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TIPS FOR HOMEBUYERS TO BUY A PROPERTY AT A LOWER PRICE

Posted by Balaji on March 29, 2021
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Buying a house is one of the most important investments in our life. And, while we all have some expectations from a property that we buy, we certainly do not want to be taken advantage in order to get our dream house. Earlier it was difficult to tell if a home buyer is getting a fair deal. However, buyers are now finding it easier to stay informed about market prices thanks to online real estate portals. When purchasing a house, you would definitely want to save money. Although the real estate market does not change overnight, the following tips will help you get a better deal on a home.

1) Recognize a buyer’s market

A buyer’s market is the one where the inventory of properties is higher than the demand. It is easier to negotiate the price in such a market. Furthermore, in order to sell their property, even sellers are willing to make a competitive bid at an affordable price.

2) Take advice from a real estate professional

It can take a long time to research the market and find a budget-friendly property. As a result, hiring a real estate agent or consultancy to find a suitable house within your budget is preferable. You should check their feedback before recruiting any of them.

3) Negotiate with the seller

When you have no previous experience in the locality, negotiating with the seller or builder can be challenging. But there’s no harm in doing it because there’s a good chance you’ll get a discount. Before you begin the discussion, you can determine the property’s value based on its construction quality, land cost, and a variety of other factors. Also, thoroughly examine the property and identify any flaws that you may use to negotiate a lower price.

4) Look for an under-construction property

If you’re looking for a low-cost house, an under-construction property is a way to go. These homes are less expensive than their ready-to-move-in counterparts. When purchasing such a house, make sure it is RERA-approved.

5) Buy a house in an up-coming area

Properties in emerging township projects are less expensive than those in city centers. You can save 20 to 60% of the purchase price by purchasing a home in the suburbs. In addition, such homes appreciate value over time. Furthermore, living in such a location provides you with a new and safe atmosphere.

6) Find a resale house

Second-hand property prices are proportional to the standard of building, age, and a variety of other factors. However, you can be assured that you will be able to save enough money by purchasing them. When buying a resale home, you must haggle over the price and try to get a discount.

7) Buy a property in an auction

Government-sponsored auctions are a popular place to find a good deal on a home. However, you must determine a property’s cost property before quoting a price. Even, if you want to win the bidding war, don’t quote a higher amount.

Conclusion: If you want to purchase a house at a cheaper price, it’s best to wait until the right time comes. In a buyer’s market, buying a home will save you a lot of money. If possible, you can employ a real estate agent to assist you in locating a property that is within your budget. You would have a greater chance of saving money if you negotiate the price of the land. You can also save money by purchasing a property that is either under construction or is in a developing city.

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