How to Invest in the Right Property Within Budget in Thrissur

Posted onAug 29, 2024

Owning your own home is a lifelong dream for many; buying property is not a decision that should be made lightly. It is not a small purchase; it has long term repercussions, and there are a lot of legal formalities and money involved. Your real estate investment strategies in Thrissur must be decided after you do your homework properly. Here is how to find the ideal property that you can afford:

Fix a Budget

Calculate your current and potential future expenses, and keep aside money for emergencies. Then, you will be able to arrive at a figure. This will tell you how much you can spend on a property in the way of down payment and monthly EMIs. Of course, you can avail a home loan to buy your dream home, but you should be able to repay it comfortably. Seek the help of a financial consultant to plan it well. There are several benefits of real estate investment in Thrissur, and it’s the right time to enter the market, too.

Determine Requirements

You need to have clarity about the type of property you want to buy, whether a plot, a villa, apartment, or anything else; you need to be certain of the purpose - is it for your personal use, or you’re looking to make money out of it; if its for your use, how big you need the property; how many BHK flat do you need? Do you want a luxury apartment or a basic one? Should your apartment have a gym, landscaped garden, swimming pool, and other upscale facilities? If you want to let the house, what is the rental you can earn? All these need to be defined at the outset. Investing in flats in Thrissur is a smart move because the city is rapidly developing, and there is a huge demand for rental apartments.

Be Diligent

It is important that you know the in-demand properties, locations, types of apartments, developers, and so on. Having a clear picture about the market trends in Thrissur will help you shortlist properties that are the most likely to give you the best ROI. Check out which sector looks promising, and read reviews left by people about developers and specific properties. Educate yourself about all legal formalities required. Shortlist the best properties after doing the groundwork

Negotiate 

Never take any offer at face value; always try and negotiate for a better deal. Look for apartment projects that have been announced; booking at that stage is likely to get you a substantially low price. You can also approach the builder during the construction phase, and you can still get a reasonable price on the flat, as it gives the builder funds for use. Apartments that are ready to move in are likely to be priced much higher.

Property Inspection

It is important that you actually visit the property and inspect it physically. If it’s a newly constructed or under construction flat, check the quality of construction, the layout, whether it’s proceeding as per the plan, and so on. If it’s a resale flat, see how well the building has held up to the elements, how well it’s been maintained, and so on. Whether old or new, check the amenities offered, the fixtures used, and the location - are essential goods, groceries, healthcare facilities etc. available nearby?

Conclusion

Getting the ideal property within your decided budget only needs a little groundwork. Be patient and wait for the right one to come along; even if you urgently need a flat for your family to move in, stay in a rental first and then purchase your dream property a little later.

Varma Homes is one of the most reliable builders in Kerala, with outstanding projects in the best locations. Check out their premium 2 and 3 BHK apartments in Thrissur which feature top-notch amenities.

FAQs

What should I consider when setting a budget for buying property in Thrissur?

When setting a budget for buying property in Thrissur, it's important to calculate your current and potential future expenses, including emergency funds. Consider how much you can comfortably afford for a down payment and monthly EMIs. It’s also wise to consult with a financial advisor to ensure you can manage a home loan without straining your finances. Remember, buying a property is a long-term commitment, so plan your budget accordingly to avoid financial stress.

How do I choose the right type of property to invest in Thrissur?

Choosing the right property in Thrissur depends on your specific needs and goals. Decide whether you want a plot, villa, or apartment based on your purpose—personal use or investment. Consider factors like the size, number of bedrooms, and amenities such as gyms, swimming pools, and landscaped gardens. If you’re planning to rent it out, research the rental income you can expect. Understanding your requirements will help you make an informed decision that aligns with your lifestyle and financial goals.

Why is it important to inspect a property before buying in Thrissur?

Inspecting a property before purchasing is crucial to ensure you’re making a sound investment. For newly constructed or under-construction flats, check the quality of construction, layout, and whether the project is on schedule. For resale properties, assess the building’s condition, maintenance history, and the quality of amenities. Regardless of the property’s age, evaluate the neighborhood and proximity to essential services like grocery stores and healthcare facilities. A thorough inspection helps you avoid surprises and ensures the property meets your expectations and needs.