Top 7 Real Estate Negotiating Tips Every Home Buyer Should Know

Negotiation before investing in a property is the most important part that allows to clear all your doubts towards the deal. The fluctuating Indian economy has impacted the real estate sector largely, resulting to piling up of the inventories, thus offering the chance to buyers for having negotiating with developers. Negotiation is a part of a deal and needs a concrete strategy to gain possible effect out of it. In a broader sense, as a buyer, you need to have a proper idea about how to negotiate and what points to put in front of the developer.

Below are the top 7 points to consider when negotiating with the developer:

1. Beef up your Knowledge

Before having a negotiation, beef up your knowledge about the current real estate state. A detailed research about the property you're buying will help in knowing about the property. Compare current prices with the launch price to know if it suits your budget and EMI to be paid for the project. You can gain knowledge from the Indian Real Estate Forum where different home buyers place their questions regarding the project. Also there are online real estate blogs having articles regarding home buying tips. This way you can raise your knowledge about the property.

2. Know the Real Estate Market

Before sealing the deal with the developer, you should know the potential of the market for negotiation. This includes getting the price fact about specific locations and comparing the same with others. Whether you're buying the apartment within the city or outskirt of the city, know the real estate market.

3. Gaining Cash Discounts

Learn how to convert meaningless offers into significant cash discounts. Developers usually place ads like freebies and offers. During festival season, developers usually offer gold coins, vehicles, international holidays and others attract buyers. If you don't find any value in such offers, then negotiating with the developer for better price makes it important.

4. Expressing the Interest

While negotiating with the developer, you should express the interest about the property. As you show keen interest on the property, you must visit the developer along with chequebooks for a token payment. Seeing this, developers will certainly offer discounts for a better deal.

5. Classifying the Area

Municipal corporation in the respective city has categorized the area, according to the ward. Based on the ward, built-up area, property tax and real estate price has been staged. Top category ward real estate price should be compared with the other ward price. This will help you to know which ward does fits your budget and what offer you should get.

6. Be a Serious Buyer

An important of negotiation is to be a serious property buyer whom developer takes serious and offer some real deals. If you are armed with sufficient knowledge and required skills about the property purchase, then you're surely going to get the best deals.

7. Compromise with the Deal

Well, compromising with the available deal is important because not every deal will fulfil your requirement. Don't expect that every ideal home will fulfil your expectation. Some project may lack the amenities; some may have all the amenities, but sold at a high price and many other things. So learn to compromise with the deal you're getting.

Conclusion:

The decision to buy a property is itself a big deal, which should be done without any haste and with the right planning. Negotiation being a part of property buying should have a layer and hunger of knowing something. Seeking advice from the real estate expert will certainly help in gaining an idea about the negotiation with the developer.