down payment ready. You also need to make provision for the monthly EMI payments from your income. Other expenses like stamp duty and registration must be accounted for and arranged for. Once the funds are arranged, you can move to the next step.
2. Location
Once the budget is decided, you can look for locations that matching with suitable 2 and 3 BHK flats in Kochi. The location should be well-connected and convenient. You should be able to travel to your workplace and other major hubs in the city. It should have good social infrastructure like educational institutes, healthcare, and entertainment facilities.
3. Amenities
Most residential projects in Kerala today offer amenities like a swimming pool, fitness center, and children’s play area. Amongst the projects that you shortlist, look for projects that fit your budget and provide these amenities so that you can have a comfortable and relaxing lifestyle. Choose a project that encourages community living so that you can remain connected and have an active social life.
4. Safety and Security
The residential project should be in a safe neighborhood with zero crime rate. The building should be well guarded by security, personnel, and security equipment like CCTV cameras. This will make sure that antisocial elements stay away from the premises and vulnerable members of your family are protected.
5. Legalities
Before finalizing the purchase make sure that the project has all the legal documents. It is best to hire a professional like a real estate lawyer who can make sure that all the documents, permissions, and certificates are in place. These documents are important
These are some of the important considerations for first time homebuyers in Kerala.
