How to Find an Apartment/House without a Broker?
A common dilemma with most homebuyers is how to find an apartment without roping in a broker. Broker assistance is generally perceived as a reliable way to go when buying a home but, bypassing these mediators certainly helps home buyers to save on those extra bucks towards their fee. In places like Pune where buying a home is expensive (compared to other cities), even a small saving in commission can help.
If you have been looking to buy 2 & 3 BHK flats in Pune, the following tips make you understand why a middleman is no longer required to negotiate a real estate deal.
Tips to find an apartment without a broker
- Search & Shortlist your preferred property
- If you have decided on the city and the preferred residential area to buy a home, then start searching for properties in that area.
- Make online property searches on the various portals available given your budget constraint and timelines. The internet comes in handy. Make use of property search websites like MagicBricks, 99Acres, Makaan, No broker, IndiaProperty, CommonFloor, OLX Homes, Quikr Homes, Propertywala, etc. to help with your search.
- You must ensure that you connect directly with the sales team of the developer for the precise details about the property
- For a reference check, you may refer to the RERA (Real Estate Regulatory Authority) website of the particular state and verify the property details of the shortlisted projects.
- Visit the shortlisted properties, Physically or Virtually
- Post-short-listing the properties, it is advised to see the property in person. However, in the Covid-19 scenario, you may even take a virtual tour of the property. These days most developers offer this option to avoid crowding on the project site. Even if you wish to visit in person, adequate safety measures are taken to guard you.
- A physical visit ensures that the property you see on the website is actually what exists.
- You can have a look at the neighborhood if it meets your expectations
- Check out the social infrastructure around.; the availability of schools, colleges, public transport, hospital, grocery, and vegetable shops.
- After assessing the project you may list the shortlisted properties for final deliberation
- Managing the Finances
- These days, the developers facilitate the buying process by helping customers get on board with banks/financial institutions. A customer-centric builder can help you arrange for home loans at the best interest rates available in the market, and get other formalities done.
- You may negotiate the final price with the developer
- Before you accept the final offer, you must check for project clearances from Govt. authorities.
- Check other legal issues including – no-objection certificate from the water, land, electricity authorities, safety certificates, project sanction plan, no violation certificates, etc. Perform due diligence in this step to avoid any issues later on. If you suspect even minutely, that something is wrong, make sure to get it clarified with the builder.
- Closing the deal
- You must mutually agree upon a payment procedure with the builder or seller; in case you have opted for a home loan, the bank’s (NBFC) representative would guide you about the paperwork that you would need to do.
- Following this, you will receive an allotment letter with relevant details about the property, such as the flat number, square footage, possession date, and so on.
- Once you sign the sale agreement with the builder or seller, you acquire legal ownership of the property.
The above-said tips would certainly help in case you have been wondering how to find an apartment without a broker. Buying a home is an important milestone in your life, but you must plan ahead and then take the leap. With good planning and execution on your part, you will never feel the need for a broker’s assistance.