Bringing down property prices: 4 Tips to follow
Brushing up individual negotiation skills can often do wonders and fetch bonus for sellers and buyers. According to property experts, top-notch negotiation skills can be of essential aid for buyers in the long run and save money significantly. Negotiation, can be simply put as a process via which people put their heads together to reach a common dias.
However, some investors question the need for negotiation. To enlighten them, negotiation can be defined as a tool to end up at a good price point, ensuring higher returns. Below-mentioned are the 4 key points that should be taken into consideration in order to negotiate property prices effectively.
Knowledge makes its own way
Having a thorough knowledge and understanding of the local property market is a de rigueur. This would enable a buyer to clear the air about price, demand and supply of properties. According to experts, in any negotiation process, the party preceded with confidence and knowledge is a better negotiator. Adequate knowledge about the true value of a property or sales process always finds its way for a good deal.
An open mind is the ideal policy
To score better in the negotiation process, property consultants recommend buyers to keep an open mind before making any move and avoid becoming emotionally attached to properties. Buyers should conduct a conducive research for vendors who do not have any objection in accepting lower market price. Above all, buyers are highly recommended to be steady and do not rush while signing a deal, since haste creates waste. For better deals, buyers should not negotiate a deal within time constraints.
Welcome capital gain tax expense with open arms
As per the Income Tax Department, two types of capital gain tax is levied in India-Short Term Capital Gain Tax and Long Term Capital Gain Tax. The capital gain is termed as an expenditure which the seller has to undertake, hence adequate knowledge and information about this aspect is a must. It will ensure better productivity and help in the negotiation process significantly.
Be realistic about ‘Payment Tenure’
The time during which the buyer pays-off to seller and finishes his payment procedure is termed as the payment time. According to property consultants, payment time stands out as one of the thresholds of the negotiation procedure.
A serious buyer will take into consideration his/her financial soundness before buying a property in as much less time as possible, in order to reach a more ‘souped up’ price. In addition to it, a serious buyer will no stone unturned to make the most of the negotiation process.
