Top 5 tips for home buyers in a buyer’s market

A buyer’s market is perhaps the best time for a property buyer to enter in. Prices are at their lowest

and sellers are open to negotiate regarding the prices of properties. Moreover, there is an oversupply of properties in the market that allow home buyers to choose a configuration that appeals to them and fulfils their needs.

If you are looking to buy property anytime soon, then you can get the best deals as most Indian cities are experiencing price correction. Here are a few tips for home buyers to follow for snaring the best property within their budget.

1.      Research into a neighbourhood well

The top home buying tips always list due diligence on the part of buyers. Before contacting brokers or visiting houses, buyers must research into a neighbourhood thoroughly. Trends in most realty market dictate that home buyers do not settle for the locality they usually live in hence knowing the new neighbourhood before purchasing property there is of utmost importance. Look into the pricing, its movement and the extent to which you can negotiate.

Find out about the social amenities available in the vicinity- schools, banks, hospitals, shopping zones and entertainment avenues, especially if you have a family.

2.      Calculating distances between important destinations

You should also calculate the distance between your office and the neighbourhood along with that of the railway station and the airport. Most home buyers nowadays prefer to live close to their office so that they can walk to work. Others prefer living near the airport, particularly if they are frequent flyers.

Talk to your spouse to find out how far you are willing to compromise on the locality. Either of you will have to settle for longer commutes.

3.      Prospects of Capital Gains

Tips for home buyers dictate that you should research into the capital gains that can be availed from the property. Most neighbourhoods in cities like Bangalore, Pune, Chennai and Hyderabad are in the developing stage hence gaining in terms of capital values is much possible. If you are buying a home in Mumbai or Delhi, then gain in capital values may be difficult as localities here are saturated hence do not offer much scope for capital appreciation.

Investing in the outskirts is a good idea keeping in mind capital gains. However, lack of social amenities may make your day-to-day living difficult.

4.      Hiring a broker

Hiring the services of a broker is one of the common home buying tips. Brokers can carry out the leg work for you. They will locate the right property according to the requirements and price band given by you and negotiate with the developer and seller to get you the best deal. Brokers are often well connected with property lawyers and hence can help with the registry of the property.

5.      Considering several options

Because you have the liberty of choosing from plethora of options, you should make the most of it. You can visit several houses in a neighbourhood to get an idea of what is available. Who knows, you may settle for one in the first visit itself!