Tips to find out if you are paying the right price for your property

Metropolitan cities like Bangalore, are buzzing with a lot of real estate options. Whenever we wish to buy or invest in property the most basic criterion that will help us to narrow down the options will be the property price. Nowadays, the term "Property Price" has become a very subjective term. Different people are paying different prices for the same property due to various reasons like the stage of completion of the project, time of purchase, market trends, economic factors etc. Let us find out how to know if you are paying the right price for your property. Few things that can throw light on the same include:

Metropolitan cities like Bangalore, are buzzing with a lot of real estate options. Whenever we wish to buy or invest in property the most basic criterion that will help us to narrow down the options will be the property price. Nowadays, the term "Property Price" has become a very subjective term. Different people are paying different prices for the same property due to various reasons like the stage of completion of the project, time of purchase, market trends, economic factors etc. Let us find out how to know if you are paying the right price for your property. Few things that can throw light on the same inclu

BASIC RESEARCH:

The first and the foremost thing is to find answers to basic questions like:

• Current land value
• Current price trend:

Rising or falling, stagnant or robust.

• Concentration of potential buyers:

What about the demand for that particular property

• Developmental scope:

Are any new constructions or highlights coming up in that particular area?

-Check out the neighbourhood:

The nearby amenities, facilities, projects etc.

This list is actually never-ending. But getting ready with the answers to the above few basic questions will help you to zero in, on at least the area and proceed further to the property. It will also help you to better negotiate the prices.

BEGIN WITH THE FLOOR PRICE:

To bargain properly we need to first know about the floor price of the property. It is nothing but the minimum price which a seller can accept. This means any price over and above the floor price is a premium. This premium can be due to various reasons. We need to do a proper background study and have a prior understanding of the ground realities. Trusting the online portals alone will not work. Sometimes they are not reliable too. By doing proper field research we will be able to understand the pricing trends of different areas. For instance, flats in GUNJUR, flats in HORAMAVU, and are priced on the higher side when compared to the ones on the outskirts. So, a proper ‘area research’ inclusive of the likely future projects that might come up is also important.

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