How to expertly negotiate and close the deal on a property

By Jay Dee Infra In Home Buying Tips No comments

How to expertly negotiate and close the deal on a property

Knowing the market

After you have zeroed in on the property you want to purchase, find out the following details:

  • Get the rates of the other projects in that locality. If you find that the other properties are available at cheaper rates, have a talk with the builder to understand the reasons for his project’s higher pricing.
  • Know how long the project has been in the market. If it has been in the market for a long time, then you will have more bargaining power.
  • See how the project was priced during the pre-launch stage and how the price trend has been since then. Most projects will have resale properties available from people who invested in the project’s early stage. Check prices of such properties while negotiating with the builder.
  • Doing some background research on the builder will also help you. The builder might be cash strapped and looking to sell in a hurry.

Things to keep in mind while negotiating

  • Property is not a standard product like branded furniture or consumer durables where you cannot negotiation the price. For example, if you are buying a resale property and observe damaged flooring then you can always negotiate to subtract the cost of repair from the property value. In case the price is non negotiated then nothing much can be done.
  • Don’t fall for the pressure tactics of the seller. The fear of losing something hastens our decision making process and we tend to make wrong decisions.
  • Don’t go into a negotiation expecting a huge discount. A builder will typically offer a 5 to 7 % discount on the quoted price.

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