Posted on 31 Oct 2022
Purchasing land or a house involves a substantial amount of investment and it is one of the most important decisions one makes in a lifetime. Not only does it use the money one is saving but also is a commitment that involves a significant number of years if one purchases it on a loan. Here in the blog, we compile a list of mistakes to steer clear of while making a property purchase.
1) Direct negotiation on the final price.
People often make the mistake of starting the negotiations for the final price of the property. In such a case one often misses negotiating on other terms and conditions which do not involve the money initially. For eg, if you already finalize a prize with the agent and then come to know that the furniture in the house was not included in the cost, and you have already given the token money, there's not much you can do about it. Hence, the final price should be the last thing you discuss in the negotiation list.
2) Disclosing the budget firsthand
If one discloses the budget to the seller, they come to know about your paying capacity. In such a scenario, even if the property's net value is less, the seller might inflate it according to the disclosed budget which will lead to the buyer overpaying for the property. Details like budget, home loan amount should not be disclosed to the seller as they may play the psychologically after knowing these details.
3) Neglecting property evaluation
buyers often trust the word of the sellers and do not take the efforts to do a SWOT analysis of the property they are buying.
- Strengths: Near to the shopping market; hospitals, malls, corporate, schools, atm, offices nearby.
- Weakness: sewage pipes running, weak construction quality, not suitable for a rental property.
- Opportunities: in the future metro line connectivity, opening of malls, schools etc.
- Threats: the government might acquire land, opening chemical factories nearby due to availability of barren land, high tension Extension wire passing by, etc.
SWOT-analysis helps in arriving at an appropriate ballpark amount. It also helps in better negotiation as knowing the property's threats and weakness might help.
4) Emotional Buying
Many buyers sometimes make a property related decision emotionally. If one has a friend or a relative who has purchased a property at a place, they neglect everything else and make the purchase. Sometimes that lands people in trouble.
5) Pressure Tactics of a seller
Sellers often try to not give the buyer ample time to think as it often leads to buyers changing their decision. Sellers might claim that four other clients are also seeing the same property and if the buyer doesn't hurry, he might miss the deal. Claims like these are only to influence the buyer into making a prompt and immediate decision. This is not recommended while buying any property. buyers should take time and understand everything about the property before buying.
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