It is not uncommon to see people buying property as a group. Immediate family members or even friends join hands to buy multiple units within a complex so as to get a favourable buying rate. There are many advantages of buying as a group:
Firstly, the research gone into ascertaining the credibility of the seller is magnified as one aspect overlooked by a person is pointed out by another and a conglomeration of different heads working towards a single goal is always more beneficial.
Secondly, the buyers enjoy better bargaining rates from the builder. In addition, when buyers get together as a group and build a forum during the construction stage, it serves as a check point for builder to deliver quality as the forum keeps constant check on the quality and progress of the construction.
Thirdly, approaching the bank for a loan as a group results in favourable discounts in the processing fee; the waiver, at times, is a complete one. Banks also welcome this trend as they get bulk business.
Finally, a cushion of a known community is already provided for the buyers since they already know each other. In case of families, it becomes a win-win situation as the members can live near-by and yet enjoy their privacy.
For the builder too, group purchasing is favourable as the sale of bulk units results in significant cash flow for them. This is a huge advantage in times of uncertain real-estate conditions where builders face a perennial shortage of funds to get the construction activity moving.
Group buying brings down the selling cost of the builder as the marketing costs are reduced considerable and this money can be utilized for other purposes.
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