Advantages and Disadvantages of Buying Property through Developer, Agent and Online Platforms
May 25, 2017 Home Trading Steps
Once you have decided to purchase a property, comes a very important step: To decide by which medium you will be purchasing your dream home. In the current real estate scenario, home buyers have the option of purchasing the property either directly from the developer or through real estate brokers and property consultants. One more option that has started to gather some steam is through online platforms or websites and portals. Each of these selling mediums has their own advantages and disadvantages. A home buyer needs to analyse his/her buying requirements before zeroing in on a particular medium. So let us discuss each of these options to help you decide which way you should go:
1. Buying property directly from the project developer:
Pros:
It is the least complex buying-selling structure in real estate which includes involvement of only two parties i.e. buyer and seller. Purchasing a property directly from the seller removes communication gap and makes it easy to solve all your project related queries. Since there is no mediator involved in such type of deals, there is a very little scope of deviation from promises made to the buyer. Moreover, it is observed that developers often try to adjust their project schedules keeping in mind buyer’s convenience.
Cons:
Getting done all the legal paperwork smoothly is a bit tough when you are directly dealing with the developer. Involvement of a middle man often eases pressure on the buyer in terms of getting the required legal procedures done. Moreover, a buyer needs to investigate the legal standing of the project on his own before investing his hard earned money, which is large time to consume.
2. Hiring an agent to purchase a property:
Pros:
Hiring an agent or getting a consultation from a real estate broker often saves a lot of your time searching for relevant properties. Based on your requirements and budget, the agent does the job of filtering options to come up with most suitable properties. Also, agents are legally sound and help you in all legal processes associated with buying a new property.
Cons:
Although brokers help you save a lot of time and energy, you actually end up paying a hefty amount as their commission. Moreover, you must hire a reputed agent to buy a property because there have been cases reported where agents have often sold fake or fraud properties to naive buyers.
3. Online Medium: Websites and portals:
Pros:
With the advent of the digital age in full swing, more and more reputed developers across the country have brought their projects online. By means of the internet, you can now actually browse tonnes of real estate projects from the comforts of your chair. Moreover, project websites are flooded with information, so it becomes easy to get all the details related to the project quickly and easily. Buyers can also refer to the reviews of other buyers on different online portals before closing a deal.
Cons:
While it is true that information is very easily available through a website, on the other hand, verifying the authenticity of the project is equally difficult.
So which is the best way of buying a property?
Since all the selling platforms have their own pros and cons, experts suggest making use of all these platforms before coming to a decision. For example, a home buyer can explore the project on the website followed by a meeting with the broker or the developer. Home buyers should also compare property prices and its specifications on different real estate portals online so that they can negotiate more convincingly with the selling party.
1. Buying property directly from the project developer:
Pros:
It is the least complex buying-selling structure in real estate which includes involvement of only two parties i.e. buyer and seller. Purchasing a property directly from the seller removes communication gap and makes it easy to solve all your project related queries. Since there is no mediator involved in such type of deals, there is a very little scope of deviation from promises made to the buyer. Moreover, it is observed that developers often try to adjust their project schedules keeping in mind buyer’s convenience.
Cons:
Getting done all the legal paperwork smoothly is a bit tough when you are directly dealing with the developer. Involvement of a middle man often eases pressure on the buyer in terms of getting the required legal procedures done. Moreover, a buyer needs to investigate the legal standing of the project on his own before investing his hard earned money, which is large time to consume.
2. Hiring an agent to purchase a property:
Pros:
Hiring an agent or getting a consultation from a real estate broker often saves a lot of your time searching for relevant properties. Based on your requirements and budget, the agent does the job of filtering options to come up with most suitable properties. Also, agents are legally sound and help you in all legal processes associated with buying a new property.
Cons:
Although brokers help you save a lot of time and energy, you actually end up paying a hefty amount as their commission. Moreover, you must hire a reputed agent to buy a property because there have been cases reported where agents have often sold fake or fraud properties to naive buyers.
3. Online Medium: Websites and portals:
Pros:
With the advent of the digital age in full swing, more and more reputed developers across the country have brought their projects online. By means of the internet, you can now actually browse tonnes of real estate projects from the comforts of your chair. Moreover, project websites are flooded with information, so it becomes easy to get all the details related to the project quickly and easily. Buyers can also refer to the reviews of other buyers on different online portals before closing a deal.
Cons:
While it is true that information is very easily available through a website, on the other hand, verifying the authenticity of the project is equally difficult.
So which is the best way of buying a property?
Since all the selling platforms have their own pros and cons, experts suggest making use of all these platforms before coming to a decision. For example, a home buyer can explore the project on the website followed by a meeting with the broker or the developer. Home buyers should also compare property prices and its specifications on different real estate portals online so that they can negotiate more convincingly with the selling party.
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