Saturday, 26 September 2015

Tips for buying home in the festive season

The festive season, as we can all guess, will bring with it big offers from the real estate industry. Glance upwards at any major traffic signal and one will see hoardings with unbelievable offers on homes. Buy one bedroom and get another free. Receive 12 percent per annum interest on any booking amount one pays. Book now and pay nothing until possession. Discounts on registration fees and stamp duty, free cars, parking, modular kitchens, club memberships, gold coins and cash discounts. If somebody is looking to buy a home, the upcoming festive season might bring the dream home within one's reach.

One must remember to double and triple check the offer before signing anything. Here is a list of things to keep in mind.

Builder's Track Record: All offers will seem attractive but not all of them are worthy of one's time. It is important to understand that in this market, separating the developers by reputation and track record has never been more important. One needs to look for a builder with a track record of delivery and quality, a company that has not only managed to meet its deadlines on possession but also delivered what had been promised at launch. Do a quick search online on customer forums, news reports and look for problems that the builder might have had with previous projects. Visit previous projects and speak to residents about their experience with the builder. A reputed builder will also be a member of an industry association like Confederation of Real Estate Developers Association of India (CREDAI).

Strong location: Make sure the project is in a strong location with potential for price appreciation. Growth in prices depends on factors like job creation. Is there an IT park or an SEZ nearby? Does the location have good infrastructure in roads, fly over’s, Metro or train stations planned in the future? Is there easy access to schools, colleges, hospitals and malls and parks? A neighborhood that can check all these boxes will offer the fastest growth in prices.

Price Point: Making a decision on fair price might seem difficult in this market. Start by finding out the prices of similar projects by similar developers in the area. Speak to several local brokers to find out the rack rates and the possible room for negotiation. Speak to a customer who has just bought a home in that project and find out the ground reality of discounts the builder is willing to offer. Find out the monetary value of the offer or the freebie; work it into your price as a discount. When negotiating with the builder one should push for cash discounts over freebies. If one has a pre-approved home loan and the ability to close a deal at the table it will boost the ability to drive a bargain on discounts.

Use the festive season to find the perfect deal for the dream home. Remember, cherry picking in this market will ensure a great value that might not always be available.

Source: PropertyatNeoDevelopers.Wordpress.Com

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