Buying Or Putting Apartments For Sale In Dwarka - How To Time The Market?

The topic has been in the discussion since long. When is the ideal time to buy an apartment? Or when is the ideal time to stay in rented place? The question seems childish to many. But as per real estate experts, it has many layers to it. Rather than thinking and arguing about the rationality of owning a house, we can discuss in detail about the pros and cons associated with flats for rent and buy in Dwarka

When Is The Ideal Time?

This is really tricky. Let's understand this situation. If you are in Dwarka for a shorter period of time and want to buy a property there, let's say, a year or so, the best option for you is to rent a house rather than investing heavily in a house. Real estate transaction has some costs that cannot be recovered anytime. This includes stamp duty, registration, brokerage charges among others.

Another factor is that banks, normally, won't give more than 80 percent of property's cost as home loan. The remaining 20 percent has to be found out by the buyer alone. If you are looking at the current cost of residential houses, it is better you stay in a rented house until you save enough money for it.

Family size also matters. If the family gets bigger in due course, it is better to plan things accordingly and then contact property dealers in Dwarka. Besides, if you are not sure of the locality to stay, you can also opt for taking a house on lease, in a locality of your choice.

When Should You Buy A House?

A house of your own is always a good idea and there are luckily plenty flats for sale in Dwarka; but it have to satisfy several criteria. If you are able to arrange the margin amount (advance amount) you can go ahead with the buying option. You should also keep in mind that you have a big loan amount to be paid. But even if you have enough funds, you should think about the locality you are going to stay and how long it will be for.

Another thing is that never make the decision on buying a house on the basis of cost benefit analysis and rental versus the cost of funding the house. This doesn't make sense as the rentals vary from 2 to 4 percent of the capital value of the house, where the cost of borrowing is 10 percent for home loan. This leaves a gap of more than 8 percent and owning a house has its own tangible and intangible benefits also.

So never ever postpone the idea of buying a house for silly and irrelevant reasons. Take decisions wisely always. Always keep in mind that the property and residential area price escalates every year on an average of 9 percent. While doing the cost-benefit analysis, you should keep in mind about this property price as well. The best thing will be do it when you are ready rather than you think you are ready. Once you understand the difference, you will have a dream home and everything just falls in place.

Do Not Miss Reading The Builder-Buyer Agreement | Sikka Realtors

The builder-buyer agreement is a legal document that is signed by both the builder and buyer. It is a very important document with regards to property dealings. The buyer must be aware of all the terms and conditions mentioned in this document so that if there is any breach of contract by the builder, the buyer is in position to revert back. Mentioned below are certain provisions which you must be aware of as a buyer:

Ø  Timeline Of Construction: As per this agreement the buyer is supposed to be given possession of the property within 36-42 months from the beginning of construction. You should note the difference between commencement of construction and date of booking and then calculate the time limit.

Ø  Alteration In Area: The builder might change the square footage of the property and if increased, extra amount is charged from the buyer. But the point to be noted here is that the change is in the super area and not in the carpet area. Why will you be paying 10% extra when the additional area is almost nil?

Ø  Increment In Price: This clause states that the builder may increase the cost of the property if there is delay in completing the project. They justify their point by stating that the costs of raw materials have gone up although the delay was totally their fault. The buyer is penalised here out of no reason.

Ø  Delay In Payment: The buyer is charged an interest of 18-24% if there is delay in paying an instalment. This clause also states that the builder has right to cancel the property right of the buyer if there is delay in payment beyond a point.

Ø  Change In Building Plans: This is a new clause that has come up which states that before making any changes in the setup plan, the builder must take the written consent of the buyer.

Ø  Transfer Charges: This amount is charged in case the property is resold before possession. Make sure this charge is known to you beforehand.

Ø Actual Cost Basis Payment: As per this clause certain items are to be paid on actual cost basis. The builder might charge a high amount at the time of giving possession. 

It is clear from the above discussion that almost all the clauses are inclined towards the builder. The consultancy provided by Sikka Realtors in this regard can help you to a great extent. We have established a very good position in Dwarka real estate and are associated in helping the buyers get the best property for sale in Dwarka. Our professional team is well known as the best property dealers in Dwarka. 

How to Let Real Estate Agents Help You in Loan Processing?

Real estate agents and loan officers are the top players in the process of buying home. As a loan officer you should work as a team with the real estate agents and assist each other for best results.

Here are certain tips as to how you can work productively with real estate agents and help buyers in the process of purchasing homes.

Make Use of Social Media: A real estate agent and loan officer can help each other by making use of the social media. Social media is a good place to foster relationships with others belonging to the same field. By engaging with each other in the social media you both can create endless opportunities for one another that can prove beneficial to each other in the long run.

Make Better the Volume of Loan Through Quality Relationship: A real estate agent can improve loan processing for their clients by developing a quality relationship with the loan officer. The key to develop and maintain a good relationship in the industry is to maintain good communication and promise as much as you can deliver.

Establish Communication: The best way you as a loan officer can develop a good relationship with a real estate agent is by establishing communication. You should always keep the real estate agent informed about the status of the loan. Many times loan officers do not want to communicate with clients or real estate agents as because there is no good news to deliver or there are no changes in report. But, this is a mistake you can do as a loan officer. You should keep the real estate agent informed about loan status either through email or phone call.

Be Answerable: The work of a loan officer is undoubtedly complicated but by being transparent in your dealings with clients or real estate agents you can build a strong relationship with real estate agents. Being honest and answerable for your actions is the best way you can gain the trust and work in a productive way with real estate agents and finally carry out loan processing effectively.

Real estate is an industry filled with uncertainties and many times it is not possible to reach your goal and the best thing you can do is reduce these uncertainties by being responsible, dependable and accountable for their actions. As a loan officer you should always set goals that you can achieve and deliver. You should always remain truthful to the real estate agent. They understand your limitations and would always appreciate your honesty. Making false promises would get you nowhere.

Act as a Team: You should always make the real estate agent realize that if both of you work as a team, it would be beneficial for the client. If you are able to gain the trust of a real estate agent he would co operate and make business available to you.

Practical Approach: No matter how good your marketing strategy is, you would get the same response like the other loan officers if you set impractical expectations and cannot achieve your goal. Instead your approach should be practical. Discuss the pros and cons as well as the technical details with the real estate agent. By adopting an approach like this you would stand apart from the rest of the loan officers and your efforts would definitely bear fruit in the long run.

Help your client to buy Dwarka real estate property by working as a team and assisting one of the best real estate agents in Dwarka, the Sikka Realtors. Our agents have the technical finesse and experience to successfully close a deal. Work in a productive way with our real estate Dwarka agents to effectively carry out loan processing and assist clients in the process of home buying.