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How to Buy and Sell Real Estate in India

Written by Posted On Thursday, 02 May 2019 04:12

Any property, immovable in nature, consisting of land and buildings with amenities and resources is termed as real estate. The world 'real' is used as the property is a tangible asset, an asset that is physically real which you can touch and feel. Humans, as always, have had an affection towards owning land and residing in it. It is a means of providing shelter and rest. Ever since people started making money, they have invested turned towards investments. Be it gold, stocks, funds and deposits, bonds etc., investments have been another form of increasing one’s worth. Likewise, investing in real estate too has been in practice since a long time and for much of its duration, has been profitable.

Buying and selling real estate properties are always big financial decisions, and if correctly made, may generate huge profits that are incomparable to other modes of investment. But, the real estate market has always been both tricky and unpredictable, making and breaking careers of people all along. For the same reason, not many people like the idea of investing in real estate and tend to ignore the returns that it fetches. Finding success in real estate is all about analysing the market, possible risk factors and taking sensible decisions based on the same. Regardless, an increasing number of people have always tried their hands at real estate investments.

But, there are certain factors and criteria that people need to know before buying or selling their property. Ignoring to do the same might prove to be detrimental to their finance and may have a serious impact on their life. If you are looking to start your real estate career, either as a buyer or a seller, we suggest you take a look at some of the important things that every realtor should be aware of.

For buyers:

1. Do your homework: If you are buying a property or looking forward to buying one, it is highly essential that you do a background study about the property in question. Thorough research helps you in identifying whether the property is fit for you or not. Indian real estate market has a vast gamut of options so choosing the right one for you would become tricky if proper homework is not done. If you are buying an apartment or a house, it is implied that you should know the basic amenities that are provided – builder history, location of the property, construction materials, accessibility etc. Always know what you are investing in.

2. Consider risk factor: Although investment in real estate seems lucrative for its high returns, one should never forget the risks involved. Considering the fact that real estate involves dealing with a large sum of money, any buyer should be aware of the market risks. The thumb rule of investments is to buy low and sell high. Plan your finances and only invest when the market value is low. You might also take the help of realty advisors to get a proper idea regarding the same.

3. Negotiation skills: An essential skill that helps a lot in saving money, especially in India, is arbitration or negotiation. For a person who is excellent at negotiating, the skill comes in handy during the transaction. If you are not good at negotiating, hire a broker to do the work for you. It helps save money and sometimes can award you with a lot of perquisites that come with the property.

For sellers:

1. Hire a real estate agent: One of the best possible benefits of hiring a real estate agent is his/her network. Agents help fetch the best possible price for your property. While they take their cut, they help reduce a lot of trouble for you. Right from documentation to paperwork to negotiating with the buyers, agents will always get the job done in the right way. Ensure that you hire a professional who adheres by the ethics and works in your best interest. It is very important that the agent hired by you understands your requirements so put forth your intentions in a straightforward manner.

2. Price it right: If you want to get the best deal for your property, never price it too high. Chances of people not even considering your property shoot up in such scenarios. To get the pricing right, you need to stay updated on the market value fluctuation in your area and get an idea of the current price trends. If you still cannot draw an estimation, you could always consult your property advisor about the same. With their experience and expertise, they are sure to give you the best possible estimation. Upon assessing the same, you then take your final call.

3. Have patience: Having patience is the ultimate key to get the best offer. No matter what the urgency, do not hasten the process of selling your property. As the real estate market is always on a variation, you could consult with your realty advisor or agent about the right time to put up your property on sale. If you wait for the right time, you might be lucky enough to hit a jackpot. Patience, many at times, is rewarding so pull yourself together and wait for the right offer.

Conclusion: Buying and selling properties in India is more of a gamble than just a business. Consider planning and evaluating your requirements before deciding to buy or sell. If done right, it is definitely rewarding. It is important to tread carefully when in real estate domain. However, if you have already decided to invest your money in sites or plots, Mysore would be one of the wisest options to choose. For best sites in Mysore, log on to www.gssprojects.in.

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