How To Get A Better Bargain From Your Developer

The current scenario in the real estate market with prices not shooting up seems a right time for you to think of buying a property, with sales volume down and inventories piling up have created the ideal environment for buyers to negotiate with developers. However, to negotiate and get a good bargain you need a firm strategy.

Let us discuss a few critical points which will help in your planning:

1)   Knowledge: It is very important to be aware of current market scenario before investing. The biggest factor is to keep a detailed tab on the unsold inventory levels; it will play an important role in the dynamics of bargaining power. Second most important thing is to keep an eye on the price graph across cities; this will help you when you are at the negotiating table with your developers.

2)   Cash discounts: There are all kinds of offers and freebies, thrown in by the developers, to attract buyers for example giving 10g gold coins, free stamp duty registration, free club membership, free modular kitchen, holidays, free cars etc. If you do not see any value you can negotiate for a better price.

3)   Expert help: Buyers generally avoid brokers to avoid brokerage fees. However at times it becomes difficult to strike a deal on your own with the builder, you could end up paying more or end up with an apartment in a bad locality. Buyers should explore all channels brokers, online details and well as direct contact with owners. Sometimes after proper evaluation it may emerge that a good broker is actually a good bet.

4)   Interest: Buyers should genuinely show interest in buying when they are negotiating the deal with the developer and they are not there just to gain some idle information. Developers often give a good deal if they see the buyer expressing genuine interest, go to the developer with your cheque book ready to pay a token amount immediately if a good deal is offered.

5)   Timing the market: Buyers at times waste a lot of time in timing the market, if builders are ready to offer you good deals, as a serious buyer you should leverage the opportunity, armed with sufficient knowledge about the current market situation, proper negotiating skills, go ahead and purchase a house at good price because you can never actually predict when the market dynamic changes.