How to Invest in the Right Property Within Budget in Kochi

Posted onAug 25, 2024

Property purchase is a decision that has to be arrived at after careful consideration of several factors – location, type, builder/developer, time, and budget. It is, after all, a major decision, one that involves considerable sums of money, and usually something that most people buy once in their lifetime. You have to plan properly and do your diligence and weigh different real estate Investment strategies in Kochi before you make a decision.

Make your Budget

Obviously, you don’t want to put every single penny you own into this purchase. So calculate your likely expenses for the coming few years, check your savings, leave a little extra for emergencies, and compare with your income to know how much you can comfortably invest in purchasing real estate. You can also consider how much loan you can get and are willing to take. Consult a finance expert for more clarity

Define your Requirements

What type of property are you looking for - an apartment or individual house? How many bedrooms? How much carpet area? Do you want a luxury apartment or a simple one? You need to consider factors like the size of your family, your lifestyle, and specific needs. If you’re used to or crave an elevated lifestyle, you may want to purchase a flat in a building with swimming pool, gym, and other modern amenities. If you have a big family or have parents with you, you will need one with more bedrooms. If you’re buying it as an investment, you should calculate the rent potential it has.

Do your Research

Stay on top of market trends - what kind of properties and locations are people favouring? Who are the reliable developers? Which real estate sector is promising good returns? These are the questions you should try to answer. As there are several future opportunities for development in Kochi, it’s one of the best cities you can invest in.

Know your Property

Once you’ve fixed your budget, and you’ve decided on Kochi, look for flats in the best residential locations. Verify the builder’s credentials; what is their reputation with regard to quality, timely delivery, after-sales service, and so on? Check the scope the location has for appreciation. Consult industry experts, real estate agents, and acquaintances to get more information. Remember, this is one of the most important tips for buying a flat in Kochi.

Negotiate your Deal

In the early stages of construction, like the launch or pre-launch, you are likely to get the maximum discounts, so keep an eye out for such offers. This can help you get prime properties at significantly lower prices. If the builder has a good reputation, then it's a great idea to invest in their new projects. If there’s no outright offer from the builder, you can still negotiate with the builder to get a better deal.

Check your Property 

Do a physical check of the property, and if it’s an old one, look for signs of deterioration. If it’s new, check for quality of construction. Check out the fittings and fixtures used, the quality of plumbing and wiring, how well the building itself has been maintained so far, and so on. What are the amenities that the builder has provided? Are they as per what was promised? These are all the elements you need to check. You can also check whether there are markets, schools, basic healthcare facilities, and so on, close to the property.

Conclusion

Purchasing the right property that falls within your budget doesn’t have to be difficult; you simply need to be a little careful and do your due diligence. Don’t rush into anything that looks good. However, with Varma Homes, you can be rest assured that you get more than your money’s worth. Varma Homes is one of the most reputed builders in Kerala, having successfully delivered a number of prestigious projects across the state. 

FAQs

How can I invest in the right property within my budget in Kochi?
To invest in the right property within your budget in Kochi, start by clearly defining your budget. Consider your savings, potential loan amounts, and future expenses. Next, define your property requirements, such as the type of property, number of bedrooms, and desired amenities. Finally, research market trends, verify builder credentials, and choose a property in a promising location.

What should I look for when checking a property in Kochi?
When checking a property in Kochi, it's important to assess both new and old constructions thoroughly. Look for signs of deterioration in older properties and evaluate the quality of construction in new ones. Check the fittings, fixtures, plumbing, and wiring. Make sure the amenities match what was promised, and that essential services like markets, schools, and healthcare facilities are nearby.

When is the best time to negotiate a property deal in Kochi?
The best time to negotiate a property deal in Kochi is during the early stages of construction, such as the launch or pre-launch phase. Builders often offer maximum discounts during these stages. Even if there are no explicit offers, you can negotiate with the builder for a better deal, especially if they have a good reputation.