Make the right choice : Standalone home vs. flat

 Make the right choice : Standalone home vs. flat

In the bustling real estate landscape of Chennai, here is a guide to help you choose between an independent house and apartment

With its diverse real estate landscape offering everything from luxurious villas to modern apartments, prospective homebuyers in Chennai are often confused with a pivotal decision: whether to invest in a standalone home or an apartment. Each option presents its own unique set of advantages and considerations.

Current market scenario

As per Anarock Research, as many as 28,300 units are available for sale in Chennai as of H2 2023. These include all property types such as apartments, villas, plotted developments, etc. Though apartments are the first choice of property seekers, it’s interesting to know that villas as a property type gained much traction during the pandemic. This was also revealed in Anarock’s Consumer Sentiment survey wherein demand for villas went up across cities. Interestingly, villas were popular among buyers in Tier II and III cities. As per the survey, almost 27 per cent of respondents who are looking to buy in Tier-II and III cities chose villas as their first preference. As for the top seven cities, notably the southern cities have a higher demand for villas. For instance, in Hyderabad, almost 19 per cent of respondents preferred to buy villas, in Bengaluru 14 per cent preferred it, while in Chennai, nine per cent of respondents preferred villas.

Apartment or an independent house: What is the ideal choice in Chennai?

Both apartments and villas depreciate over time in terms of value and strength, as compared to the newer buildings. Buying a home in a new building would always be a tad bit more expensive than the resale market. What one thus needs to consider is the purpose of their purchase. Apartments generally come with lesser work in renovations and repair (water connection, electricity, gas line, etc). On the other hand, if buying a villa, along with the utilities, you may also have to take care of either building the structure or renovating the existing one including the desired type of fencing as everyone’s security needs vary. The stress of ensuring there are no trespassers also lies with the owner in the case of a villa. However, your preferences and needs should be the priority before deciding between the two.

Where to buy a house in Chennai?

“In the past, central regions of Chennai like Nungambakkam, Alwarpet, and Mylapore have typically featured standalone homes. As the city expanded, some of these homes were transformed into apartments due to an increase in the number of buyers and evolving consumer preference for gated communities catering to urban lifestyles. This shift has also been supported by the growth of the office sector, with increasing IT/ITeS firms in OMR in South Chennai and buoyant industrial activity in Oragadam-Sriperumbudur and surrounding locations in West Chennai. Thus, over the recent years, South and West Chennai have garnered a dominant share in launches and sales of housing units. Notably, South Chennai now holds around 60 per cent of the city’s housing stock, with prominent zones such as OMR, GST Road, ECR, and neighborhoods such as Velachery and Adyar. This growth has also been fuelled by urban expansion and increased property values in central areas,” informs Anshuman Magazine, chairman and CEO - India, South-East Asia, Middle East & Africa, CBRE.

What is the best bet for you?

Advantages of apartments:

 Apartments offer convenience and shared amenities. They often come with security features and have maintenance handled by society management. Their central locations provide easy access to various facilities and can be more affordable than houses.

Disadvantages of apartments:

 There are often rules set in place by the building management that can limit how much you can personalize the space. Plus, the resale value of an apartment might not increase quite as quickly as you’re hoping.

Advantages of independent houses:

 Independent houses offer ample space and privacy. They often come with private outdoor areas, giving residents more freedom for gardening and outdoor activities. The resale value can be pretty good, and no shared amenities or restrictive rules usually exist.

Disadvantages of independent houses: 

Apartments come with minimum hassles of maintenance. On the other hand, in an independent home, the owner must go through the hassles of finding plumbers or carpenters, and even take it upon himself to manicure the lawns. Although most of the amenities (pool, and garden) can be built into an individual house, the financial implications are huge. Also, owners have to install CCTV cameras or burglar alarms to monitor the property, which is an additional expense.

– Manju Yagnik, senior vice-president, NAREDCO

 

இன்சூரன்ஸ் வேண்டுமா? - காரை ஆன் செய்யாதீர்கள்! 

வெள்ளத்தில் கார்கள் மூழ்கினால் இன்ஸ்சூரன்ஸ் பெறும் வழிமுறைகள் என்ன? எந்தெந்த காப்பீட்டிற்கு எவ்வளவு சதவிகித தொகை கிடைக்கும்? என்னென்ன தவறுகளை செய்யக்கூடாது? உள்ளிட்ட தகவல்கள்

https://youtu.be/rcbxXUBfeFQ?si=BRKWsv89gxmOqqEo

Questions To Ask Your Landlord !!

