GUIDE TO THE HOME BUYERS
October 30, 2024
Check these before buying an apartment
When purchasing flats in Thrissur, it’s crucial to carefully examine various legal documents to ensure a smooth and secure transaction. Here are some key documents that require meticulous scrutiny:
- RERA (Real Estate Regulatory Authority) Approval
- Check legal documentation
- Track record of the builder
- Compare the price and construction specifications
- Check the accessibility
- Always have a budget plan
- Talk to a reliable builder
1. Always look for RERA-approved properties
When you plan to buy a home, you should buy a project that is registered with RERA. RERA is a regulatory body that was formed to protect the rights of home buyers. RERA approval is important because it ensures transparency between the buyer and seller and makes buying and selling a home much more transparent and easier. It also provides the advantage of preventing builders from charging home buyers for both built-up and super-built-up areas. It also aims to boost real estate investments and ensure that there are fair and equitable transactions between the buyer and seller of properties in the primary market, thus making the buying process much simpler.
2. Check legal documentation
There is a huge difference between looking for apartments and buying apartments in Thrissur. The real process starts when you reach the documentation stage. When purchasing a property, it’s crucial to conduct thorough due diligence and examine essential legal documents to ensure a smooth and secure transaction.
- Sale deed: A sale deed is an important document that contains evidence of a sale. This acts as legal proof of ownership and transfers the property’s title from seller to buyer. This is usually executed before the agreement and after the compliance of terms and conditions. It is an imperative document for a first-time home buyer.
- Encumbrance certificate: The encumbrance certificate is an important document that assures that a property is free from any monetary and legal liabilities. The encumbrance certificate is evidence that a property can be sold with a clean title, and the ownership will be transferred without any litigations.
- Title deed: A title deed is a formal document defining how the property is inherited, owned, transferred or allotted by an authority. It includes information about how much land a person owns or the rights of a person over land. The land ownership rights of one person are transferred to another person through title deeds.
- Building approval plan: This document is crucial if the property is under construction. It is issued by the local authority or municipality to ensure that the construction adheres to the approved layout and building norms. The building approval plan verifies the legality of the property’s construction and its compliance with regulations.
- Power of attorney: It is necessary when the property is being bought through an agent or representative. It gives the authorized person the power to act on behalf of the buyer or seller in property-related matters.
- Sale and purchase agreements: This document is crucial to review as it contains the terms and conditions agreed upon by the seller and buyer. An example of this is the pricing of an apartment, where the agreement would specify the agreed-upon price of the flat.
3. Track record of the builder
When you’re thinking about buying an apartment, it’s important to assess the track record of the builder responsible for the construction and development of the project. Evaluating the builder’s track record will help you determine their reputation, reliability, and past performance in delivering quality projects. It’s crucial to do thorough research and a background check on the builder. Visit their completed projects to evaluate the construction quality and seek feedback from residents who have already purchased from the builder. Double-check the delivery timelines as well.
4. Compare the price and construction specifications
Comparing the price and construction specifications of different apartments is an essential step in the apartment-buying process. It allows you to make an informed decision and ensure that you are getting the best value for your investment.
- Research similar apartments
- Compare prices
- Review construction specification include, floor plan, layout, material used etc
- Evaluate amenities and facilities
- Consider maintenance cost
5. Check the accessibility and location
When considering a new apartment, it’s crucial to evaluate accessibility and location. Consider the proximity to public transportation, access to major roads and highways, nearby grocery stores, supermarkets, hospitals, clinics, pharmacies, schools, and educational institutions. Also, take into account the availability of entertainment venues, shopping malls, banks, ATMs, and restaurants in the area.
6. Always have a budget plan
Having a budget plan is an important step before buying an apartment. Begin by evaluating your current financial situation. Decide on the amount you can allocate towards the down payment on the apartment. Consulting with a financial advisor or real estate professional can also provide valuable insights and guidance when creating and managing your budget for buying an apartment. Having a budget plan is essential when buying an apartment or any other important investment. A budget plan helps you to determine your financial expectations and make informed decisions about your purchase. So, always have a budget plan.
7. Talk to a reliable builder
Remember, thorough research and due diligence are crucial when investing in real estate. It’s important to take your time, ask questions, and gather as much information as possible before making a decision. It is important to have a conversation with a reliable builder before deciding to buy a home. Inquire about the completion timeline, verify their credentials, seek recommendations and opinions, cost and payment structure, customer references, etc.
Understanding the process and making informed decisions is crucial when embarking on the journey of buying a home. Remember, buying a home is a significant investment, so take your time, research thoroughly, and make informed decisions.
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