Buying a house is one of the most investment-intensive decisions and requires careful thinking. The modern lifestyle has led people to invest in second homes and many people buy homes from an investment point of view. Among all the other types of properties, people are also investing in villas these days. Villas are independent homes and come with nice designs and locale benefits.
The following post offers some advice on the top 7 mistakes that you should avoid while buying a villa in Thrissur, Kochi or wherever in Kerala. Read it carefully to avoid purchase mistakes and make a better choice.
#1 – Locality:
The locality is of extreme importance when it comes to the prices of a villa. You must visit the place and check the area before making the purchase. Consider all the plus points and the negative points and then take the final decision. You have to ensure that the place is approved and all the government formalities are completed, which brings us to the next mistake.
#2 – Paperwork
A number of people miss the verification of the paperwork before investing their hard-earned money in a villa. They get lured by the honeyed talks of the sellers and brokers and make the purchase. There have been many cases where people are sold properties built on objectionable land or with incomplete paperwork. You have to see whether the area is approved for residential buildings and you can verify all the details provided by the broker and the builder online.
#3 – Not Checking the nearby places
No matter what your aim of purchasing a property is, you always have to consider and check the nearby areas. For example, the villa you are about to buy must be near a market, must have a hospital or basic medical institution nearby and must have other houses and villas nearby. Living in a recluse might sound exciting, but it can turn out to be a bad experience in the long run and your investment can turn bad.
#4 – Finalizing the deal without much thought
Many times sellers and brokers opt for prioritizing their profits and the buyer has to face the brunt of the hasty decision. As a buyer, you must be careful while negotiating and also consider the other available options. Do your homework, check the rates of the other properties and also verify the offer given to you with the other sellers.
Also, take someone from your friend circle or family who has an understanding of real estate to make a profitable deal.
#5 – Not doing the homework
If you go to the seller or broker without consulting any other reputed or trustworthy resources, then you are in for a lossy deal. It is very hard to find someone that you can trust in the real estate sector. Also, when you do some online research and learn the property rates in the area, or the other hidden costs that come along with the purchase, you are safe from getting yourself duped.
So, never go without doing proper research.
#6 – Choosing average builders
Many buyers buy properties or villas without paying attention to the builder or developer reputation. They simply check the ads, contact them and buy the place. However, opting for an average builder always comes with a catch. When you are investing your hard-earned money in real estate, you have to make sure that you opt for high-quality projects developed and built by reputed builders and developers. After all, you will be getting the best value out of your money in the deal.
#7 – Not checking the crime rate of the area
Modern times have compelled us to consider the safety and security odds while investing in a property. As villas are generally located in a gated community, you already have some level of safety for the property. However, you might like a villa that might be located in some far-flung area and might just buy it for the purpose of investment.
But, you should know that if your villa is located in a high crime zone, it is extremely possible for you to end up losing it at the hands of criminals. They can damage the property, or they can live there without you even getting to know about that. So, always opt for safe and secure areas.
This completes our list of the top 7 mistakes that you should avoid while buying a villa. We recommend you keep all of them in mind while making the purchase.