Guiding principles for acquiring a home

With land increasingly becoming a scarce resource in Cochin, prominent real estate developers are now approaching corporate houses and even certain individuals for completely buying out their land holdings setting up joint ventures to develop commercial or residential projects.

Apart from a realization of a dream, buying a Cochin apartment is the biggest and the wisest investment that we make of late. Here are a few guiding principles while acquiring an apartment.

1. Make sure your finances are in order. Your budget decides the square foot area and the locality for your home.

2. Be realistic, there is no perfect apartment only perfect homes. Keep in mind your practical needs while buying an apartment.

3. Choose your property builder wisely. Select a builder, who has experience in building in Cochin, is well versed with the neighborhood.

4. Have an agreement regarding tour possession date. It is also important to know of the rental market in that area.

5. Consider whether you intend to stay in the apartment forever, or it is a temporary solution. This decision should dictate the type of home you will buy as well as type of home loan scheme you take.

6. Do not over-extend your resources. If you stretch yourself out to buy the biggest home you can afford, you'll have no money left for maintenance, interior decoration or money for other financial goals.

7. It's very important to buy an apartment that will go up in value.