How to Find the Right Time to Buy Your Home
To be very candid, the right time to buy a home depends on the financial competency of the home buyer, since it is one of the most expensive splurges for an individual which also demands a long term financial commitment. It is quite pointless to take an attempt to time the real estate market but yes, the undeniable aspect of this scenario is the prevailing socio – economic conditions of the nation. Buying a house not only implies securing a roof for yourself but also leverages the investment opportunities for asset accumulation in the long term.
Like the stock markets, the real estate market also witnesses crests and troughs, but when you invest your money with a long term vision, then you anyway have the edge to take advantage of these bull and bear cycles. However, there are a couple of aspects which may contribute towards getting you a better deal if handled with diligence:
Choosing a property
Usually, the under – construction properties are priced lower than the resale or ready to move in properties. Moreover, for the fast movement of inventory, developers run promotional offers as well, for the early bird buyers. Hence, if you are not in a hurry for the possession of the flat, you can opt for under – construction properties. Moreover, the mortgage loans plans for under – construction properties or the Tranche EMI is always a better repayment option since it saves quite a lot of money
Location of the Property
The location of the property contributes to the appreciation of your asset. Properties located within the proximity of the city witness better appreciation than those in the suburban areas, since the city complements the property with infrastructural support like commuting accessibility, entertainment options, hangout places etc. For instance, the available flats in Nagpur city will witness a better appreciation than those in the interior of the city
Bank loan interest rates
With the economic development and progression of the country, there are slight fluctuations on the home loan rates of interest. Though home loans have a long tenure and there would be fluctuations, but if you have an opportunity to start with a revised rate then, go for it.
Upcoming trends of the chosen locality
Before finalizing a house and the locality, it is always a smart move to have an understanding of the trends of that locality. For instance, over a period of five years, the area has seen an appreciation of 15% and with the present infrastructural scenario, you can have an idea of expected returns and the growth of the area in coming 5 years
Apart from these, another important aspect is how you are placed financially. Like everyone you must be having some financial liabilities which you need to take care of and how well you can manage these recurring expenses of EMI. It is always advisable to consider the practical aspects rather than getting carried away emotionally while finalizing a property. Always try to opt for pre-approved loans, since it provides you with insights of your home loan eligibility and your limits.
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