Real estate purchases are a double edged sword of sorts for maximum customers and real estate enthusiasts. Often, you end up liking an apartment or home and you end up buying it based on your gut feeling only to regret the absence of something later. Sometimes, you try to resist the overtures of real estate agents and sellers and realize later that you missed out on something really good for you and your family. These are common dilemmas that we all face these days and these are problems that make choosing property a real difficult affair. The first question is do you have to get an agent or broker? This is something that most buyers end up doing anyway. However, getting an agent can either benefit you or lead to you spending huge money on a thoughtless impulse decision.
This happens if you get carried away by fancy sales talk and pitches made by brokers and agents. In most cases, agents are best avoided as they charge hefty commissions and fees from both buyers and sellers. This translates into an extra expense for you along with having to put up with push selling mechanisms by agents for properties they are particularly interested in owing to higher possibilities of lucrative commissions. Now, if you have to go for an experience real estate agent, here is how to detect all the fancy sales talk he/she might be pouring into your ears. At times, though, real estate agents can prove to be valuable companions.
A real estate agent might be helpful in some cases but you need to be extra careful in order to preserve the safety of your investment. There are loads of stories that we keep hearing which pertain to how people have lost their money on poor properties after falling prey to the lofty claims made by real estate agents and brokers. This has happened at least to one or two people we all know over the years. This spawns fears and doubts regarding real estate investments. How do you minimize your money loss? This totally depends on your capabilities and ability to detect fancy sales talk. There are many statements that agents or brokers make with regard to properties and you need to be very careful accordingly.
While purchasing real estate property, you should keep in mind that real estate agents are focused on the business. The feeling you get when you purchase a premium new apartment can have you sandwiched between false and lofty claims and promises that can be severely misleading and harmful. If you hear your real estate agent claiming to have a cozy and warm apartment in his kitty you should not be falling for the same. You should bear in mind that he might just be referring to a cramped apartment instead. The clichés of the industry tamper with the actual definitions of high class and clean apartments. If you are looking to invest in premium and posh areas, especially near the sea, you should be ready to hear quite a few things from your real estate broker.
Your broker may keep harping on ocean view which is a dream for any real estate investor worth his salt. However, any real estate broker will not be able to get you the actual view of the ocean even though you are promised the same. Real estate agents often pinpoint particular apartment complexes as properties with dazzling ocean view. However, they do not quite let you in on the possible obstructions in this regard including tress and tall buildings in between. Once you pay huge money for a flat with views of the ocean, all you get is a fractured view of the same and you will surely end up regretting your investment. This is a situation that frequently takes place in places like Mumbai and Chennai and investors are often taken for a veritable ride of sorts.
Sometimes, you are also promised huge car garages or parking areas that can hold two cars at least. We all desire garages for two cars these days but sometimes there are storage areas or dryers installed into such garages and you will find that there is not enough space for two cars by all means. Alongside, agents also harp on the fabulous price you will be receiving if you intend to sell the property in the future. The agents also claim to help buyers get this fabulous price whenever they sell the property. This is not something you should fall for especially in today’s times. Property prices and rates are not in the hands of these brokers and agents. The behavior of the market and its prevailing trends cannot be predicted exactly and you may be in for a raw deal at times. Do not go by what your agent says with regard to getting you a great price or a rate that seems too good to be true.
Sometimes, real estate agents pitch particular localities as the best ever locations in the city. This is more often a lie and you should be wary of the same. There is no such rating that can apply for localities and the value of a property can only be gauged through multiple factors. Agents often spin yarns about impending development in the area and its popularity among buyers but all this can turn out to be false. They may label some areas as investment paradises and may lie about upcoming schools, banks, hospitals, other institutions, commercial spaces, malls and other recreational areas coming up in the area. Always enquire thoroughly from the local municipal corporation and other information sources with regard to upcoming development in the area without blindly relying on your real estate agent. The final lie to detect is the agent’s desperation to sell by stating that there are very few units left. This is one of the foremost ways to force buyers into making a quick decision. Always steer clear of these fancy statements from real estate agents while buying property in any Indian city.