December 24, 2021

Michael Bailey

Things to consider while buying home in Coimbatore

Are you looking for your dream home in Coimbatore? For most people, buying a home is an investment of a lifetime where they put in their hard-earned savings to get an abode for their family finally. A home is a place where memories are made, and people spend a lot of time. That is why the decision to buy a home should be a well-thought-out one. Before you purchase homes in Coimbatore, you must consider a few points to know that you are making a sound investment.

The budget

It should not only be the first but the essential point. You must evaluate the budget allocated for buying the house. Although home loans are readily available to buy homes in Coimbatore, you must consider aspects such as the down payment to be made, the monthly installment, and the interest rate on loan. It would be best to start inquiring about home loans from banks even before you start looking at properties. A trustworthy realtor can help you get a good deal in your budget from housebuilders in Coimbatore.

The resale value of the property

Property prices keep changing with the market, and before looking at projects by builders Coimbatore, you must evaluate the escalation rate in the property prices of that area in the coming years. In the coming years, places that will see the completion of proposed developmental projects such as highways, metro connectivity, airports, etc., are bound to see a rise in property prices. You may also want to find out the rental in that area if you plan to let out the property. The rental income of a property helps cover the monthly home loan installments.

Construction approvals

When you are looking for apartments by house builders in Coimbatore or land with constructed buildings, you should also scrutinize the layout or building plan sanctioned by the local municipal authorities. In addition, the project must have approvals issued by the government, statutory and regulatory authorities for water, sewage, infrastructure facilities, fire safety approval, electricity, environmental clearance, etc. You can ask the builders Coimbatore for copies of NOCs from various departments, such as the Environment Department, Sewage Board, Pollution Board, and Traffic and Coordination Department, which constitutes the ‘intimation of disapproval’ the first permit needed for the construction of a building. The seller must also obtain the occupancy certificate from the competent authority.

RERA Compliance

According to the RERA mandates, all developer should register their projects with authority formed under the Act. Therefore, it would be best to verify whether the property has been registered under RERA. The official website of RERA provides information regarding any complaints or cases filed against a builder or any instances of default. Going through this web portal can help you make an informed choice for house builders in Coimbatore.

Buying a home is a milestone in everyone’s life, and you’d want it to be an excellent investment towards your goal of wealth creation. So considering these parameters will get you a good home and give you peace of mind.