Agent/online/direct: Which is the best medium to buy a house?

[ecis2016.org] There are several ways to buy a new property – directly from sellers, online, or through brokers and real estate consultants. We list the pros and cons that you should be aware of, beforehand

The platform through which you buy a property, plays a very crucial role in making the right selection and getting the best possible deal. Some of the common modes that home seekers use to buy property, include direct contact with the seller, or through agents, brokers, online medium and realty consultants.

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Through brokers

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Pros

The main advantage of enlisting a broker, is that the broker generally takes care of all the paperwork.

Agents also help the customers to save time and energy. Moreover, the buyer can specify the price range of the property and get the broker to only show options within the budget. The broker can also co-ordinate between the buyer and seller and help in negotiations with the seller.

Cons

You have to pay a commission to the broker. The broker may also have several clients and he may not be able to dedicate his time to you, as per your convenience.

Direct contact with sellers

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Pros

Sellers will generally, be able to answer even the smallest query about the property. They have first-hand information about the project, which a mediator may not be aware of. A seller may also be willing to adjust his schedule, according to your convenience.

Cons

“Getting the paperwork done, is the only disadvantage of dealing directly with a seller. If you are buying a home without an agent in a new city or state, it may be tough to find out the ins and outs of your potential new area. In such cases, an agent can provide a wealth of information,” suggests Diipesh Bhagtani, executive director of Jaycee Homes.

Online medium

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Pros

The internet and online portals, have brought a wealth of information within the reach of home buyers. As a buyer, you can evaluate different markets across the globe and get details about projects, read reviews by customers and compare prices.

[ecis2016.org] Advantages of buying a property online…

Cons

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With so much information being available online, it may be difficult for a layman to distinguish between genuine data and data that is not accurate. Most of the data is also not validated.

Social connections

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Pros

Buying a house through a social connection may help, as the person recommending the house may have gone through the entire process, himself. This also helps to avoid ambiguity over rates and due diligence, with the added advantage of enabling you to live with like-minded people.

Cons

“The disadvantage, is the complete dependency on your connection,” cautions Shoeb Sayed, CEO of Motilal Oswal Property Advisors Ltd. “There is a herd mentality in such purchases. However, it is slowly diminishing because many buyers have burnt their fingers in projects that have not given any returns or have not turned out the way it was proposed,” he adds.

The right platform for buying a home

Experts advise that buyers should make the best use of all the available platforms, simultaneously – i.e. by  using the acumen of a broker, the analytical power of online portals, local information from social connections and final verification from the developer directly.

This approach, can help the buyer to get true insights about the property. Although it may be time-consuming, it could save the buyer from taking a wrong decision.

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Category: Lifestyle