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The internet phenomenon is resulting into shifting of buyers from offline to online purchasing and this has started happening in the real estate space as well. This helps both buyers and sellers and is largely being driven by the tech-savvy younger generation. In the recent past, the sector saw some real estate companies selling their houses online with some success. The Internet offers a wealth of relevant information that buyers can access conveniently, especially the non-resident Indians. Unlike other businesses, online buying of luxury real estate products, being a big ticket item is still at a very nascent stage but indications are there that it will grow in the future.
Internet has made it a convenient buying experience for customers. Online shopping has its advantages, but when it comes to buying a property online, it is not as easy as it sounds. It isn’t like buying a mobile phone online; there are many factors that should be considered before committing large amount of money. Properties are always advertised well as an investment that is secure, safe and attractive. But buyers have to verify such claims, before property investment.
There has been a spate of unpleasant incidents across the country where buyers have lost their money, which they had committed with little or no research. Therefore, it is critical to do your homework first.
Once a property has been selected, buyer should check all the relevant documents thoroughly. Among all the documents, focus should be on the following –
Some developer’s project inflated property sales whereas in real, they sit on unsold inventory. Banks are wary of such builders and do not readily finance such projects. This affects progress of the project. Homebuyers would not find such details online.
A visit to the site / property is a must. It is also critical to have a complete understanding of the layout plan, construction quality and project design. Buyers must see the property to have a first-hand feel and touch of the product quality before taking any decision. They should try to understand the advantages and disadvantages of the location – they should check whether sunlight and good ventilation is there in all the rooms, saleability in that location and try to match their requirements such as built-up area, accommodation and amenities. Since it is a life time investment, buyers should verify all these facts given online after reaching the site it is important to find out all relevant details on the project completed by the developers you are considering. Some builders purchase land under litigation and do not provide sufficient information for buyers to take the right call. It makes sense to go with reputed builders who comply with all legal aspects of construction.
Happy online purchasing!