2 or 3 bhk apartment in Hyderabad – 5 reasons why LOW PRICE shouldn’t be a dominant factor while buying
Price and budgets are normally the deciding factors for home buyers scouting for their ideal dream home. While considerations like Vastu compliance are critical, it finally boils down to the ‘best deal’ on price that takes precedence.
Obviously, a middle-class home buyer in Hyderabad or elsewhere is usually constrained on budget, and has to avail of a home loan. The lesser the financial burden, the better it is! Hence, the obsession for a LOW-COST deal!
A typical middle to upper-middle class home buyer goes for a 2 bhk in the range of Rupees 40 to 55 lacs, and 3 BHK between Rupees 50 to 70 lacs in Hyderabad. The question is- ‘Should pricing be a dominant factor in defining what we want from our dream home in Hyderabad?’
- 2 or 3 bhk apartment in Hyderabad – 5 reasons why LOW PRICE shouldn’t be a dominant factor while buying
- Too good a pricing deal can actually be a raw deal
- It results in a compromise on ‘overall quality’
- Health and safety related priorities get missed-out
- Family needs get over-looked when expectations are lowered
- It may turn into a ‘poor investment’ in the long run
Let’s discuss these-
1. Too good a pricing deal can actually be a raw deal
- Let’s assume that two different builders in the same locality offering same specifications. However, one builder offers a price lower by almost 10% to 15%. What should you do? Grab the low cost deal? This should actually ring a bell, and we must deep-dive into the details of specifications and amenities
- At times, low-priced builders force-fit the pricing to suit the home-buyers’ budget, and to beat the competition, with utter disregard to what goes into the making of an apartment
- Builders certainly won’t compromise on their own profits. Instead, they would simply just cut corners by using inferior grade and quality of materials, accessories, fixtures etc. After all, the home buyers just don’t care about anything except getting a LOW-PRICE home!!
- A seemingly lower price feels like an ‘attractive deal’, but in reality, it could be an extremely raw-deal!!
2. It results in a compromise on ‘overall quality’
- Low price deal means that the QUALITY SUFFERS!
- Construction requires lots of sequential steps from ‘start to finish’, that add-up to a certain level of desired quality
- For instance, a builder is required to take decisions based on ‘soil testing’ results. The builder is required to use materials and construction rigour as per the ‘results of soil-testing’. Many technical steps are needed to make the building high on quality. The question is- ‘Why would a builder follow 100% rigour if he is giving away the apartments at lower price?’
- The answer is obvious- if the builder is NOT making enough money, there is no incentive to provide good quality materials, follow rigorous steps and specifications. Most of the times, home buyers do NOT even understand or even care about the ‘quality’ of materials being used
- The result is POOR QUALITY. The builder beats the competition, and give a LOW PRICED apartment with LOWERED QUALITY specifications that go into making the apartment
- So, being aware of quality and what’s being offered as part of the SPECIFICATIONS is more important than LOW PRICE alone
3. Health and safety related priorities get missed-out
- The pandemic has changed our expectations from our home
- With COVID-19, we now need more SPACE, better ventilation, and safer spaces with superior ventilation, spacious elevators, a dedicated ‘utility room’ and much more
- With overmuch focus on price, we may forget what we need during unprecedented times like a pandemic
4. Family needs get over-looked when expectations are lowered
- Working couples today need homes with additional space to ‘work from home’
- Children need spaces that are well-designed for ‘study from home’
- Family members need a more alive, engaging, entertaining and well-designed home
- All these additional demands and needs require superior design elements with efficient spaces, more spaces, optimal utilization and upgrades
- This also means a WILLINGNESS to pay more for a better quality of life
5. It may turn into a ‘poor investment’ in the long run
- A home bought with sole purpose of keeping EMIs low, and paying less means that the building won’t remain sturdy for long
- Apartments with poor quality dozens of parameters means that the building start wearing-off much sooner than you can imagine
- Happiness with an over-compromised home is short lived. The dream-home turns into a nightmare with walls cracking, termites making it hollow from within, and the plumbing and electricals giving problems much sooner than expected
- Such a home is bad investment with RESALE becoming difficult
- Instead of being a ‘sound investment’, a run-down home turns into a bundle of compromises that’s beyond redemption or repair
- Low price can actually turn your investment into a liability
Hence, a home buyer must NOT be over-obsessed on getting a low price deal alone! While exploring home-options in Hyderabad, the home buyer needs to focus on the immediate and future needs of the family!
Who are looking at concerted steps to be taken before investing, click here