Buying property in a highly volatile market is full of risk. There is a constant danger of being taken for a ride by the developer if one is not having updated information on the market trends. Many builders resort to unfair means to make him pay more than the actual price of the property. The keep many charges hidden from the buyer during initial negotiation.
They can also tweak the terminologies used in the agreement paper and the same goes unnoticed if enough care is not taken while going through the terms and conditions of the deal.
Tips to Compare Property Before Purchasing
Hence, it becomes very necessary for the buyer to compare various flats to know the prevailing property rates. Only then one can positively ascertain if the company is overcharging on the given property. The comparison also helps to know what to expect from the developer at a given price in terms of quality, space and design. The same things apply in case one is looking for a rented apartment or trying to sell a property.
One of the ways of comparing the flats is to meet several developers and get detailed costing of similar flat in a given location or compare similarly priced flats in a different location. Location plays an important role in applying premium rate for any property. One can do a rent analysis of various flats in one and multiple locations to determine the optimal rent.
The buyer can also visit the municipal body and learn about the prevailing circle rate to determine the existing selling price of the property.
The buyers should analyze the prevailing cost of the flats keeping in mind the current market trends and supply and demand situation in the property market for a given location.
One must also inspect the existing flats of different developers and check the quality and design of the flats for a given price range. The people should also visit the residents of the flats built by the developer to know the condition of the flat in long run.
One must also compare the maintenance charge and charges of the basic facilities provided in the apartments to detect any overcharging. It will help the buyer to calculate the actual cost involved when purchasing a flat or an apartment.
Studying the infrastructure availability near various housing society is also very important to judge the justification of premium rate charged by the developers.
Since one is investing a good amount of money in a builder’s property; it becomes necessary to ensure that one gets the value for money that would be invested in purchasing the property.