 

Questions To Ask Your Landlord !!

Here’s a handy list of questions to ask your landlord to ensure your stay at your new place is hassle-free

Thinking about renting a home? It’s crucial to have a chat with your landlord about some key points first. This way, you won’t face any surprises down the line.

1. Rent and payment terms

What is the monthly rent, and when is it due?
What are the accepted modes of payment (e.g., bank transfer, check, cash)?

2. Security deposit

How much is the security deposit?
When will the security deposit be returned once you vacate the property?

3. Maintenance and repairs

How are maintenance and repairs handled?
If something breaks, who will repair it?

4. Utilities and amenities

Which utilities are included in the rent (e.g., water, electricity, gas, etc)?

Are there any shared amenities (e.g., gym, swimming pool), and are they included in the rent?

5. Guest policy

Is there a policy regarding guests and overnight visitors?
Are there any restrictions on the number of occupants?

6. Security and safety

            What security measures are in place (e.g., locks, security cameras)?
        Does the property come equipped with fire safety gear, such as smoke detectors? 

7. Parking and storage

           Is parking available, and if so, is it included in the rent?
       Is there storage space available for tenants?

8. Notice period

          How much advance notice do we need to give to terminate the lease agreement?
      Can either party terminate the lease before its expiration, and under what conditions?

9. Legal obligations

          Can you review a copy of the lease agreement before signing it?
      Are there any specific rules or regulations you should be aware of, such as building rules or local law?    

10. Appliance and furniture

           Which appliances and pieces of furniture come with the rental? 

Asking these questions can help you make an informed decision. Besides, you should also make sure that everything that you have mutually agreed upon should be documented in writing, preferably within the lease agreement, to avoid any disputes in the future.

Buying A House? Talk To The Neighbours First !!

 

Buying A House? Talk To The Neighbours First !!

Here’s why a conversation with the locals and neighbours about the property you wish to buy is important before you sign on the dotted line.

You’ve spotted your dream pad, contacted the property broker, checked out the house and the neighbourhood, sorted out your financial plan, and are all set to ink the deal. But have you truly collected all the information you possibly could?

Purchasing a home is a once-in-a-lifetime decision you’ll make. And you definitely wouldn’t want any slip-ups. So, here’s a simple yet crucial step to avoid any hitches once you’ve moved into your new abode — chat with the neighbours and locals. It might seem minor, but it’s super important. Keep reading to find out why.

Getting to know your neighbour is important because it helps you figure out whether you’re a good match or not. After all, compatibility plays a critical role, considering you’ll most likely be near them for quite some time. Nobody wants a tricky neighbour situation, right? Moreover, in case of an emergency, they’re usually the first ones you’ll turn to for help. It’s always good to be on friendly terms with them.

If there is anyone who can give you detailed information about the locality even better than your real estate agent, they are the locals. Speak to the shopkeepers, daily vendors, watchmen and house help. All you have to do is just strike a conversation and ask them what is it like to live there. Your real estate agent may hide a few negatives about the area, but these neutral participants would ensure that you have a proper low-down of the area. Saie Jadhav, a lawyer recently bought a house in Borivali (Mumbai). Sharing her experience, she says, “Five years ago, right after we got hitched, we bought a house in Malad (Mumbai). We were very excited and eagerly moved into our new place. Little did we know that we were about to face several challenges, such as dealing with heavy traffic, experiencing troublesome waterlogging during monsoon, and battling a lack of public transportation options. Foolishly, we hadn’t done our homework. We should’ve chatted with the locals or anyone from the area before sealing the deal. But we didn’t. Our decision was swayed by an appealing house complex loaded with amenities. Our site visit was a quick one, and we didn’t get a chance to truly explore the neighbourhood because we travelled by cab. But we learnt from our mistakes. When we recently purchased another house in Borivali, we made sure to talk to the locals and neighbours about the area’s conditions. This led to a much-smoother transition and saved us a lot of potential hiccups.”

Ensure that you enquire about the crime rate in the area, local municipal governance (does the garbage get picked up on time? Are the roads maintained well?), power or water cut situation, etc. 

