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Are you one amongst those searching for Trivandrum Real Estate? Like any product or service that you consume or buy, purchasing a property also encompasses multiple stages in the buying cycle. An awareness of each of these can help you overcome mistakes and understand where or when to seek help.
Pre-Purchase or Awareness
During this stage one typically focuses on reading news sites, blogs, magazines or even venturing out to meet experts on the field to compare alternatives. The challenge which customers tell us a lot about when comparing alternatives is their paucity of time. Most of them plan to complete purchase one to 3 months down the line during this phase, but don't have enough time build their info on all builders, localities etc.
"Building good awareness in people is only 25% of the job done. Comparing alternatives can take up 75% of the time in buying a property hence is a very important phase which requires good advise", says Mr. Ramachandran, CEO of Nandanam Consultants.
"At Nandanam we spend quite a bit of time understanding the stated and unstated needs of customers. For e.g. a family was looking to buy a flat and a lot of properties being offered to them by the market were good but not ideal, since they were actually looking for an apartment for their disabled parents which meant only certain properties would suit them". Once we identified the right apartment, they took no time in closing on the purchase.
Typically months before purchasing a home, the need for the same can emerge in casual discussions with friends or family members or it could be a well thought out decision to settle down in a particular locality or invest in property to get returns.
The human brain is capable of over 1000 processes every second but we're subject to cognitive biases, those annoying glitches in our thinking that cause us to make questionable decisions and reach erroneous conclusions.
For the same reason, we reach certain conclusions even before we start hunting for our property. For e.g. lets say you have an affinity towards a particular locality like Kowdiar in Trivandrum. Due to the cognitive bias, you could justify to yourself a higher amount of investment in an area. But since you may not be aware of recent developments in all parts of the city, you could make the purchase in your mind even before stepping out to do one and miss out on a better bargain in another locality.
As our CEO, Mr. K Ramachandran remarks " For 40% of our customers, they are closed in their mind even before venturing out to purchase a house or a villa. The rest 60% seek to understand their needs and come with an open mind which definitely helps us to guide them better".
In a nutshell, although pre-purchase is a significant part of the buying process, its better to come to conclusions at this stage only if you possess all information at your disposal. Armed with reasonable amount of info and with an open mind, the doors could open up to a plethora of investment options for homes, plots or flats in the city that are ideally suited to your needs.
In a nutshell, although pre-purchase is a significant part of the buying process, its better to come to conclusions at this stage only if you possess all information at your disposal. Armed with reasonable amount of info and with an open mind, the doors could open up to a plethora of investment options for homes, plots or flats in the city that are ideally suited to your needs.
Assessment of Alternatives:
"Building good awareness in people is only 25% of the job done. Comparing alternatives can take up 75% of the time in buying a property hence is a very important phase which requires good advise", says Mr. Ramachandran, CEO of Nandanam Consultants.
"At Nandanam we spend quite a bit of time understanding the stated and unstated needs of customers. For e.g. a family was looking to buy a flat and a lot of properties being offered to them by the market were good but not ideal, since they were actually looking for an apartment for their disabled parents which meant only certain properties would suit them". Once we identified the right apartment, they took no time in closing on the purchase.
If you are short on time usually under a month to evaluate alternatives then good advise is extremely important to short list the right options.
Consideration and Purchase:
Once you have identified the right property then you can evaluate with your family if it meets your value criteria.We define value as follows:
Value = (The importance of need you are trying to fulfill) * (usefulness of the property) / (Cost of fulfilling the need)
Intrinsically at the back of your mind, people often do these calculations without realizing it. Purchase is usually easy once the shortlisting criteria is right.
Post Purchase:
The true test for the property buyer is the post purchase phase once you have decided to purchase a particular property.
"When customers search for property on their own they usually miss the due diligence part which might go into months if the documents are not proper or are not available to the buyer on registering the property. A lot of deals fall through due to improper documentation and lack of due diligence", says a legal and documentation expert at Nandanam Consultants.
"When customers search for property on their own they usually miss the due diligence part which might go into months if the documents are not proper or are not available to the buyer on registering the property. A lot of deals fall through due to improper documentation and lack of due diligence", says a legal and documentation expert at Nandanam Consultants.
We hope outlining the steps above gives you a better understanding of the property search process and helps you take care of the things you need to consider.
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