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With the upward trend in real estate prices in India, you may find yourself navigating a more competitive home-buying landscape. The best approach is to engage in negotiations and actively seek the most advantageous home purchase. In this guide, we’ll explore five valuable tricks to help you secure the best possible deal on your new home.
1. Know your numbers
Knowledge is power, particularly considering the information asymmetry found in the Indian Real Estate sector. Homebuyers need help with knowing if the price is fair or if it’s set too high. If you are up to date on real estate market trends, you will be able to approach the negotiation with more confidence.
To facilitate this, one can leverage location-specific real estate pricing trends and sale data from real estate websites, alongside online resources that track the locality’s yield and price patterns. Employing prop-tech tools provides invaluable insights into price trends and the potential for capital appreciation in the property market. These technologies will help you negotiate wisely and save money.
2. Saving on brokerage
Your home represents one of the most substantial investments you’ll ever undertake.
The prevalence of intermediaries and broker services in real estate transactions can significantly complicate and add unnecessary costs to the property acquisition process.
Proptech platforms have effectively removed these extra expenses and associated inefficiencies, facilitating direct connections between buyers and sellers. Using these platforms, you can browse a broad range of property listings that match your preferences and budget, and contact sellers or property owners without incurring brokerage fees.
3. Furnish in phases
Furnishing and decorating your new home can be costly and may not always fit into your budget or timeline immediately after purchase. A phased approach helps manage expenses and allows you to gradually personalise your space over time.
Say, If your property is furnished, you can save money by using the existing amenities, like kitchen slabs and furniture. You can plan to get other necessities gradually, in order of priority. On the other hand, if your property is unfurnished, start with basics like cupboards and kitchen slabs. In the next phase, you can add items like sofa sets and consider decorative touches like texture paint. This step-by-step approach helps you manage your expenses while creating a cosy and personalised ambience.
4. Find the right time to invest
An aspect that is often overlooked is timing. Sellers are often highly motivated to attract buyers during specific seasons or festive periods like Dussehra and Diwali. During these times, they are more inclined to offer enticing incentives to sweeten the deal. These incentives can take various forms, such as price reductions, flexible payment plans, added amenities, or even the option to purchase a fully furnished property. Aligning your purchase with such offers can make the property more affordable and attractive.
5. Bundle your service options
Home buying can become a hassle if you’re not cautious. Dealing with multiple vendors for tasks like painting, cleaning, packing, and interior decor can be both inconvenient and costly.
Instead, opt for a one-stop solution that can bundle these services and offer you a cost-effective package. Consolidating these tasks through a single provider, will not only save you money but also simplify your transition into your new home—firstly, you save on costs by capitalising on bundled services, and secondly, you benefit from the convenience of streamlining the entire process.
Direct negotiations can sometimes be challenging, as emotions and personal interests can come into play, potentially leading to conflicts and prolonged interactions.
And if you lack the experience, market knowledge and confidence to negotiate effectively, you could use a relationship manager to do the job.
A relationship manager in a real estate transaction can act as an impartial facilitator, ensuring that negotiations remain objective and that both parties are satisfied with the outcome.
(The writer is CEO & Co-founder, NoBroker.com)