Shraddha Kadam, a private sector employee who recently booked a new house shares her house-hunting journey, “Before we settled on buying this house, we had our eye on another one. We had liked it until we met one of the neighbours living next door. They were nice enough to tell us that the house needed a fresh coat of paint every year because of water leaking in from the outside walls and the seller had just managed to paint it before listing it on the market. Our agent conveniently seemed to have skipped out on sharing this particular detail with us and when we confronted him about it, he claimed he did not know of this. One thing’s certain — we sure dodged a bullet, thanks to that candid conversation with the neighbour.”

Enquire about the schools and healthcare facilities as they are some of the basic requirements of a locality. Ask about the management committee and the rules of the building. This looks negligible but it will give you an idea about basic functions such as trash collection, amenities, common area rules, cleaning, maintenance, and food consumption norms, if any, to name a few. 

Overall, remember, it’s perfectly fine to approach your neighbours and locals and seek their knowledge of the area or building. Get their viewpoint before you dive into your worries. Starting a conversation might feel a bit weird, but you’d be amazed at how many people are keen to share their experiences. Just a quick chat could provide you with a wealth of information and help you avoid any potential hassles as a homeowner.

கட்டட அனுமதி தொடர்பாக நில உரிமையாளர்களுக்கு விழிப்புணர்வு தேவை !!

 கட்டட அனுமதி தொடர்பாக நில உரிமையாளர்களுக்கு விழிப்புணர்வு தேவை!!

கட்டுமான திட்டங்களுக்கு அனுமதி பெறுவது கஷ்டமாகிவிட்ட நிலையில் அது தொடர்பாக மக்களிடம் போதிய விழிப்புணர்வு இல்லை என்று கூறப்படுகிறது. என் பெயரில் உள்ள பட்டா நிலத்தில் வீடு கட்ட நான் ஏன் அனுமதி வாங்க வேண்டும் என்ற கேள்வி எழுகிறது.

மேலோட்டமாக பார்த்தால் இது சரியான கேள்வி போன்று தோன்றும். ஆனால், நகரமைப்பு தொடர்பான விழிப்புணர்வு இல்லாததே இக்கேள்வியின் அடிப்படையாக உள்ளது.

ஒரு ரியல் எஸ்டேட் திட்டத்தை உருவாக்க, ஒரு பில்டர் சம்பந்தப்பட்ட அனைத்து அதிகாரிகளிடமிருந்தும் ஒப்புதல்கள் மற்றும் அனுமதிகளைப் பெற வேண்டும். இந்த அனுமதிகள் இல்லாமல் கட்டப்படும் எந்தவொரு கட்டடத்திற்கும் அபராதம் மற்றும் வழக்குத் தொடரும் வடிவத்தில் அபராதம் விதிக்கப்படும்.

நீங்கள் சொந்தமாக வீட்டைக் கட்டினாலும், அல்லது ஒன்றை வாங்கினாலும், அனைத்து அனுமதிகளும் பெறப்பட்டுள்ளதா என்பதை நீங்கள் சரிபார்க்க வேண்டும், எனவே நீங்கள் எதிர்காலத்தில் எந்த சிக்கலையும் சந்திக்க மாட்டீர்கள்.

ஒரு நிலத்தை நீங்கள் விலைக்கு வாங்குகிறீர்கள் என்றால், அதற்கான பத்திரம் உங்கள் பெயருக்கு வர வேண்டும். அதன் பின் அந்த நிலத்துக்கான பட்டா உள்ளிட்ட ஆவணங்கள் உங்கள் பெயருக்கு மாற்றப்பட வேண்டும். இதற்கு அடுத்து அந்த நிலத்தில் மேம்பாட்டு பணிகள் குறித்து நீங்கள் திட்டமிட வேண்டும். இதில் பத்திரம் விற்பனையையும், பட்டா நில உரிமையையும் உறுதி செய்கிறது. நகரமைப்பு சட்ட விதிகள் அந்த நிலத்தில் எத்தகைய மேம்பாட்டு பணிகளை அனுமதிக்கலாம் என்பதை முடிவு செய்கிறது.

