The spotlight is back on negotiation as the real estate market changes from a strong seller’s market to a strong buyer’s market. After all, the right negotiation tactics can reap a harvest of huge savings. Today is a buyer’s market. The buyer should have the courage to negotiate. Do not expect the developer to quote a lesser price. You need to bargain as much as possible and you will be surprised at the deal you crack.
So, if you are sold out on the idea of buying now, but are still unconvinced about how to negotiate Hot property lists out few reasons that can help you secure your dream home with a cracking deal.
If you have some good hard cash in your hand and if you are really serious about buying a house, let us tell you that you are in a very good position as a buyer now. In today’s market the consumer is truly the king. This is the right time to buy a house. So don’t think twice or wait for the prices to fall further, just go ahead and buy one.
Another smart way of negotiating is to find out the competitors of the builder you plan to meet and tell him that you have checked out the competitors’ projects as well. Let them know through your tone of voice that you are a bit hesitant to deal with them, but since one of your relative or friend recommended his name you decided to check out the property.
If a builder quotes you Rs 50 lakh for a flat, don’t hesitate to start the negotiating process. You might just end up with a deal that suits both of you. Even if the builder does not reduce the per square foot rate, you might negotiate for extra amenities like waiver of stamp duty, parking space for free or less amount etc.
Hot Property spoke to a few more developers on the condition of anonymity. The market has no chances of changing at least till the month of March. The prices may remain stable or even fall further. But after March prices are expected to rise. Well, this clearly is a hint for you. If you plan to buy a house to reside in, buy it now. No doubt you will get a good deal by negotiating. But if you think of buying a house after March, there are chances that you won’t get as good a deal then. So, start your house hunt asap.
It’s raining offers: Newspapers are awash with news that developers are now offering freebies never heard of before. There are builders who are giving away expensive car on the purchase of a bungalow or a free 1BHK if you buy a 2BHK. Make sure you check up on all the conditions that apply to these schemes.
Also, find out the prices of the freebies offered to you so that you know whether you are actually striking a good deal or not. If you find that you don’t want these freebies, check if you can get a good discount for the flat you want to buy.
1. Check out at least five to ten projects and then finally negotiate on the one you find the best
2. If you like a flat just act normal and don’t get over excited in front of the developer or he will never agree to negotiate
3. It’s essential for a buyer to be aware of the local area rates before negotiating for any deal with a builder. The time frame of payments and the dates of possession are also critical factors
4. Do not be afraid to name your price. Even if it seems very little to you.
5. Do not reveal you need for accommodation
6. Lastly be confident. Etiquette has a place at every negotiating table, but there is no need to be timid. Your job is to get the best deal you can.