We found 0 results.
View results
You must have researched quite a bit over months, or even years, to find the home of your dreams. Because buying that perfect home at the location and budget of your choice is rarely an impulsive move. Unless of course you have instantly fallen in love with a home and have the finance ready to purchase one. The bottom line is, after all, to clinch the best offer on your cherished abode.
On the negotiation table
Now that you have indeed found the home that ticks all the boxes on your wish list, there are a few important factors to keep in mind. One such aspect is that of smooth negotiation especially if you want the sweetest of deals out of your purchase. Yes, there is room for some sensible discussions with your builder.
Most leading developers, such as HM Constructions https://www.hmconstructions.com/ place the homebuyer first at the top of their priority list and are often open to any kind of interaction with customers on even ground.
There are a few pertinent aspects to keep in mind while you are at the negotiation table.
1. Study the market
Well informed is well-armed, is a popular adage. One of the first tasks, before you decide to discuss certain terms with your developer, is to do your own rigorous homework on the various projects and the prevailing rate in the market around the location. You must remember that the objective behind every developer is to find serious homebuyers or investors for their projects. So, the rate per sft of each project in a particular location will not have a wide margin of difference in order to make it attractive. This is the reason it is wise to know the exact rate up for grabs in the locality of your choice. It will also reveal your knowledge about the market, and the scope for negotiation, when you decide to discuss the project with your developer.
2. Compare project details
Do your homework by accessing the developer’s website and the link to the project site. Most established developers mention the price tag and exact specifications on the range of homes on offer. Compare each project, the floor area, amenities offered, special benefits or facilities, etc. and the rates with other projects in the locality. This way, when you begin discussions with the developer, he/she will know you are aware of what other developers are offering. Knowing that you are indeed knowledgeable also reveals you are a serious homebuyer and not merely a window-shopper. This will create mutual respect which will open up a positive interaction.
3. Draw a plan
Time is precious for both, you and the developer. Respecting each other’s time can go a long way in establishing a rapport. This is why it is essential to have a concrete plan in place on the points you will negotiate on, prior to your meeting.
4. Have a realistic offer
When you begin negotiating with the developer, it is important to remember to quote a realistic rate for the house. Since the developer is aware that you have done ample research on the project and you are indeed interested in getting the best deal, you must be reasonable not to offer a very low price. By quoting an unrealistic price, it can ruin your chance for a sensible negotiation. There’s a difference between an initial offer and the actual discounted price. Your initial offer can be up to 15 percent lower than the quoted price, but eventually, you should be willing to settle for a 7-8 percent discount.
5. Wise upgrades and changes
If the home of your choice is under construction and you would like the developer to make a few structural or design changes in the house, the best time to discuss the costs and possible bargains at this stage. Here again, you must know when to draw the line on your negotiable rates. Asking for unreasonable additions that are not structurally possible, or which are time-consuming will create unwanted bitterness between you. Before you begin putting forth your requests, find out if it is doable.
6. Stick to the deal
Once a deal is struck on a certain rate, do not return to the negotiating table. The developer would have already offered you the best price in the market against all odds – yours and his/hers – under the prevailing uncertain market conditions. Once you both have agreed on the price tag suitable to both, it is best to avoid negotiating on the rate again.
While there is ample scope for negotiating the best deal on your precious home, you must also remember to go beyond the price tag to weigh in on the exclusive perks, accolades, and added features that come with the project to make it a unique one.
Contact us on 888 022 5555 to know more about our projects.