இதன்படி தான் வீடு கட்ட உரிய அரசு துறையிடம் அனுமதி பெற வேண்டும் என வலியுறுத்தப்படுகிறது. நிலத்தின் அளவு, அது அமைந்துள்ள பகுதியின் தன்மை, சாலையின் அகலம் ஆகியவற்றின் அடிப்படையில் கட்டடங்களின் அளவு வரையறுக்கப்படுகிறது. இந்த வரையறைகளின் அடிப்படையிலேயே புதிய கட்டடங்கள் அனுமதிக்கப்படுகின்றன.

உதாரணமாக, 2,400 சதுர அடி நிலத்தை நீங்கள் வைத்துள்ளீர்கள். உங்கள் நிலத்துக்கு இடது, வலது பக்கத்திலும் இதே அளவுக்கு மனையை வேறு சிலர் வைத்துள்ளனர்.இதில் இடப்புறம் இருப்பவர், ஆறு மாடி கட்டடத்தை கட்டுகிறார். இத போன்று வலப்புறம் இருப்பவரும் அனுமதி இன்றி, ஏழு மாடி கட்டடத்தை கட்டிவிடுகிறார்.

இதன் பின், நடுவில் இருக்கும் உங்கள் மனைக்கு நீங்கள் சென்று வருவது கூட சிக்கலாகி விடும். இது போன்ற சிக்கல்கள் எழாமல் இருக்கவே, கட்டட விதிகள் வகுக்கப்பட்டுள்ளது. இந்த விதிகளின்படி, 2,400 சதுர அடி நிலத்தில் எவ்வளவு வீடு கட்ட வேண்டும், அதை எவ்வளவு பேர் பயன்படுத்தலாம் ஆகியவை வரையறுக்கப்படுகின்றன.

இதனாலேயே நகர்ப்புற வளர்ச்சியில் சமநிலை ஏற்படுத்தப்படுகிறது. நில உரிமையாளர்கள் இதை புரிந்து சரியான முடிவுகளை எடுக்க வேண்டும்

கட்டுமானம் முடிந்ததும், கட்டடம் கட்டுபவர் நிறைவு சான்றிதழைப் பெறுவது கட்டாயமாகும்.

ஆய்வு செயல்முறைக்குப் பிறகு இந்த சான்றிதழ் வழங்கப்படுகிறது. ஒரு பில்டர் அல்லது உரிமையாளர் அங்கீகரிக்கப்பட்ட திட்டத்தின்படி கட்டடத்தை கட்டியிருப்பதை இது உறுதி செய்யும். என்கின்றனர் நகரமைப்பு வல்லுனர்கள்.

Are ready-to-move-in homes the answer to your homebuying woes?

 Are ready-to-move-in homes the answer to your homebuying woes?

Ready-to-move-in (RTMI) homes are becoming increasingly popular due to their convenience.  But what are the other benefits of choosing such a property, and is it the right option for you?  Let’s find out

The popularity of RTMI homes has increased, with many buyers drawn to the immediate possession’ aspect.  “An RTMI home is one that a buyer can move into immediately after purchasing it because it has already received an occupancy certificate  (OC) from the relevant municipal authority.  Once the property is found to have complied with approved plans and an OC is received, it becomes ready to move in and can be handed over to customers as is, “ explains Ram Raheja, managing director of a Mumbai-based real estate developer.

The trend of RTMI homes started before the implementation of RERA (Real Estate Regulatory Authority), where many developers, particularly in the Delhi-NCR region, did not complete their projects as promised.  “This led to numerous buyers suffering significant losses as they had to pay their EMI (Equated Monthly Instalments) without receiving possession of their homes.  Such instances occurred mostly in speculative markets where developers sold homes in projects with little or no actual construction taking place,” reveals Akash Pharande, managing director of a Pune-based real estate developer.

Why do buyers prefer RTMI homes?

A common issue with under-construction projects is delayed possession or unfinished projects.  “This often leads to homebuyers losing their hard-earned money, which they have invested in the project.  As a result, they are left without a home and are forced to pay hefty sums to stay in a rented apartment,”  notes Himanshu Jain, VP - sales, marketing and CRM of a construction company in Mumbai.

The benefits

Buyers can take advantage of the ‘immediate possession’ aspect, and they can be confident that they are getting precisely what they paid for.  According to Pharande, “They can also save on rental expenses that they would otherwise incur if the property was still under construction.  Developers also benefit from faster sales of RTMI units, which helps them maintain their cash flow.”

