Top 10 Frequently asked questions before buying a property in Bangalore

The Property Market in Bangalore is still stable in comparison to the property markets in other big cities across India such as Mumbai, Chennai, etc., these cities are the places where the prices have hiked over time and find no place for an economical budget to buy a property. 

The Online Property Management Companies are said to have an array of properties with different budgets and that makes it possible for everyone to buy a property they love under an impressive price. 

You can find great value for the residential as well as commercial properties in Bangalore. As a buyer, you must have different reasons to buy a property like, it could be for investments or you think it’s an ideal home for you to live or for business or anything for that matter. 

Buying a property involves all kinds of risks including your savings. Some buyers have reported their awful experiences after buying a property without proper discussion and research. 

A wrong decision in investing a property can totally kill your financial planning. There have been many such cases in almost all the big cities and it will continue to be so if you do not change today. Sometimes taking a wrong decision could be stopped if a Property Management Company in Bangalore is involved. A Real estate deal can involve risk, but if the time favors you and you have done enough research before buying a property, then the property must yield greater returns.

Here, if you are a buyer and you're investing in a property, it is absolutely essential that you draw down some questions to the developer or any concerned person and require satisfactory answers in return before involving in the talk of buying. 

 

There are certain things that you should know before buying a property and so you are free to ask the respective person before bringing the pen to the agreement paper. 

The questions you should ask before buying a property in Bangalore, 

1. If it’s an apartment, ask how many units have been sold?

2. Explain the cost breakdown involved in the property?

3. Are the materials used to build the property of good quality?

4. Does the location have all the essential amenities nearby?

5. What is the size of the property?

6. What would be the payment plan? 

7. If they are a reputed builder, what are their projects in the past?

8. What would be the non-builder cost?

9. Is the property free from ligation?

10. Can I see the occupancy and the completion certificate?

Either you can ask the above-mentioned questions before buying a property in Bangalore or you can employ a Property Management Company to do the proper assessment of your property. 

Some of the best places to buy a property in Bangalore:

Bangalore city has some of the hottest locations where you would be interested in buying a property. To know more about the opportunities in buying, selling, and renting of the properties, Visit the Ownerstown Platform, a Property Management application made in the interest of providing the consumers with good experience in searching for an ideal property. The application is launched by an Online Property Management Company in Bangalore, Ownerstown. 

The best locations in Bangalore to buy a great property are as follows, 

● M.G Road

● HSR Layout

● Koramangala

● Indira Nagar

● Jayanagar

● Sarjapur and much more

If it’s an apartment, ask how many units have been sold?

If you are buying a property in the apartments, you should know how many properties have been sold. If you don’t feel like asking directly about all these, you can ask them how many inquiries they receive in a day. Having a Property Management Company like Ownerstown can be really helpful since they already have all such details for you about the property that they had confirmed beforehand.

 It’s very well known that the person who’s trying to sell a property will not say the exact amount of flats that’s been sold. So it’s wiser to ask them questions like this. 

Explain the cost breakdown involved in the property?

When you are trying to buy a property in Bangalore, you can visibly see that there are various costs involved apart from the building cost. You can ask the builder about the complete breakdown of all the expenditure in the building. It will make it easier for you to calculate all the costs that are linked with the property that you are planning on buying. 

Are the materials used to build the property of good quality?

Being aware of the products used in building the property is important. So, You should discuss this with the builder before buying the property. Right from the cement quality to the paints and attachments. 

Does the location have all the essential amenities nearby?

When it comes to buying a property in Bangalore, you should know about the location first. There should be all the essential amenities near you like schools, colleges, grocery shops, hospitals, etc., You can employ a Property Management Application to seek an ideal location for you. Also, Bangalore traffic is to speak for itself.

What would be the payment plan? 

You should ask them about the plan of the payments. Some sellers have a connection with the banks to help you out financially. And you should pay the desired amount in the informed time. Else, the property will become someone else’s. It is best to take guidance from a Property Management Consultant if you are stuck somewhere in the process of the payment or happen to have some financial issues. They will help you sort it out. 

If they are a reputed builder, what are their projects in the past?

Never fail to ask for the builder’s projects in the past. This will show you how potential the builder is. 

What would be the non-builder cost?

As you know that there are taxes included apart from the builder cost, discuss the non-builder costs before buying the property. 

Is the property free from ligation?

Make sure the property is free from ligation or any other legal issues. Demand for the proofs. If you have a property Management Company, they will check for the necessary proofs here on your behalf.

Can I see the occupancy and the completion certificate?

You must see the occupancy and the completion certificate before buying the property. They play an important role in buying the property.  An occupancy certificate is provided to make sure that the property is handed without any problems to bank loans. The completion certificate is provided once the project is over and is issued by the respective Municipal authorities. 

CLOSING NOTES:

Without interrogating the builder, some customers buy the property and also lose lakhs together. So it’s very important for you as a buyer to ask questions to the seller for the necessary proofs before buying. 

