Factors to Consider While Purchasing A Flat If You Intend to Resale in The Future
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The real estate sector is booming in India, where the population count has surpassed that of China. Investing in the real estate sector is an ideal opportunity, as the concept of demand and supply right now matches the expectations of the market. There are many builders out there offering apartments for sale, but not every purchase of a flat is going to get you the benefit of property appreciation in the future. If you are looking to purchase an apartment as an investment or resale option, then it will be ideal to keep in mind some factors before going ahead and making a purchase.
The valuation of the apartment is necessary to make sure that you are making the right financial decision by investing in it. The valuation should be proper, and it has to be adept so as not to make a bad investment decision. An investment has to be made after a good check on some different properties; average the prices and make sure to get the right one. The averaging will help you benchmark a price, get the right valuation of the property, and be a good indicator of how much you can fetch when you resell.
The track record of the builder or developer should be clear, and that will have a lot to do with the resale of the property. The builder’s name holds an important role when it comes to sales, as they will definitely check the calibre of the builder and the credibility of the projects they have done before. If you are making an investment on the cheap and partnering with a builder with a bad track record, then you may not get the expected returns in the future. To find good developers or builders in Kochi, you need to first check their track record and the kinds of apartment projects they have done so far, as well as their RERA registration number and other rules and regulations. Only when the builder has followed through with these can you be sure that the apartment will fetch you a good resale value in the future.
3. Age of the property
One of the factors to consider while purchasing a flat if you intend to resale in the future is the age of the property. The age of the property plays a good role in the investment decision, especially when it comes to reselling the apartment in the future. The older the apartment you are getting, the higher the cost that needs to be paid for maintenance and repairs to the property. If you can’t afford to invest in a brand new apartment, then ideally, invest in an apartment between one and 10 years old. The average lifespan of an apartment is 50 years. Buying flats in Kochi that are more than 10 years old, will not be a good investment deal.
4. Quality of construction
The developer and builder can, to some extent, assure the quality of the instructions. But, you need to check in personally on the quality and uniqueness of the construction all by yourself. Some of the pointers that you can keep in mind while understanding the quality of construction are:
- Primary design and structural design efficacy need to be checked. The safety of the design also needs to be checked to ensure that you have made the right choice.
- Understand the layout and the respective measurements,
- The wall thickness needs to be checked against the one given in the agreement. Knocking and poking on the wall can help you understand the thickness of the wall and also the hollowness.
- Look for cracks and evenness in the paint.
- Verify the quality of the plumbing and fixtures in the bathroom and also see if there are any possible and dangerous leakages or mould growth inside the apartment.
- Verify window and door alignment.
- The location of supply lines for electricity, water, and pipelines needs to be checked thoroughly.
5. The size of the apartment
With the world welcoming in more work from home opportunities, people are now more interested in getting homes that have more space for utility and privacy. Therefore, it will be ideal to make an investment in 3 or 4 bedrooms. The outskirts of the city will have homes and apartments that are larger and more spacious, while urban areas will have smaller apartments. Make the best possible research on the locality and understand which apartment is best selling there.
The neighbourhood is another feature that plays a major role in the resale of the property. Every family looks forward to getting a home in a locality that is in close proximity to good services and amenities. If the apartment has a good neighbourhood, it directly increases the resale value of the property. The place should be close to schools, hospitals, grocery stores, bus stations, etc. and also possess clean surroundings. Make sure to go for a good neighbourhood, as it will help you get better returns in the future.
7. Layout of a flat
The overall layout of the flat has a very prominent place in the decision-making process of a buyer. It will be ideal to go for a layout that is convenient and comfortable and does not go out of style in the future. The modern layout of a flat should comprise:
- Enough rooms should be there to provide the needed personal space and also have the benefit of attached bathrooms. The apartment should not be congested and have at least one balcony.
- Open layout is the new trend, as it gives the idea of free flow. This layout can never go out of style and will definitely increase the resale value.
8. Storage space in a flat
Another factor to consider while purchasing a flat if you intend to resale in the future is the availability of storage space. If the apartment that you purchase has intelligent and space-saving storage features, this can actually help increase the visibility and utility of the apartment. This is a factor that is often overlooked, but everyone wants to have an apartment with storage space that can help arrange household items and such. It may not directly contribute to increasing the resale value of the apartment, but it can definitely make it more attractive to buyers.
The tagline speaks for itself: "Address says it all." Skyline Builders have been working intensely for the past three decades to maintain the quality of our apartment projects. We have launched around 154 projects in Kerala, of which 144 have been completed. Our apartment projects have immense resale value, and the number of projects we have built is what makes us synonymous with the trust of our customers. All our projects are maintained to the highest standards, and the accessories and amenities meet state-of-the-art infrastructure.