Another advantage is that the buyer can inspect the finished apartment for quality of construction and amenities.  “Furthermore, there are reduced chances of any legal disputes as all documents are in order,” adds Jain.

Moreover, RTMI homes are easier to finance, “Banks tend to approve loans more quickly for projects that have received an OC because the home is a collateral.  Such homes cut down on GST expenses, requiring the buyer to pay for stamp duty and registration charges only.  Buyers can immediately claim yearly income tax deductions on the repayment of the principal component of EMI, resulting in savings,” informs Raheja.

Consider the pros and cons

The cost of RTMI homes is higher due to the convenience factor.  “However buyers of such homes are generally not allowed to make any changes to the structure or layout.  Furthermore, some older projects completed before implementing the Real Estate (Regulation and Development) Act (RERA) in 2016 may not be covered by its regulations.  As a result, the promoter may not be liable to provide information on a public platform, which raises concerns regarding grievance redressal and accountability of the seller in case of any discrepancies,” informs Jain.

As such, it is crucial to research an RTMI property before investing in it.  “This includes conducting background checks on the builder, assessing the quality of construction, verifying legal formalities, and obtaining possession details.  The buyer should also ensure that the property is sold based on carpet or built-up area, as it directly affects the maintenance and purchase price,” concludes Jain.

வீடு கட்டுவதற்கு புதிய வகை பொருட்களை பயன்படுத்துவோர் கவனிக்க

 வீடு கட்டுவதற்கு புதிய வகை பொருட்களை பயன்படுத்துவோர் கவனிக்க

புதிதாக வீடு கட்டும் போது, அந்தந்த பகுதிகளில் கிடைக்கும் பொருட்களையே பயன்படுத்த வேண்டும் என்று நீண்ட காலமாக வலியுறுத்தப்படுகிறது. இதை வீடு கட்டுவோர் எந்த அளவுக்கு கடைபிடிக்கின்றனர் என்பது இன்றைக்கும் கேள்விக்குறி தான்.

கட்டுமானத்துறையில் செலவு குறைப்பு, மறுசுழற்சி என பல்வேறு காரணங்கள் அடிப்படையில் புதிய ரக பொருட்கள் வருகின்றன.  இத்தகைய பொருட்கள் குறித்து வெளியாகும் தகவல்கள் மக்களை வெகுவாக ஈர்க்கின்றன.

நாம் கட்டும் புதிய வீட்டில் செலவை குறைக்கும் விதமாக இத்தகைய புதிய வகை பொருட்களை பயன்படுத்தலாம் என பலரும் முடிவு செய்கின்றனர்.  இது உண்மையிலேயே வரவேற்கப்பட வேண்டிய விஷயம் தான்.ஆனால், நடைமுறையில் சில விஷயங்களில் கூடுதல் கவனம் செலுத்த வேண்டியது அவசியமாகிறது.  குறிப்பாக, உங்கள் வீட்டுக்கான கட்டுமான பணியில் எத்தகைய புதிய பொருளை பயன்படுத்த வேண்டும் என்பதில் தெளிவான திட்டமிடல் தேவை.

நீங்கள் வீடு கட்டும் பகுதியில் யாராவது அந்த புதிய பொருளை பயன்படுத்தி இருக்கிறார்களா என்பதை பார்க்க வேண்டும்.  அந்த புதிய வகை பொருட்களை எங்கிருந்து வாங்கி வருவது என்பதையும் கவனிக்க வேண்டும்.

ஒரு வேளை நகரத்தில் மட்டும் கிடைக்கும் பொருளாக அது இருக்குமானால், நீங்கள் தொலை துார கிராமத்தில் அதை கொண்டு செல்வதில் சிக்கல் ஏற்படலாம்.  மேலும், உங்கள் வீட்டை கட்டுவதில் ஈடுபட்டுள்ள பணியாளர்கள் இது குறித்து அறிந்து இருக்க வேண்டும்.

பணியாளர்களுக்கு அறிமுகம் இல்லாத ஒரு பொருளை பயன்படுத்த சொல்லும் போது அது அவர்களிடையே புரிதலில் சிக்கலை ஏற்படுத்தும்.  பொதுவாக புதிய வகை கட்டுமான பொருட்களை பயன்படுத்துவது நல்ல முயற்சியாகவே பார்க்கப்படுகிறது.

