What to expect when buying a new, ready property The real estate market in Bangalore today, is witnessing a plethora of ready-to-move-in residential options, across all budget segments. The good news about these options is that you don’t have to go through the uncertainty of when you will be handed over the key and get complete possession of your home. Given this key advantage, the prospective buyer also needs to be aware of several other factors when going in for the buy. In our endeavour to help our consumers, Magicbricks talked to several industry experts to give you some aspects that need to be kept in mind when exercising this option. Advantages “One of the advantages that buyers of ready-to-move-in apartments have is that you could have additional financing options,” says Mukesh Pavar of Radiant Realtors, a company that focuses on premium projects in the suburbs. “Builders often want to either off-load the apartment or have already gained brownie points with banks due to project completion. Some developers even offer builder financing, where he is able to get you a good rate from the bank. Such factors help you to drive a better deal.” “Depending on the time when the projects got ready, there could be a price pressure on the builder. This can help buyers negotiate a better price on a new home,” says Ali Zeini, property adviser and consultant, Zeini Properties. “You love the house, except for the door that separates the kitchen from the rest of the area. It is easier to get this knocked out and modified to have an open kitchen, at this stage. Or you would rather have the living room area extending seamlessly into the balcony and instead of just a grill prefer to install windows there. All these customisations that do not change the basic nature of the construction can be incorporated at this stage,” Drawbacks There are a few drawbacks also, that the prospective buyer must be aware of. By buying a ready-to-move-in new property, you get the latest technology and systems, but there is a cost involved in this, say industry players. Move-in doesn’t mean livable “Chances are the ready-to-move-in property is in the outskirts or in the vicinity of several under construction projects. When going in for these `ready’ options you need to be sure about the timeframe before it gets livable,” says Pavar. “Even if you are considering the rental option, the area may not be suitable. So, the only choice you may have is to keep the property locked and secure till further development happens.” Even in case it is in a relatively developed area, the chances are that as the first family, you will be the one facing the teething problems that all newly built homes go through: like unidentified seepages, tripping generators, dust from constructions in the neighbourhood to name a few.
Posted on: Tue, 25 Nov 2014 05:47:41 +0000
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