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GET GOING TO PROPERTY
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| GET GOING TO PROPERTY |
| 03.30.09 (10:41 pm) [edit] |
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Buying property for investment purpose is not really on people’s mind in the current economic environment. With job security at stake, it is not advisable to commit any amount, however low the property prices or borrowing costs. For people who want to upgrade to a better location or buy their first home, this is the right time to look for that dream house. One should opt for a builder with a renowned name, so as to minimize the risks associated with project non-completion. Do not attempt to go bottom fishing, irrespective of the negotiating skills that you may possess. The other important thing to keep in mind is that
real estate is a long-term asset class. Though selling one’s house is the last thing that anyone would do, one must not be bogged down by short-term property price fluctuations. If you’ve zeroed in on the right location, the ideal strategy is to sit across the table and finalize the deal. These negotiations may extend up to three-four months for properties that are still beyond affordable levels. Instead of trying to settle at the lowest price points, one must quote a rate based on financial strength. A word of caution: one should not get over leveraged as this would expose oneself to high risk.
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