Understanding the Market
I am going to keep things trim here as i feel the ‘Real Buyers’ are smart and know broadly what’s happened in the Real Estate industry and as per me have no time and need to Buy Property Now! The focus here will be to make positive of the situation and get deals to happen. As from what I am seeing and based on past experience, the cash starved Developers are now keen to listen to prospective buyers & close transactions at a negotiated price, while the evasive Property Buyer wants to maximise on this once-in-a-business cycle chance. It only make sense for the two to meet at common ground.
So as an Interested Property Buyer what am I supposed to do?
- You are now in the Driver’s seat. Don’t let go, if you don’t know how to drive then simply learn. This is your moment in the Realty cycle 🙂
- Stick to fundamentals of property purchase – Why do i need to buy?, What is my budget? ( Despite the loan sanctioned amount, you need to have 20-25% of the value with you) Preferred Location? (be flexible to move beyond), Duration of holding the investment?
- Identify the properties you like
- Don’t just enquire about Discounts, you can go further and find out more:
a. Are there Premium units which are on Sale which previously wasn’t on offer (at times developers release select premium units say which have a great view or better plans)
b. Waivers on Floor Rise Charges / Premium Location Charges – This is the best chance to go high at no extra cost
c. Waivers on additional loadings like Car Park, Generator Charge, Legal/Khatha Fee
5. Show intent and purpose to close the deal, choose the unit you prefer
6. Let the Sales representative know that you can afford the property and the bank has pre-approved you. In times of stress when there is a desire to transact and get moving a serious buyer will get all the attention and care.
7. If you can Pay the developer more than what is due, this is a win-win and can get you closer to your sweet spot in terms of price
8. Be smart enough to weigh your options between properties that suit your need and the deals that are going around. Remember you never want to buy Real Estate that’s sold with Unreal Offers! You can smell the good ones from the bad
9. During the entire transaction, while you are being a hard-nosed bargainer don’t forget that the developer is important and that it takes two to tango, ensure good relations and mutual regard are maintained which will hold you in good stead in the future
10. Know when to close the deal and make it happen. Fence sitters will never be property owners, they don’t even own the spot their buttocks rests on!
11. BE THE DRIVER THIS 2015-16, YOU’VE BEEN HANDED THE STEERING, AND HOPE TO SEE YOU ARRIVE HOME IN STYLE.
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