How to negotiate House Prices in India

Tuesday, September 24, 2013

How to negotiate House Prices in India

When you set out to buy a property for yourself, whether residential or commercial property, one aspect always makes one apprehensive; and that is - the actual price of this particular property and what is the rate of return of the same over the years? The above mentioned questions need to be answered before we decide upon a deal or sign on a dotted line. The whole art of property dealing revolves around how to negotiate house prices?

Basic info

The first and foremost step is that be clear of your needs about the land purchase and the type of property you desire and in what location. The knowledge of one’s needs is the first real step in the direction of property purchase. The second is to decide on a property in the said location and research well about the property zeroed in, its former owners, its history, builder information and documents check, it will help you in knowing the complete history about the property you want to buy and also expose some weak points of the same on which you can negotiate prices on. 

Finding the right price

Make sure that you consult the local real estate agents and brokers before you try negotiating the price of the house you like.  This will help you understand the prices prevailing currently and what to expect from the seller of the property. 

Also, it is advisable to visit the builder office who constructed the property or the Government office in question to check about the land rules, legal issues, local problems etc, of the property. This will help you know that the property is legally constructed, is free of dispute and what are the circle rates of the land you intend to buy property in? This will go a long way in confidently negotiating the price of the property.

Knowing the local issues

The knowledge of local problems like water supply, electricity, internet issues, transport problems, distance from commercial areas, proximity to schools or hospitals etc, help not only in deciding whether to buy a property or not but also to negotiate its prices and by quoting the minus points in the same. 

The issues you are compromising with have to be mentioned to the owner and can be used for bringing the property prices down. Also, it is essential that you check the premises of the house extremely well and know the loopholes not only for negotiating property prices but for personal benefit.

Research well

All said and done nothing beats a strong research and recce of the property several times as there are points one may miss out in one visit or two and they can serve as the game changers for the upcoming property deal. Make sure you personally visit the property many times and research about the various aspects associated with it. This will help you get a clear idea about the property and its plus and minus points well. 

Remember, there is a basic price of every property beyond which the seller will never go, and there is an inflated amount in the quote, which you should find out and negotiate on.

About the Author-

Sampurna Majumder is a real estate blogger and provides information on real estate in India.


Vijay kr chouhan said...

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Apartments in Bangalore said...

negotiating the prices is like choosing the right one which is right and wrong. Nice post and thanks for sharing.

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