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What No One Tells You About Online Property Buying!

Buying a property involves a lot of time, money and running around because you just cannot afford to go wrong with this one. With so many changes in real estates sprouting up every second day, it is becoming increasingly difficult to select that perfect house for yourself.

The house you buy would probably be the biggest investment you’d make in your life, so it is important for you to not rush in the process and do a quality research before picking up a property. It is always meritorious to take out time and consult real estate professionals, home finance companies, legal experts, friends and families before taking any decision in this regard.

 

The quarter on quarter growth of online property search across cities exhibits a lull at the start of 2015. But post Q2, data shows us that there has been strong growth in all major cities, which signals the start of revival of confidence in the industry and home buyers.

Here are a few pointers to keep in mind while searching your property online:

Go for reputed developers/builders

When you are booking a property online, it is important to trust only a reputed developer who has successfully delivered projects on time. They can be trusted as they wouldn’t want their goodwill to be hampered because of one wrong project. Builders who are listed on stock exchanges can be preferred, as they are mandatory required to meet transparency standards.  

The difference here as compared to physically meeting a real estate developer and booking a property online is that in former you can take some risk and go with a newbie or someone who is not a big name in the market. Because meeting someone personally can give you a fair idea about a person, which probably would be enough to take a calculated risk. This is not what you get if you book a property online. It is very important to trust only a reputed builder while booking a property online, lest you might fall in some unwanted situation. 

At CommonFloor, 60+ percent of the property seekers search properties by top category builders (excluding Delhi & Mumbai). The builders are categorized based on three factors- popularity among seekers, number of listings and projects at a given time and association with CommonFloor.

 

Seeing is ‘not’ believing

Always keep the above ‘golden rule’ in mind before booking a property online. The area mentioned in most property advertisements for calculation purposes, are the super built-up area, while the area that you really get is the carpet area which could be lesser by up to 30 percent or more depending on the building’s design. Lower the ratio, better it is for the customer. So, it is important to find this out from the dealer before booking it. This is again different from what you would deal with, if you plan to book a property online. 

If you actually do it the conventional way and are physically present when the dealing is taking place, then this confusion could be wiped out then and there. In this situation, there is nothing the dealer can hide from you or be ambiguous about. He has to be straight and clear about the actual and usable area of the flat. 

Nothing is ‘all inclusive’

Most of the advertisements come with a promise of an ‘all inclusive’ deal, but other costs such as – maintenance, car parking fee, club membership etc. are usually excluded from the total cost mentioned in the ad. So, it is necessary to clarify this before booking. If possible, try visiting the flat so that you can talk to the residents or the flat’s society to find out which deal was offered to people. If you are booking a house in an upcoming project, ask for the contact numbers of a few people who have booked a property there and join/create Groups to discuss with them on the nitty-gritties and to stay updated on the progress.

Check the reviews online

Real Estate Forums and Guides will help you in shortlisting a few leads. Also, it is advisable to talk about it thoroughly with your friends and family, and take some legal advice. You should always remember to check the legal documents of the flat before booking it. It is always safer to take an expert’s opinion on the property you are looking forward to book, if you don’t want to fall into the trap of a fraudster.

 

Online home booking as a trend is gaining traction in India. Online buying is no longer limited to apparels and white goods. Our data shows that every property seeker spends an average time of three minutes in experiencing the 360-degree view of CommonFloor Live-in Tour for every listing viewed. 78 percent of seekers opt for site visit while contacting a new property online. We have this amazing product - CommonFloor Retina, which allows you to assess your property from anywhere in the world through virtual reality. So, the property you love can be explored at your fingertips! All you need is Commonfloor Retina headgear and Commonfloor Retina mobile app on your phone to experience your dream home.

Many have made the switch from conventional buying techniques to online buying of property. Mrs Neha Bansal, VP HR of multinational company based out of Gurgaon wanted to gift an apartment to her parents on their 35th anniversary. Now, let’s see how Neha bought her apartment online and how her experience turned out: 

I couldn't afford to spend months looking for property only to find out that it did not meet expectations. So rather I decided to stick to only reputed real estate dealers. My parents would never have approved of the idea of online property buying as they are skeptical on the authenticity of dealers selling their properties online. But I booked an apartment online with confidence, since the dealer I chose had successfully delivered projects in the past. Also there is secure payment gateway to carry out the transaction with ease. And, yes, now they are very happy with the property I gifted them! - Mrs Neha Bansal
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