ஆனால், நடைமுறை ரீதியாக ஏற்படும் சிக்கல்களையும் கவனத்தில் வைத்து செயல்பட வேண்டியது அவசியம்.  இதில் பணியாளர்கள், பொறியாளர்கள் கருத்தை அறிந்து செயல்படுவது நல்லது.

மேலும், வேறு யாரும் பயன்படுத்துவதை நீங்கள் நேரடியாக பார்த்து உறுதி செய்த புதிய வகை பொருட்களை பயன்படுத்தலாம்.  இத்தகைய உறுதி இல்லாத பொருட்களை பயன்படுத்தி உங்கள் வீட்டை சோதனைகாளமாக மாற்ற வேண்டாம் என்கின்றனர் கட்டுமான வல்லுனர்கள்.

Top changes you can make to your apartment layout before moving in

 Top changes you can make to your apartment layout before moving in

Want to add a home office or glass walls in the balcony of your new home? Here are some ideas to execute in the construction stage.

      How many instances have you come across where friends or family, who own a home, regret not adding certain design features to their apartment before moving in?  If you are planning to buy a home under construction, know what changes can be made to your apartment and at which stage before you take possession of your property.

Choose a floor which is not ready

     Before you choose the floor of your apartment, visit the site to check the progress of the construction.  If the construction of the floor - where you prefer to buy your apartment - has not yet started, then it’s the best time to approach the developer and find out what design changes can be implemented in your apartment.

     Majority of the apartment buildings have common structural fittings such as power lines, plumbing, sewerage, load bearing pillars and beams, elevator shafts, balconies, external window and door frames, etc.  These are part of the project design that is architecturally feasible and most of these cannot be changed.

     However, what can be changed are the design features within the apartment and any additional fittings externally.

Consult the project engineer

      Source the apartment floor plan and consult the project engineer and architect on the structural changes possible inside the apartment.  This will give you an idea about where the pipelines and electrical connections are located and which are the important load bearing pillars and beams passing through your home.  Based on this plan, it’ll be easier for you to decide on whether you want the bathspaces resized or you’d prefer an open floor living room design without walls, sliding doors in the bedrooms, etc.

Installation of overhead solar heater

        If the provision of a common solar water heater for all the apartments is not part of the project offering, ask the developer if you can install one on the terrace for yourself.  If the developer gives you the go-ahead, you will then require a separate pipeline from the common water tank to the heater and from the storage tank to your apartment.  This will incur extra cost which the developer will not pay for.  On the other hand, there’s a fair chance the developer may decide to install solar water heating to all apartments at an additional cost.
 

Internal walls

         If you prefer sliding doors between rooms instead of old-fashioned doors that open against the wall, you have two options.  One that slides along the wall or one that slides into the wall concealing the door.  The second sliding door design will require prior planning with the developer to make the wall hollow for the door to slide in.

Entrance from living room to inner areas

        Since most apartments have a typical entryway-possibly a corridor-leading to the inner rooms, you might want to add a unique feature, such as an arched entrance or one flanked by two gothic style pillars.  In this case, you might need to inform the developer to source the service of the project designer to execute the changes without tampering with the structural design.

Larger openings for chimney

         If you have decided on having a cooking stove with an external chimney, it will require a larger window outlet for the smoke to dissipate.  In this case, inform the builder to mark a separate opening in your kitchen wall to fit the chimney outlet instead of the typical exhaust fan window that all apartments come with.

Connections for appliances

         While all apartments have the same floor design, you might want to place your appliances differently.  For example, you might prefer to have a larger bath area with a laundry or utility space attached to place your washing machine.  Or perhaps, you prefer to have your dishwasher, oven and refrigerator clustered in a concealed space, or desire a separate kitchen island with sink attachment.  In that case, these spaces will need dedicated wiring and sockets, water inlets and outlets suitable for modular kitchens and bath spaces.

Separate prayer room

          Most projects do not offer puja or prayer area space.  So, it’s best to plan it before the apartment is completed so that you don’t need to knock off any walls to make room for it.

Study or home office space

           The work-from-home trend revealed the importance of having a secluded area to work out of.  Carve out a space from the master bedroom or the children’s room that is well lit and ventilated to make a small study or home office complete with suitable wiring for the printer and computers.

