Real Estate

Negotiation Tips While Buying a Property in Bangalore

3:20 AM Devender Sisodia 0 Comments

The art of bargaining is in the Indian DNA. But when it comes to buying real estate, it can be a hard bargain. There are some negotiation tips that can help homebuyers while purchasing a property in Bangalore. Just in case you are interested in residential apartments for sale in Marathahalli especially in the ORR region then the following tips can be handy.  If you are smart enough, you will not disclose your estimated budget to the builder’s representative. There is more to know and avoid while undergoing this process.


Negotiating Vs bargaining

It is one thing to bargain with the vendor in a market and quite a different thing to negotiate a property deal. It can make or mar your chances of getting a valued proposition. Buy apartment in Marathahalli only when you are sure that you have added muscle to your negotiating skills.

To know where you can have an upper hand keep these points on your fingers:

#1.Understand the market dynamics in the region. In this case it is Marathahalli and know what are the main drivers like pricing and premiums and how much can be negotiated. Currently the buyer has an upper hand in this region. Hope this makes you smile as other cities like Mumbai and Delhi still are being ruled by the developers.

#2.Look at various portals of housing to know the prevailing rates of new and old buildings. Keeping in mind if you are looking for a rental or ownership place, make notes on the prices. You may have already decided if you wish to invest in 2 or 3BHK apartments in Marathahalli, Outer Ring Road. Before approaching a potential builder, you will have the knowledge to discuss in detail.

#3.Often the portals have prices that do not get corrected. Hence while talking to the builder, you may wish to know the change in the price structure, which may be lesser than posted on the portal. While you are researching online, look at the projects done by the builder across the city. It will give you an idea how much you can discuss.

#4.Look for red flags if the builder is offering a very low rate citing a pre-launch offer. Maybe you will need to dig more information on the project appeal, financiers involved in the project while it is under construction. A builder who has more than 20 years in business can be trusted rather than someone who has recently come into the fray.

#5.If you will be buying the property on loan and the builder has finance options with some banks, look at the hikes, EMI calculators and how much the home will cost in totality. This will give you the power to bargain if need be.

#6.Is the price being touted due to the amenities and service provided?

Then you will have to check if it matches your needs and if you are willing to pay. Otherwise bring it on the table and discuss if it makes sense to pay that much. Avoid some mistakes

Sometimes, builders resell the flats, which are not used. Often NRIs or other local investors tend to buy an empty flat only to sell it later to make money. If the purchase has been done from an NRI, then find out if it will attract the IT department and TDS needs to be cut. Surprised? Yeah, sometimes even after a deal has been struck, an unpleasant surprise comes up. There are residential apartments for sale in Marathahalli, which may have been owned by NRIs who wish to resale. Speak to the builder about the potential  issues that may arise after the purchase.

Look for references or speak to some people who have purchased such homes. It gives some power to discuss while buying. Another issue with a resale property could arise if the buyer does not check it himself. Look for walls with water seepage or other plumbing issues. If you have to spend the money, then would you get the house at a lower rate? Or would you prefer the builder to fix the issue and then sell. There is no point in being penny wise and pound foolish.

0 comments: