Home selling tips

These days many real estate investors are looking for buyers to leverage their investments through flat sales. Here are some tips which will help you to get the maximum price of flat, when you sale them in buyer’s market;

Property Guide:

In present, our country is witnessing huge growth in buyers market and it’s just because of slow economy in which buyers are trying to leverage their real estate investments. According to estimates of real estate experts, it can take many months for brokers to offload the current inventory. Normally, any property takes more than two months to crack sale and in that scenario if home owner want to sale his property in very less time, so sellers can find it difficult to get the good price for property. But as home seller you should not be disappointed because still there are some tricks through which you can get good deal for your property. Here are few important suggestions in an order to make a deal at good price;

1. Take a help from real estate agent:

Buyers market and sellers market is totally different and its real estate agents who can help you perfectly in this situation.  Help from real estate agents will be very useful because they are the person in market who constantly receives inquiries about residential and commercial properties. Apart from that you can also list your property on real estate portals because in present these real estate portals are accessible from large number of audience. While listing your property on real estate portals make sure that you are adding good quality images of your property from different angles because it will allow buyer to sneak peek into the property. If you are not good in clicking images than you can also hire a professional to click the photos and this property pictures will be good enough to flatter the buyers. It’s strongly recommended to not touch the images because it can provide false impression of your property. However; real estate agent will change some fee on their service.

2. Quote your home at right price:

It’s very important to quote your property at right price as per latest market trends because to earn more profit if you will set your home price higher than the market trends so there are chances that you will find it difficult to get the buyer in stipulated time. It’s recommended to consult with your real estate agents and select correct price with some elasticity, so that buyer can also negotiate till some extent. If you want to sale your property soon, so you can fix your property price little lower than the properties of your neighborhood.

3. Be ready for negotiations:

In the country like; India, every buyer prefer to leverage the situation and negotiate on the price no matter they are buying properties in lakhs or electricity gadget in thousands rupees. Never hesitate to negotiate with prospective buyer, who is ready to offer little low prices than your demand. If there are any taxes due on the property, so you should discount the price and tell the buyer that you will clear these dues before settling a deal.

4. Try to be flexible:

Whenever buyer asked you to show your home, so try to offer them visit because most of the time during weekends and daytime buyers love to visit the property and on that time you should be there, so that you can represent your property in good manner.

5. Fix –up issues:

If you have any issue at property location or in building so try to fix that issue because if you will keep your property in tip-top condition so it will impress your prospective buyer. If you are sure that you are going to sale your property, so you can get the fresh coat of paint at your home and it will enhance the valuation of property.

National Real Estate Development Council

India will require to build at least 30000 to 35000 dwelling units daily for 8 years to meet the housing needs of the country, says the National Real Estate Development Council (NAREDCO) report.

A majority of these houses need to be in the affordable segment requiring investment of more than US$2 trillion since a fifth of urban and rural households have limited access to housing facilities.

It is estimated that in the next eight years, India needs to invest more than Rs 125 trillion (USD2 trillion) at current prices to meet its housing needs, which is over Rs 16 trillion (USD260 billion) per annum.

“Large-scale development of affordable housing projects is still a challenging proposition for many private developers,” it said. The current housing shortage in urban areas is estimated at 19 million units. Of this, about 95.6% is estimated to be from economically weaker sections (EWS) and low income group (LIG) households, who cannot afford houses costing above Rs 15 lakh.

“A major issue in the real estate sector, which has increased risk affecting the availability of liquidity is the widening of the real estate project life cycle. A project today takes anywhere between seven and eight years, of which about 20%-30% of the capital investment happens in the initial years. Liquidity from formal channels is available only for four to five years, and that too at the start of construction. Thus, the lack of long-term capital in the sector could be restricting entry of new players into the market,” Said Neeraj Bansal, KPMG India head real estate and construction.

Buy, Rent and Sell property

Do you want to buy it because you want to live in it with your family or do you look for an extra income that the house will bring in the form of rent? Or, are you simply buying it for long-term value leverage?