Never forget to ask the seller the required questions! Employ a Property Management Company and reduce the burden on your shoulders. 

Does it make any Sense to sell a Property in these times?

It’s perfectly alright to sell a property during these unsettling times prevailing in the country. And surprisingly, experts say that it will not affect anything in case if you buy or sell a property in spite of the ongoing pandemic.

Property Management Companies by your side during these times will help you in improving the state of your business for the better either during or post the pandemic. The Property Management Consultant is an added advantage while you are trying to boost up the sales.

The unsettling times open ways for many opportunities but just that it’s a little difficult to see them when you are in much of strangulation.

Reasons why it is okay to Sell a Property during the Pandemic

Here, we will take you through the reasons why we say that selling or buying properties are completely normal and also beneficial during these unsettling times.

1. Potential Audience is easy to spot
2. No more competition
3. Virtual tours
4. Can avail the best deal
5. Low-interest rates

1. Potential Audience is easy to spot

You can easily spot your potential audience. Only the customers who already have the ready cash will look for properties to buy. The pandemic has made way for serious buyers. You spot them, you lock them with a deal.

2. No more competition

When your competitors are in a mute mode, it is the best time to show your presence. It attracts the buyers to check you out.

3. Virtual tours

Since it is not safe to travel, doing virtual tours is one great thing to employ.

Did you know? There are online auctions happening everywhere. Should I say that the new era for the real estate sector is born? And in this new era, Property Management Applications acts as a platform to help the real estate owners market their properties to a larger set of audience. since managing your property virtually with the help of the Property Management Application is going to be the new normal, kick start it now!

4. Can avail the best deal

This is one of the best times you can seal the deal for the properties you have been looking for a long time. There is only one market where you can sell a property and buy the properties and this situation makes it easier for you to bargain and get the best price. With Property Management Companies on your side, you can crack the deal at the best price possible.

5. Low-interest rates

The Interest rates are relatively low. The buyers out there would want to get the deal in the lowest rates possible and right now they could be looking at your property.

The sales have dropped to a greater level but haven’t stopped completely.  You just need to employ new techniques the situation demands you right now. At this time having a Property Management Consultant will benefit you the most, by keeping the current pandemic situation in mind to boost sales.

Truth be told, the situation as you see is definitely not favorable for the people who sell the property however, with little innovation and a different approach, you can still keep the graph going.

What are the factors you should keep in mind before selling a property?

If you are planning to sell a property, it may not be the right time. But if you still want to make a sale, the best approach will be contacting a Property Management Company to help you with sell a property.

Either that or you can take your property online by the use of the Property Management Applications available.

With the outbreak putting many people at home, you need to employ techniques that ease the pressure of the customers buying a property.

Factors to keep in mind before selling a Property:

You will be expected to undergo research before selling a property, factors to check would be,

1. Do not overprice
2. Enable access to the virtual tours of the property
3. Assess the customer
4. Conduct Property Inspections
5. First Impression counts
6. Do you have access to a Property Management Consultant?

These are some of the factors you should keep in mind before selling a property to a customer. We will brief you on the above-mentioned factors to help you understand better.

1. Do not overprice

This is one of the most unsettling times we must have ever faced. So be considerate of your customers. Never overprice the property and take advantage of the situation of your customer.

2. Enable access to the virtual tours of the property

While you can’t organize a direct visit to the property. You can offer your customers a virtual tour of your property. You can upload videos of the property and can involve 3d to have a better look at your property. In this stage, you can leave this work to a Property Management Company, they will manage the customers and provide the customers with the required details and seal this deal for you.

3. Assess the customer

Before all this, you should assess your customer if they already have the finances ready.

4. Conduct Property Inspections

You should conduct property inspections where a property inspector will check for the quality of the property, the property’s interiors, plumbing, paint, textures, etc., and provide a written report. This is a very important step if you are selling a property and if permitted a property management company can do all that for you, and you will not even have to step out of your house and worry about anything.

5. First Impression counts

The first impression is all that matters. Make sure to impress your customers the moment they see your property. Paint it. Do interiors. Keep many open areas like gardens and balconies.

6. Do you have access to a Property Management Consultant?

A very important part. If you already have teamed up with a Property Management Company or a Property Management Consultant it is fine.

But if you haven’t yet, please rope a Property Management Company as the acting owner or agent for your property.

CLOSING POINTS:

While it’s still not safe to sell a property, you can employ Property Management Applications to get your property the desired exposure online.

There are some reputed online Property Management Companies in Bangalore such as Ownerstown who are in the business of real estate for a really long time. These Property Management Portals will help you with the two-way service.

“Check Ownerstown/Property Management company today to have one less thing to worry about.”

How will Real Estate Start Recovery after COVID-19 in India

Ever since the Coronavirus outbreak started, the country has been brought into its nationwide lockdown. The national lockdown is mainly imposed to curb the spread of the novel coronavirus where the pandemic has shocked each and every business in India, barring most of the essential services.

