‘Property in the form of land or building’ – is what Oxford dictionary defines the real estate.

Buying a home is one of the most important goal of any person in his/her lifetime. We have been taught from childhood that one of our prime objective in life should be to own a house that can be called as ones’ own.

 

From living in caves to now having options to live in a home 1000 meters above the ground, humans have greatly evolved in their needs & expectations in fulfilling one of their most basic need – to have a shelter.

Post liberalization and the phenomenal growth of economy resulting in high-paying jobs & exposure to the global lifestyles & trends, the home buyer’s needs & expectations have evolved greatly. The real estate industry was also quick to assess the changing needs of the buyers & offered infinite options ranging from open sites/plots to bespoke luxurious homes spread across whole floor 100s of meters above the ground.

These ever-evolving aspirations of home buyers/seekers has led to the growth of a whole industry that builds, sells, maintains, provide funding, regulates the practices through laws etc., with an aim to provide a structured process of acquiring & enjoying the possession of the property hassle-free. These stakeholders are collectively called the Real Estate Industry. The no. of stakeholders in this Industry is ever increasing by the day.

Over the period, this industry has developed its own language, processes,  & practices that a layman would find them complex with dealing with this industry.

The initial phase of residential real estate growth was demand-driven & every other businessman with or without expertise in construction entered the industry to make some quick bucks, piggy banking on the high demand prevailing. It also resulted in entry of a whole group of un-professional, un-organized and greed-driven business promoters trying to make unethical profiteering by adopting unscrupulous business practices. This has led to a lot of real estate projects getting delayed or undelivered and the customers getting cheated of their hard earned money, in many cases of their life-time savings.

Of late, the industry practices have become so complex & opaque that the industry as a whole suffers from trust-deficit & transparency & the prospective buyers view it with a high degree of suspicion while exploring buying options.

As most of the buyers, especially first-time home buyers have no knowledge or familiarity with the terms, practices, processes, technical jargons or statutory implications, they end up depending heavily on the advice of their friends, relatives, property brokers, online content etc. to understand these terminologies & trade practices, which often seem complex to the buyers.

There is always a need to educate, familiarize & guide a prospective home buyer, especially the first time home buyer, to equip him or her with the skills & the language required to deal with different players in the real estate.

This guide is an attempt to accustom the home buyers, especially the first-time home buyers, with the necessary terminology and processes practiced in the real estate industry, especially the residential segment. It is designed to help a prospective home buyer learn & deal with different stakeholders in the real estate industry like an informed buyer as they journey through the home buying lifecycle so that he/she can be assured of a hassle-free home purchase &peaceful possession of the property they can proudly call it their dream home.

This guide has a right mix of topics that helps the prospective buyers do a varied level of planning, analysis, formulating & executing to-do tasks, & conducting transactions that will help him/her in achieving optimum savings in time, money &turnaround time involved in completing the home buying process

Read on…..

Learn the language of real estate & buy like an expert

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