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Buying a home? Beware of fancy claims the agent makes

March 06, 2014 09:50 IST

Buying a home? Beware of fancy claims the agent makes

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Finalising a home may not be an easy task, especially at a time when you are about to broker the deal through an estate agent. However, if you cross-check tall claims made by him about the benefits of the property, you may not be taken for a ride. 

When investing in a real estate property, a real estate agent might prove to be a really valuable asset.  But, if you don’t keep your eyes and ears open, you might end up paying more.  

Ankit is a regular investor in the real estate industry and has been buying properties for some time now.

Things weren’t always good for him as he once fell for some fancy claims made by a real estate agent and ended up losing a huge sum of money. However, now he is an alert buyers and will never fall prey to such dubious agents. 

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Image: An aerial view of a high rise structure in a metro city.
Photographs: Reuters
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Buying a home? Beware of fancy claims the agent makes

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When you are out to buy a property, you should always remember that agents are here for business. The enthusiasm of buying a plush new apartment can get you stalled between tall claims and misleading promises.  

So, the next time your broker tells you that he has a cozy apartment up his sleeve, you need to be alert that he might just be talking about a cramped one.

The industry clichés can change the entire definition of a clean and high class apartment. …

Be ready to hear following things from your real estate agent if you are planning to invest in one of the posh localities of the city.

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Buying a home? Beware of fancy claims the agent makes

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You got an ocean view!

Having an apartment with an ocean view is a dream of every buyer. However, not every agent can ensure that for you, though they certainly can promise you of getting one.  

The estate agents these days are quick to mention that a particular apartment comes with an ocean view. The thing that they don’t tell you is that there are certain obstructions.  

So, when you pay the money all you get is an ocean view which is obscured by huge buildings and trees. This is quite common in coastal areas like Chennai and Mumbai.

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Image: A view of an under-construction building
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Buying a home? Beware of fancy claims the agent makes

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A huge garage that can hold two cars at a time

Let’s admit it that we all want to have a huge garage that can hold at least two cars at a time.

Now, this is what the agents promise you, but the truth is that such garages have storage regions or dryers installed in them and so the space is not enough for two sedans or even hatchbacks for that matter. 

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Buying a home? Beware of fancy claims the agent makes

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You will fetch a very good premium at the time of selling the property 

Whenever we invest our money in a property, our agents claim that they’ll help us get a better price for the property in the near future.

However, you shouldn’t fall for the statement as this is something which is not in the hands of the agent.

The market behaviour cannot be predicted accurately and hence, you should invest your money after knowing your requirements well. So, don’t believe your broker when he says that he’ll help you sell the property at an unrealistic rate.

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Buying a home? Beware of fancy claims the agent makes

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This is the best locality

This is a common lie that you might hear from your agent. To put it simply, you cannot just rate a locality to be the best in an area.

There are a number of factors to be considered while determining a property’s value, but according to the agent the property they are offering is the best.

They will tell you a lot about how the area around the property will develop in no time. 

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Image: Nariman Point.
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Buying a home? Beware of fancy claims the agent makes

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The place is a paradise for investors

Your agent will probably tell you that this place is a paradise for investors and a huge investment house is coming up to build a multiplex and shopping mall.

You shouldn’t pay much attention to these claims as the market changes quickly and nobody knows what’s going to happen in a short span of time. 

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Image: Powai, once a distant neighbourhood , is now considered a hotspot for investors
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Not much time or units left

They’ll tell you that there is not much time left as they only have the last few units to sell.

You should never hurry up while investing in a property; instead you should stay calm and see why the agent is pushing so much on selling the property.

Even if they offer you the flat at the most economical rates, you should not fall for the trap and instead take a sound decision. 

With the increased rates of property, brokers tend to charge a huge sum from their clients as a commission.

So, if you are already giving them their share, then there’s no need for you to take a risk with your investment by believing everything they say.
 
 
  


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