Real estate is one such business that got hit badly due to the pandemic. Also, the dimensions of the effect are unknown. This makes it even more difficult for the real estate owners to predict the damages that this pandemic is going to rest at their door.

Some real estate owners hire a Property Management Company to untangle the issues and foresee the problems that may come their way.

The Coronavirus Pandemic - an opportunity?

With every problem comes an opportunity.

Clearly, this is a very tough time but, in this phase, you can focus on the funds, and luckily you also have enormous time now. Besides, this is also a good opportunity for real estate holders in India. The crisis began not today, it’s been hitting the real estate sector for like a year now with various factors.

However, the prices of the properties are likely to go high irrespective of the current situation due to the pandemic.

Effects of Covid19 on the Real Estate Sector

It has not been a great time for the Real Estate Industry since the complete nation went under lockdown with severe restrictions in March due to the outbreak of novel coronavirus.

The most important factors of the Real Estate sector are as follows,

●     Manpower

●     Funds

●     Demand

Real Estate is said to be one of the sectors where the demand for manpower is high. The main problem that the real estate sector foresees is that there would be no manpower. Initially, the workers would have started working for the company under a contract, now that there is no work, there is no money for them to even feed themselves. So, the workers have started going back to their hometowns in large amounts. It’s going to be very difficult to pull the workers back again.

Even the well-funded projects are facing delays due to the absence of liquidity. There are around 4.66 Lakh units across India that are yet to be completed will face severe delays. If you think about the current situation, new launches may also face a severe hit and witness delays. The demand has got slightly reduced over time. In times of these crises, a Property Management Company is one of the much-needed supports to fight back the problems that you already have and the problems that are yet to come.

Is recovery going to be difficult for Real Estate post Covid-19?

As we all know that the Real Estate Industry is one of the most affected sectors due to the Covid-19 pandemic. The pandemic is still on its roll and we have no idea when is this even going to come to an end.

The effect of Covid-19 may stand still and may take years together for recovery, they say. Also, this could also be a part of us now and can be called the “new normal”. The Real Estate Industry should foresee the problems and invent innovative and productive techniques to overcome the crisis. At least enough to meet with the new requirements. Since the real estate sector needs new ways to cope up with the prevailing situation, a Property Management Company is expected to come up with new techniques to improve the situation of the real estate owners. 

Employing a Property Management Application is considered wise during this situation. 

You must have understood from the points mentioned above that the recovery is going to be a lot more difficult than you thought it would be. 

In order to protect you from the potholes ahead on the road, guidance from the Property Management Consultants are very important. Professional Consultants are totally aware of the current situation and are already helping many property owners with their properties. This makes it easier for them to assess the current situation and give you the desired solution for the safety of the property.

The imbalance during the pandemic is very likely to drive the potential buyers to go for nearly completed properties and not during the new launch, this won’t apply for the brands they trust. As already insisted, the real estate industry would need to work out and come up with new ways to effectively deal with the emerging requirements to sustain itself.

However, new launches will not come to a halt, but will definitely slowdown in the recovery state of the pandemic for a while. It is said that the demand for all the property in all the stages is going to be there and can see an increase over time. But somehow, the product and the factors that excite the potential audience shall be different from what we have today, for instance, if you are a buyer and you want to buy a property post the COVID pandemic, what will you check for? You will see if there are enough facilities for a person or a family, like open areas, recreation spaces, and also you will see if your property is at a considerable distance from the significant other property.  

As mentioned earlier, there could be a rise in requirements of the larger personal spacing and more open areas like balconies, this will push up the sales of new unit areas. 

In the same way for a residential space, the need for social distancing demands in redesigning the cubicles and workstations. Moreover, centralized air conditioning will also require technological interventions to curb the spread of viruses. In days ahead, there should be the need for the avoidance of touch controls for lifts, lights, etc., and regularise using voice-activated controls. 

The current real estate condition with a large number of delayed and unfinished houses makes the buyers go towards nearly completed projects, which will demand the builders to pool in much larger investments into their projects. Making ways for these increased investments would create an additional financial burden, which will require completing the projects in a very short time possible for them to sell their properties to the buyers in order to generate resources. Such cases can be dealt easily with the Property Management portals and release you from all the lead generation stress.

You can lessen the construction time if you start using construction technologies. The technologies for modular construction are already in use to some extent, but post-Covid this could become the new normal. 

The use of Property Management Applications could see an increased hike in terms of usage. The surge in the requirement of quality for the customers of today also requires industrialized construction in a big way. The ongoing COVID pandemic would definitely play a major role in the improved usage of Property Management Applications. 

CLOSING POINTS:

We have no idea as to when this pandemic is going to see it’s ending. But there is a hope that this will change the real estate sector for the better. This should be considered as the chance to reinvent techniques used by the Real Estate Industries all these years. This recovery from the COVID-19 pandemic may take months together and when it recovers, it employs new techniques and technologies and would also witness a hike in the sales thereby increasing the need for Property Management Companies and Property Management Applications.