Real Estate Is Open To Negotiations

Any and every discount that one manages to grab while home buying is worth it. But such price advantage will also depend on your negotiation skills. Do you know that it is not just the developer who can offer you a slight price cut but others as well. Know them and how much you could negotiate.

From the brokers

We may have moved online but buying a property means you will need assistance and brokers are indispensable that way. Did you know that you could negotiate with brokers as well? However, it depends whether the market is controlled by influential brokers and finance companies. In such a case, it may be difficult to bargain hard. Often, homebuyers would prefer an influential broker with a good reputation in the market to help them sail through the home buying process and although certain brokers fix their service charges at 1 or 2 per cent, you can negotiate if the price of your property is high. Both buyers and sellers have to pay this brokerage in the resale market. You could save on this cost too if you are buying directly from the developer.

From the banks

There is no harm asking a bank for their best pricing. You would be surprised to know that you could save a great amount by negotiating with banks and comparing the loan rates of different banks. There are also fees and rates for processing such loans which your bank may agree to bring down or waive. When you choose a bank, also check their foreclosure charges and prepayment penalties and make an informed choice. There is scope to negotiate and save.

Home loan insurances also come along such loans which further saves you not just from additional expenses in terms of unforeseen circumstances but also protects your family from liabilities they wouldn’t have been otherwise prepared for.

From the sellers

A seller may have different reasons to sell. Many a times, it could be distress selling or when they wish to sell for liquidity to fund an emergency. Some may be relocating for good. Get to know the purpose behind a sale in case it is a resale market. You may be able to negotiate better. For example, if a seller is relocating within  a short span of time, he/she may be willing to part with a property at a discounted rate. But bear in mind that no seller will go overboard with such discounts. Therefore, do not stretch such demands too much but ask for what is negotiable.

If you are buying from a developer, the market is just right to help you grab that discount. With a lot of unsold inventory, developers would rather see their stock clearing than pay taxes on unsold units. Every developer realises that sales is better than holding up. The last three years were dim for the real estate sector as a whole and prices have stabilised. This is the best time to invest and also ask for a  price-cut. There is a possibility of 5-10 per cent discount or alternatives in the form of packages such as free furnishing, free parking space, cars, gold coins, holiday packages etc that could be luring if you are going in for a quality buy.