What you need to be wary of while buying a new house
Are you contemplating buying a new house? You need to be wary of certain things that can fool you. Things that agents and builders say that can entice, cheat or downright rob you of your hard earned money. Let us look at a few phrases that are thrown around loosely when presenting a property:
Real estate prices never go down
The first thing a builder or realtor is likely to tell you is that real estate prices never go down. However, real estate, like any other asset classes, goes through periods of ups and downs. The only difference is that it is not as unstable as stocks or gold.
This is the most affordable project in this area
Most builders give you this jazz. Make sure you research about the neighbouring areas before investing in anything. Do not believe a person who usually wants you to buy something from him rather than anyone else. He is a salesman after all.
We will deliver on time since there is a penalty clause
This is one more claim that builders and realtors make that never happens. They eventually find loopholes in this so-called penalty clause and work their way around it to deliver on a date suitable to their whims and fancies. So, be prepared for it.
The freebies bring down the effective cost
Most realtors claim that the freebies they are offering you are worth the extra price you are paying for the entire project. From registration fee to modular kitchens, even cars are being offered when you book an apartment in a project. This is mostly false. At the end of the day, why would anyone with an interest to make money do something like this.
If you are able to discern well and have someone experienced in this matter, then buying a flat will be easier for you. But you need to be informed about the usual claims such people make.