When should you buy a property?

Often we are confused about choosing the right time for buying a property, but the ‘right’ time for purchasing a house is completely depends on you in other words, whenever you yourself are ready for all the responsibilities that come alongside purchasing a house. It is equally important to think through the purposes of purchasing a house. Do you know why you need that house? What is motivating you to buy that house? The more focused your search will be, the better result you will get that meets your requirements.

What makes more sense — Rent or Buy?

There are several key points to consider which making your choice between buying and renting.

Prefer buying it if you find a house of your choice, that is near to your workplace or easily reachable from there. As it is obvious that banks don’t provide 100 % loan amount and you have to shell out at least 10-15% of cost, make sure that the Equated Monthly Installment (EMI) which you have to pay against your investment should not exceed 40 per cent of your monthly income, otherwise it would be difficult for you to repay the loan amount. Moreover, if you are already paying a monthly rent that is almost over 75 per cent of your applicable EMI, consider buying a house.

What to buy?

Once you decided to buy a property, next decision in line is what you should buy – Apartments, residential plot, independent houses, single floors, and multistorey flats. Each type of property has its own advantages and disadvantages based on the location.

Plot Vs. Multistorey?

In India, though there is a huge demand of plots rather than apartments, multistorey apartments are also gaining popularity slowly especially in established urban areas. The reason is affordability of land and the convenience and security offered by apartments. Also, increasing trend of nuclear family is pushing the need of selling large plots for smaller more compact apartments with centrally managed facilities.

What you need Independent plot or apartment in a gated community?

Gated Community is today’s form of residential complex, covered by high walls and fences. It has provision of surveillance based entrances to keep watch on those entering the community, cleaning amenities and surroundings. These gated communities provide the freedom of hassles-free life by taking care of everyday civic problems. An apartment in a gated community is generally a safe bet. An independent house, on the other hand, can be customized as per buyer’s need. An independent house provides plenty open space and clutter-free living.

Whatever you decide, always make sure that you are going to take care of the common facilities such as water, roads, and power supply and back-ups etc. Still there are certain developers who offer villas or townhouses within the gated complex with all the facilities that generally come with apartments. Though these options are little more heavy on your pocket but much safer and hassle free. However, you should be ready to pay maintenance charges for using these facilities.

Real estate development across Eastern suburbs

Eastern Mumbai suburbs are among of the fastest growing residential centres in Mumbai metropolitan region. This area is advantageously located in proximity to other industrial sub-markets such as Bhiwandi, Badlapur, and Dombivli-Kalyan. Situated in Mumbai Metropolitan Region, these eastern suburbs have attracted a lot of heavy investments from established builders and developers.

The Mumbai Metropolitan Regional Development (MMRDA) authority has developed several residential zones that have led to this sub-market’s emergence as a major residential hub. The demand for homes from workers employed in these industries is therefore considerable and constantly rising. This provides eastern suburbs with all the attributes of an ideal real estate investment market, offering low entry points and high appreciation potential. Developers have already acquired large land parcels in eastern suburbs, while others are actively seeking such parcels for development. Some residential projects by elite developers have already been launched. This sub-market has especially high potential for integrated township projects and affordable housing undertakings. The eastern suburbs will continue to attract demand from the large existing workforce as well as additional manpower that will migrate there over the course of the next few years. The government of Maharashtra has already extended the jurisdiction of the MMRDA for the eastern suburbs up to Kasara and Karjat. The planned infrastructural initiatives in this region will further aid the emergence of these suburbs as a major real estate growth node. There are plans to set up a cargo airport, with industrial firms from abroad showing keen interest in establishing their manufacturing facilities in the area. With industrial growth acting as a pull factor for this sub-market, real estate development across the eastern suburbs’ various segments will find increasing traction going forward. The real estate story has just begun for Mumbai’s eastern suburbs. Residential prices in these areas are already up and give every indication of healthy rise in the future. This is a market that is especially appealing for large plot investments, and long-term investors who value the success formula of its unique combination of growth drivers.