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Property or Home Buying Guide

7 things to know while buying a home

Buying a home, property or flat is one of the most important decisions of life for most of the people…this is so because most of the people in our country who buy a home , Property or flat does so only once or twice in their life time…house is one product which consumes a large portion of of one's lifetime income.


Inspite of it being such an important decision, the consumer buying behavior in case of a housing property is not that much evolved…the consumer buying behavior is more evolved in case of buying a TV / Music system than in case of buying a house…


Most of the home buyers, while buying the house, property or flat focus on only 4 aspects – 1. BUDGET…2. LOCATION….3. NUMBER OF ROOMS / SIZE OF THE HOUSE…4. TYPE OF HOUSE…lets have a look at these 'very obvious' aspects that people look at, while buying a house.

  • Budget – this is the first aspect / point taken into consideration…people know how much amount they can contribute from their own sources..Viz. savings, parents, investments, etc…then they check out how much home loan they can avail…thus they arrive at the sum total, which stands as their budget.
  • Location – this is one of the most initial aspect looked at…more than 90% customers zero down on one or two or three locations in the city where they want to buy property at…the things which evolve this decision are – personal liking of the location , relatives or friends staying in that location, proximity to place of employment, etc
  • Property Type – what kind of property that one wants to buy – apartment or a tenement or a bungalow or simply a piece of land….this is most of times governed by the budget/ affordability aspect….this is many a times decided once the customer starts searching for property and then understands the prevailing market prices.
  • Size Of House / Numbers Of Rooms - this is a very initial level decision…most of the people are fence sitters on this aspect…for eg they look for either a 2BHK or a 3 BHK flat…etc

However, for most of the home buyers, the aspects which govern their purchase decision get over with these four aspects…..


Lets look at the 7 things other than these 4 ' very obvious' aspects , that every home buyer should look at while buying a home -

  1. Choice Available and Comparision – once you zero down on the preferred locations, visit as much as possible, ongoing projects in these locations….also prepare a comparison chart for all the properties that you visit…even though you like the first property that u visit very much, make sure that you visit ample number of properties before you finalize…we would also suggest that one should also existing properties available for RESALE in the given area…who knows where you can strike the right sized , right priced, right choice property…..most of the customers visit only 3 to 4 properties before taking the decision…the right number can be anything between 7 to 10 properties….any given location in baroda would have more than 10 options for any type of , any budget of property.
  2. Vicinity To School, Hospital, Police Station, Railway Station, Market For Daily Use Product, Religious Place, etc. – this is a major aspect that one should look at while buying property as it would impact day to day life….the more the near vicinity to these amenities, more is the convenience available in daily life, however it also means that more is the probability for higher price.
  3. Potentional For Future Development Of That Area- look at how has that area developed in last 10 -15 years…check if there are any major industries / companies / places of employment in that location…check what are the plans of the development authority for the development of that area…try to guestimate what that area /location would be after 10 years…the more the chances of commercial development of that area , the more the chances of appreciation of that property…for example all properties on old padra road / akota has seen much higher appreciation than properties on waghodia road / ajwa road / tarsali area.
  4. Potentional For Appreciation Of That Property – always remember – ' Land is the only Asset in world which Appreciates ', all other assets depreciates with time…so the potential of appreciation of land is much more than an individual house / bungalow which has higher appreciation potential than an apartment property….Also try to guestimate about how much will the property appreciate in next 10 years…
  5. Construction Quality – this is a very easy thing to check when you are buying a ready property…if you are buying a property which is under construction, check the quality of construction in the past projects of that developer…visit the past projects of the developer and check the quality…it is very likely that it would be similar for your project also….try to meet the site engineer or the architect and understand the project details from them…inquire about the materials used in construction…
  6. Actual Product – Developers generally sell property on per square foot price…however what is that ' square foot' ? …there are three different units of ' area' in the property market…viz carpet area, built up area and super built up …developers generally sell properties on ' super built up' unit area….check what is the actual carpet area that you are getting.
  7. Hidden Costs / Other Charges – clarify all the hidden costs / other charges on which you would be spending money till you move into that property…it is very likely that the cost escalates by 10 -15% many a times….

Looking at these 7 aspects is equally important as of the 4 'very obvious' aspects., while buying the home……Remember , buying home is one of the most important and impactful decision of your life.


Property Selling Guide

Looking to sell your property or home?

If you are looking for selling your property, home, flat or house, here is a piece of advice from Gujarat Realty, a professional player in the field of real estate.


We at Gujarat Realty advise all prospective real estate sellers to remember the 4 most important points as mentioned below -

1. Detach Your Emotions – Real Estate Transactions are 'very high involvement' decisions for most of the people. The reason is that most of us buy or sell real estate very few times in our life time. Normally just once or twice in life. Also there are lots of emotions attached to real estate in our country / culture, especially when it is a residential property – 'HOME'.


You will find us and many real estate agents refer to your purchase as a "home." Yet if you are selling property we refer to it as a "house."


There is a reason behind this. Buying real estate is often an emotional decision, it is not simply a real estate but where you see yourself and your family live and hence you buy a home.


However when selling real estate you need to remove that emotion from your equation. You need to think of your house as a marketable commodity- Property/ Real estate. Your goal is to get others to see it as their potential home, not yours.


2.Pricing It RightQuoting 'RIGHT' price to the prospective buyer in the first / initial inquiry is a very Right strategy to sell your property, home, flat or house promptly and deriving the Right value out of the deal.


you start out with a high sales price, then drop it later -- your house is "old news." You will never be able to recapture that flurry of initial activity you would have had with a realistic price. Your house could take longer to sell.


Please understand that as your receive a multiple numbers of inquiries, similarly, the home buyer also makes inquiries at multiple number of properties. If you initially quote a higher price with an intention to reduce it during negotiations, the probability lies in the home buyer not even short listing your property for negotiations. Home Buyers are generally a very informed lot and do lots of research on pricing before taking decision.


Let us assume you have landed an uninformed buyer and you have negotiated a higher sale price. In today's market most buyers need mortgage or a Home Loan to buy a property. The lender will have a value appraisal based on current market conditions, for new property and the depreciated value for construction of your old house. If the appraisal leaves a huge gap which has to be funded by the buyer then the deal falls through.


Once your home sits on the market awhile and you have also lowered your price it is harder to get a good offer. Potential buyers will think you might be getting desperate, so they will make lower offers


By overpricing your home in the beginning, you could actually end up settling for a lower price than you would have normally received.


The help of an experienced player like us in the initial appraisal of your house cannot be underestimated looking at the cost of failure.


We advise prospective Home Sellers to price their property in a realistic manner after doing a survey / research. One should not add the cushion for reduction of price in the negotiations round.


3.Take Help An AgencyYou don't sell real estate every day. The process of selling real estate is difficult and time consuming. When you are selling your real estate, you are also competing with the new properties and other resale properties available. For all these reasons, we would advise all prospective property sellers to hire an professional agency i.e real estate marketing company / consultant / property dealer for the job. The agency would charge you 1 – 2% of the transaction value. But at the end of the day, you would be at Gain.


4.Chossing The Right Agentx - There are hundreds of Property Dealers / Real Estate Agents / Consultants, but very few Professional Players. The reason is that there is no Entry Barrier for anyone to get into this business. Choosing a wrong property dealer / consultant might not get you the deal done or even might get you into a problem if it gets you a wrong or scrupulous buyer. Please check the credentials of the agency before you hand over them the contract to sell your property, home, flat or house.


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