Real Estate Tips For Buyers In 2017 Fiscal
The 2015–2016 fiscal witnessed a slump in the residential real estate sector, with almost all the cities displaying a similar decline in both demand and supply. However, the second half brought some hope and relief.
Compared with the first half of the financial year 2016, the sales in second half were down by just one per cent. Taking a cue from the previous financial year where end users accounted for approximately 97 per cent out of the total demand in nine major Indian cities, an uptick in sales is expected in the coming months.
Begin your search early
If you intend to purchase a home this fiscal, keep your mind open and don't be in a hurry to close the deal. Buying a house is no mean task as it requires a lot of ground work and leg work. You will definitely find the house that meets your budget and needs, but be patient as it may take some time.
Consider the inventory available, if the market is sluggish you are likely to get a better deal.
You tend to overspend if you buy a property through bidding at an auction. But buying an inflated property is not a wise proposition because you may have a tough time reselling it when the prices drop. If you have plans to live in the new home for long, consider the locality, proposed developments, amenities and comparable homes in the neighbouring areas that fall within your budget.
The best homes in the market sell like hot cakes. Don't wait for a home that matches all your desired specifications as it is really tough to find the one. Don't just stop after a few property visits, explore the market extensively. Tip: Don't ignore your neighbourhood listings, you never know you might find your dream home right under your nose.
Get what you pay for
Some developers cut corners by hiring untrained labourers and contractors, paint walls without primers or substitute quality products with inferior ones. Once you have shortlisted your home, pay frequent site visits and inquire about the construction process and material used. Developers may tell you to take it easy but make sure you oversee the construction work thoroughly. Research well about the developer's credibility, experience and the market goodwill.