5 Signs You're Comparing Two Properties the Wrong Way

 

Two short-listed houses. Equal budgets, equal “vibe.” But somehow, despite all those weeks of house-hunting and back-and-forth, it all seems to come down to a flip of a coin. Does this scenario seem eerily familiar? The fault probably does not lie with the houses; it lies in how they are being compared. Here are five signs of that very issue.

Sign 1: You're Comparing Prices Before Anything Else

The first and natural instinct is to get hold of the prices of both properties and choose the one that is cheaper, but this can be misleading since price is the easiest parameter to consider while buying a home but the least insightful of all. The property being cheaper by ₹5 lakh may be so because of having less carpet area, higher maintenance charges or an issue of documentation.

While the price can certainly form one aspect of the comparison exercise, it shouldn’t be the beginning of it. Start with considering what each property has to offer in terms of commuting time, size or budget constraint.

Sign 2: You're Trusting the Advertised Area

"1,450 sq ft" may seem to be a fixed number, but that is usually not the case since a particular area is quoted differently in two different listings. A certain person will provide the area using super built-up area while the other may use carpet area; the difference between the two can range from 20-30 percent of the advertised area.

When you compare the carpet area of Property A to the super built-up area of Property B, then you're not really comparing areas at all. Get the carpet area from both people and compare their prices per square foot.

Sign 3: You Haven't Separated "Can't Compromise" From "Would Be Nice"

This must be one of the most frequent comparisons. The purchasers visit two houses considering all details to be of equal importance — location, layout, facilities, view, reputation of the builder — and compare the swimming pool to a document problem as if these items were on the same level.

But they are not. There are things which cannot be compromised at any rate — legal matters, realistic budget, proper location. And there are things which make your purchase more comfortable — clubhouse, better finishes, better view. Put your considerations into two groups first. If your choice is unsatisfactory in terms of the non-negotiables, then nothing "nice to have" can bring it back to your table.

Sign 4: You're Judging the Building by the Brochure, Not the Building

Pictures and blueprints show you the flat. They do not tell you about the "under repair" elevator for the last six months, dimly lit common space or building society which is lagging on maintenance. A good flat within a badly run building quickly becomes a constant source of frustration which no finish will ever fix.

Explore both buildings using the same list of criteria: entrance, parking lot, state of the lift, common areas and general maintenance. If you manage to, visit the properties at different times of the day because the atmosphere can change considerably depending on whether it is daytime or nighttime.

Sign 5: You're Treating Legal Verification as a "Later" Step

It is this problem that is the source of more buyer's remorse than any other, as it goes unseen until it becomes visible. The thinking is that when a property "looks okay" and the developer has some name recognition, everything else will fall into place nearer to the time of the sales agreement.

But these things should be part of the considerations in your comparison process from day one and not something that is only verified after you have chosen your top choice. Any property that ranks above the rest in all of its features, but falls short in regards to its title, is not even in the game.

Fixing the Comparison

All of these measures do not take extra time – all they take is proper sequence. Begin with your needs, not the brochure. Compare carpet area at par and not according to claims. Distinguish between must-haves and nice-to-haves before even weighing other considerations. Check the structure rather than the apartment itself. And make the verification of the documents your first step, not a post-facto decision based on emotional inclination.

We have covered the entire process, including the comparative table in parallel with location, price, documentation, and construction – in an article: How to Compare Two Residential Properties. Worth a look if you're currently stuck between two options and want a structured way through it.

The Actual Takeaway

There is very little chance that two options will be equally good when comparing them in a proper manner. The equality is mostly due to a superficial comparison rather than a truly difficult decision. Improve the way you conduct your analysis, and your decision will follow.