Low priced apartments prices may be LOW on QUALITY- a perspective explained for buyers of 3 BHK flats in Hyderabad
Being too competitively priced, and getting low priced apartments as compared to other projects in the same vicinity needs to be evaluated cautiously. Simply put, we need to ask ourselves- what’s the catch? Why is the price being compromised? Is there a compromise in construction quality, quality of materials used, quality of processes (termite treatment, soil-testing, etc.), or quality of specifications?
Understanding this with an example
Let us take the case of a home buyer with a budget of Rupees 65 lac for an apartment in the Sainikpuri-Yapral belt.
Assume that Builder A is offering you a flat for Rs 3500 per sft, and there’s Builder B asking for a price of Rs 4000 per sft…both are offering similar amenities
Under usual circumstances, we might assume that Builder B is over-priced. A home buyer certainly would NOT like to pay more for the same thing. let’s say, you need 1550 sft 3 BHK flat with a budget of about 65 lacs
- With a budget of 65 lacs, a buyer can get 1850 sft 3 bhk with Builder A, and 3bhk flat of 1625 sft with Builder B
- Builder A will seem cheaper and BETTER
- Builder B will seem EXPENSIVE, and a rip-off giving you much LESS SPACE
But is that really the right conclusion? Maybe NOT. What we need to understand is that both Builder A and Builder B will have their PROFIT margin out of Rs 65 lacs that you pay…and that margin will remain constant
How does the excessively cost-conscious buyers’ mind work in the example above?
- When the time to decide comes, a cost-conscious home buyer will simply jump to grab the bigger apartment without seeing what goes into the making of both these flats
- REPEAT- The BUYER MOST LIKELY IGNORES WHAT GOES INTO THE MAKING OF BOTH THE PAPARTMENTS
- More often than not, the supposedly EXPENSIVE builder- Builder B may be using better construction materials, using branded materials, giving superior built
- However, with our excessive obsession with cost, we may NOT be able to this at all!
- We may wrongly assumes that ‘Builder A’ is giving a better deal!
What is the right approach to thinking wise and seeking good quality? Why is builder A cheaper?
LOWER PRICE does NOT give you a ‘better deal’! A better deal turns out to be a BITTER deal in the long run.
Builder A is cheaper because-
- Builder A offers low priced apartments amenities, lower priced accessories, lower priced tiles, electricals, plumbing, doors & windows, lower priced painting
- Lower Price means LOWER QUALITY, and this can be verified by looking into detailed specifications of the building
What Builder A will NOT lower is his own profit margin. The builder will end up making the same percentage of profit regardless of the quality you get! Your excess space also comes loaded with the risks of a poorly constructed building, and the poor quality of dozens of items that are a part of SPECIFICATIONS.
Let us ask ourselves- Is that what we would want as a home buyer? A raw deal that’s sugar-coated, but is a bad deal!
If you want a 3 bhk flat in a home to be high-end construction quality, it may make sense to choose a smaller flat of builder A. Simply because Builder A in our example is offering better quality.
We must NOT choose a bigger and/or cheaper flat for builder B.
This wisdom can prevail only if we know ‘what goes in the making of our dream home.
Is an excessively ‘low priced apartments’ deal likely to be a bad deal?
The answer is a big YES! A sensible buyer must NOT compromise on quality by making the lowest price the most important decision criteria.
This ‘lowest price-driven mentality should be dealt with sensibly.
There are more important factors we need to evaluate while considering QUALITY. These are specifications, brands of fittings, and accessories used in the building’s internal and common areas.
DURABILITY and QUALITY can be delivered only at a COST!
- Step 1- PRIORITIZE SENSIBLY- As a home buyer, you must intelligently & sensibly PRIORITIZE what you want in terms of the quality of construction, quality of specifications, and quality of amenities
- Step 2- COMPARE SPECIFICATIONS- Subsequently, compare the offerings by the builders, and go through each specification item. Ask questions based on your well-rounded awareness.
- Step 3- EVALUATE THE PRICE BASED ON QUALITY- A sturdy home provides safety. A well-built home has long lasting benefits that live-on decades after decades
The resale value of a GOO QUALITY PROPERTY also is better than the low priced apartments. The cheaper, low priced apartments don’t find takers for them after 5 or 10 years, because they are quick took run-down, dilapidated, and plagued with many issues that intrude with a comfortable living.
To quote Henry Ford- “Quality means doing it right when no one is looking.”
To know more about “6 compelling reasons to go for a 3BHK flat in Hyderabad” Click here