5 Worst home buying advice in metros

Indian metros are the hottest markets for residential real estate. All income segments are scattered across these cities with a wide range of housing units catering to their residential needs. Property prices are also the highest in metros. More job opportunities and the presence of premier educational institutions attract people from all over the country to these cities. A metro like Bangalore with an ever expanding IT/ITeS base provides a rich market for residential real estate. Buying a home in metros can be a daunting task for the uninitiated customer. Most often people get all the wrong advices when planning to buy a home in the metros. Here are the 5 worst advices that home buyers must be wary of and keep away from if they intend to buy residential properties in the big cities.

1.    Living in the city saves travel time

By buying properties in the heart of the city the buyers are making the mistake of paying exorbitant prices while they can get the same facilities in the suburbs for a lesser rate. For example, Bangalore has several micro markets in the peripheral towns that are well developed and ideal for residential purposes with marginal property prices. These areas have excellent connectivity to the core of the city through a sophisticated network of road and metro rail services. Moreover, companies and businesses today have shifted their focus to the outlying areas where they set up their expansive campuses. This reduces the time taken for daily commute to the city. Instead of buying properties in the city, buyers can consider apartments in Kanakapura road or villas in Marathahalli that lie closer to the IT and industrial parks.

2.    Buy from leading players

While this ensures reliability and quality of service, the cost can be sometimes unaffordable for the average buyer. There are many local builders and developers who have excellent track record in providing top class projects without delays. Quality of construction and materials used by these builders are also of the finest degree. Instead of going after brand names, home buyers should focus on factors like completed work, opinion of past customers, etc.

3.    This builder has the best schemes

Builders and developers offer various deals and incentives from time to time to attract potential buyers. What is useful for one buyer may not be of any interest to another. For a family with grown up children, the offer of free play school facilities in the flats in Kanakapura road is of no use. Do not choose a builder just because someone suggested them based on the deal they got. Consider your needs and requirements while buying a house.

4.    There is going to be great development in this area

Never buy a property at a location that others say will have infrastructural development in future. It takes some time for the projects to materialise unless it is already reaching the final stage. You might end up paying a high price for a property that actually costs very low.

5.    This one is a really good broker

Services and areas of operation of real estate agents vary. Your friend probably got the best property through a particular broker. But, that agent may not be able to address your needs and preferred locations. For example, when looking for luxury properties always hire a realtor who has experience in dealing with this segment of buyers and properties.