House Buying Tips
In the article given below we’ll be discussing an important topic that’s “House Buying Tips” let’s examine it in detail:
If you really have made up your mind about finding yourself a brand new home this year, it might be interesting for you to actually note that the scope for bargaining is relatively bigger than ever. Property values have remained muted within the past five years, due to a slowdown in demand and buyers today are in a better position to negotiate.
The Covid-19 pandemic has limited the scope for sellers to arm-twist buyers into actually accepting terms and conditions tilted in their favour. Moreover, home loan interest rates are at a record low, after the RBI cut the repo rate to 4%, recently.
Location is also a serious factor which will have a impact on the resale value of your home. Choose wisely and your home could also be your best investment.
Some simple house buying tips are listed below:
Consumer is considered the king, behave like one
Gone are the times when property owners had an upper hand, when a deal was discussed. Considering that an enormous number of housing units are actually lying unsold across India’s major markets. Data shows that there are nearly 7.40 lakh unsold housing units all across India’s nine major markets – developers/sellers have actually lost that dominant position they used to enjoy, when the demand for residences was huge and once they sold it on their own terms. From the beginning , the discourse must proceed on that note.
Don’t ever settle for less; the market is packed with options
Since the market is packed with options, ready-to-move-in, as well as new, keep searching for your dream home until you see it in reality — every aspect of it. There isn’t really any need to actually make a hasty decision, as property prices would only continue to show muted growth at least for some more time before they really begin showing any kind of upward streak. If you’re buying property for investment purposes, it might be a good idea to go for a city where prices have seen some downward movement in the past, making luxury properties more cost-effective for you.
Deposit rates are quite low; thus use the savings for home purchase
Some of you may not be in the need to seek housing finance so as to make the purchase. However, you may actually consider applying for housing loans to get tax breaks. Since deposit rates are currently quite low (between 3.50 and seven per cent) , it might make better monetary sense to avoid takeing a home loan. While home loan rates are also during a downward trajectory (minimum eight per cent) , they’re still much more higher than deposit rates.
Why wait when you can move in?
Lakhs of homebuyers have actually been left waiting for their homes, as liquidity a crunch has forced many builders to further delay their projects. To avoid this problem, invest in ready-to-move-in options. Chances of you getting discounts are much higher, since builders are under great pressure so as to improve sales. Additionally, ready-to-move-in projects don’t attract any GST.
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