Here’s how you can get the best price for your home

 Here’s how you can get the best price for your home

Take control of the negotiation process and get the most out of your investment

    In a real estate market where prices fluctuate often and there are many players in the field, securing a favourable deal requires careful consideration, strategic planning and a deep understanding of the factors that influence home prices.  Whether you’re a first-time buyer or a seasoned investor, mastering the art of negotiation is essential to ensure you secure the best possible price for your dream home.  So, if you need some aid, we are happy to help.

The very first thing you need to do is figure out the demand-supply dynamic

    “Find out if there are many unsold properties in the area or if supply is more than demand.  This will mean that developers and homeowners will be more than willing to negotiate to sell the property.  When negotiating with a developer, it’s important to give the impression that you are a serious buyer as it will further encourage them to sit across the table and close the deal”.
      At times, there are a few distress sales where the owner is in an urgent need of money and would forgot the property for a price lower than the market value as well.  So, keep a close watch on them.

Usually, one would find lucrative deals around festive seasons

      When developers often lower the prices of homes.  However, market slumps too can be a factor that could cause developers to lower prices.  He says, “Offers and discounts tend to be rolled out during the festive season, and also during market slumps.  Whether to avail of them depends on whether the property itself ticks all the right boxes.  Certainly, discounts and offers shouldn’t be the main reason to seal a deal, but they can certainly sweeten the deal if the property is the right fit”.
If you want to buy a home, there are certain ways through which you can reach a consensus agreeable to both parties.

Few ways using which buyers could negotiate the right price for the property are:

Do your research:

     Research and compare the prices in the desired area; this way you have a fair idea of how much the home should cost and so you would negotiate in the right ballpark.  Consult real estate agents in the area and evaluate different properties based on location, quality, legal status, and potential for capital appreciation.  It would be best if you also understood what offers and discounts are being offered for similar properties in the same area.  Such knowledge is your primary advantage at the negotiation table.  It empowers you to make informed arguments and counteroffers.

Establish good rapport:

      Building a positive relationship with the developer/seller can significantly impact your negotiation success.  Ensure all discussions are friendly, open, and respectful from the outset.  Make it clear that you are well-versed with the pricing trends for properties in that location without being unduly aggressive.  This creates a foundation of trust and goodwill, increasing the likelihood of reaching a mutually beneficial agreement.

Show sincere interest and intent:

      Developers sales teams know the difference between window shoppers and genuinely interested parties.  An offer to make an immediate down payment if the price is right will make a big difference.  One of the most effective strategies for getting a good price is to have a pre-approved home loan.  This shows the developer that you mean business and can close the deal quickly if the price is right.

Know the limits:

      Do not counter-offer a ridiculously lower price.  You can start the negotiation at 15 percent but do not expect this to stick.  During the negotiation process, you can highlight your doubts and concerns about the property but understand that the seller knows you are interested in it (otherwise you wouldn’t be negotiating).  Avoid criticising the property.  Instead, ask the developer how the property compares to a similar, cheaper one by a competitor and why his asking price is higher.  If it is a seller’s market where lots of properties are being sold and sellers are not desperate, there is a limit to how far you can bargain the price.  This is especially true in the case of highly reputed developers.  In a seller’s market, you are ahead of the game if you have managed to bring the price down by three-five per cent.  In a buyer’s market, if the developer’s project is competing with a much more well-known builder in the same area, you can try for a slightly higher discount.

Leverage project completion stage:

      Prices quoted for properties in recently launched projects tend to be lower than those for projects that are either fully developed or nearing completion.  This is because the demand for fully constructed properties is higher, and the developer will be able to sell them much easier.  The stage of completion is one of your most important negotiation powers.  Your willingness to wait for a year or so is a strong argument in your favour, and it will usually be considered.

Factor in other potential savings:

      The price of a property is one part of the final price you pay.  You will incur other expenses, for instance, the statutory fees, furnishing charges,etc.  If the developer is unwilling to bring the base price down (which could happen if his project is selling very well), ask if he will waive GST (in the case of under-construction flats) and/or stamp duty and registration charges.  If these charges are already officially absorbed by the developer, ask him what he will offer additionally to sweeten the deal for you.  For instance, the inclusion of a modular kitchen makes a considerable difference.