Homeownership is a dream that most of us pursue in life. It is not just a matter of having a shelter for our families, a safe roof over our heads, a secure space for our private affairs. It is also about feeling pride for a place one can truly belong to. A dream home may never happen for those who have to rent one apartment after another. Those with financially sound backgrounds can buy a brand new home, but what about those who cannot afford a brand new home but still want a space they could call ‘home’? Luckily, there is a solution. Buying secondary properties is the best way to bridge the gap between your dream home and affordability.
Primary Properties
The growing urban population and consequent housing demand means that primary properties alone will not meet the demand. Secondary properties are therefore far more lucrative for most people competing for housing. Primary properties are usually very expensive. They are usually made by real estate companies who generally develop larger lands and set prices based on the real estate market scenario and trends. They also favor specific locations for land development, which results in dramatically different prices between areas. This means a customer may not be able to find primary properties in locations that suit them. Another hassle for the customer is to have to wait for a flat handover. During this time, so many things can happen. From regret of buying a new home to frustrations of property management, a brand new home can pose a myriad of problems. The experience of owning your own home may become hectic if you are unlucky.
Secondary Properties
A more affordable and wiser choice would be to buy a secondary property. Buying a used property may not be all that glamorous, but it can be a worthwhile experience. When you are considering buying a secondary property, you will find that the options are much larger, more attainable and you get to pick the location of your home. You do not have to wait for secondary properties. Just pay the money and hop on to it right away! Consider yourself extra lucky if you get a well-managed property at a reasonable price in a location you prefer. Also, you will not have to deal with the real estate market prices and trends associated with primary properties. The price of a secondary property largely depends on its age, facilities, and condition. If a home is not managed properly over the years, prices would be reduced drastically. The buyer would have to renovate and redecorate with new interior designs. Therefore, older homes or apartments in poor conditions sell instantly at much lower rates no matter what the location is.
Primary properties alone cannot meet the huge housing demand. To add to growing problems in housing, many people encounter fraud developers who continue to extort money instead of handing over the primary property. There are other low-credit rated developers who change prices at the initial development of the property and during handover. Despite recent government initiatives to increase investment in real estate, primary properties are out of touch with a large portion of the population looking for homes. Secondary properties therefore are really changing the game in real estate.
The Real Estate Agent
Real estate agents help get you the property you want at a location and price that you prefer. They make the process of buying and selling properties far easier. Agents take care of all the legal issues, paperwork, perform careful home inspections, and help you even with shifting to the property. Since they are aware of a vast collection of properties, they can single out some possible options for you based on your needs and preferences.
Unlike developers who generally sell primary properties, real estate agents are very flexible and can provide a vast number of options along with a vast number of services. They are well-versed with every property related issue, they can perform professional inspections of the properties and involved properties, and they can skillfully deal with formalities and other financial bottlenecks.
Majority of the agents are individual practitioners, meaning they are not affiliated with any institution.This also means they answer to no one, and are liable for nothing if anything goes wrong. Trusting them is like shooting in the dark. This is why people tend to trust institutions who have several departments working on secondary properties. They are more responsible and accountable and therefore, you know that your money and property are in good hands. You can also crosscheck the background, authenticity, history, and overall reputation of the institutional agent, but not of individual agents.
It is said that the secondary property market may be 20 times bigger than the primary property market. They are successfully bridging the gap of housing demand and supply with tremendous effort. It is up to you to choose an individually practicing agent or an institutional agent such as bti Brokerage. Their responsibility is to fulfill your housing needs, but it is your responsibility to check the background, authenticity, reputation among customers, and history of the agent you might choose.
