Is March The Best Month To Buy Your Dream Home?
Buy Your Dream Home: Analysts in the industry have never been able to predict that a specific month will be the most popular time to buy a house. But a strong argument for the same can be made for the final month of the fiscal year, March. navimumbaihouses.com investigates whether March is a good month to purchase a house.
According to the navimumbaihouses Insite Report, home transactions declined by a startling 20% between the Jul-Sep 2019 and Oct-Dec 2019 quarters, reflecting recent volatility in the real estate market. Despite the fact that during the final quarter of 2019, property inquiries increased as a result of the current holiday season. The question of when to engage in real estate is now more pertinent than ever.
The conventional method of accumulating money has been to buy real estate, keep it for a few months, and then sell it to generate profits. However, one frequently disregarded element of the wealth building strategy is the timing of your real estate purchase.
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Industry experts believe that the end of the fiscal year, or before March 31. Is a wonderful time to seal the transaction if you are about to buy your ideal house but are second-guessing whether to do so. The real estate market at the end of the year is bursting at the seams with motivated sellers, less aggressive purchasers. And numerous chances to take advantage of tax advantages.
“The last few months of the fiscal year see a decline in homebuyer demand. Providing opportunities for a select group of opportunistic homeowners to take advantage of this undervalued business opportunity. During this time, developers typically provide the most profitable deals and enticing payment plans in an effort to attract as many buyers as possible.
Here are a few things that might influence your decision to purchase a house in March:
Buy Your Dream Home – Light on the pocket
In comparison to the high season, when prices are overinflated. The end of the year is when real estate costs are at their lowest. Additionally, a lot of banks and housing finance companies provide promotions. Deals, and consumer-friendly payment plans that undoubtedly make this period one of the best times to buy a house.
“Due to the slightly lower costs during this time. There have been a significant number of inquiries from first-time homebuyers with limited budgets looking house purchases. “Developers prefer to keep the stock price cheap at this time so that they can offload as much of the piled up stock that they could not sell during the remainder of the financial year.”
Buy Your Dream Home: Tax advantages
If you were to buy a house in March. You might be able to get extra tax breaks on top of the loan’s accrued debt. Income Tax Reports (ITR) for the current fiscal year must be filed. You could save a significant portion of your money by filing tax returns on the principal you pay during the three months concluding on March 31.
Up to Rs 1.5 lakh can be save on the capital of a housing loan under Section 80C of the Income Tax Act. Rs 2 lakh under Section 24 for a self-occupied house, and an extra Rs 50,000 under Section 80EE if you’re a first-time buyer.
“Buying before the end of the year can lower your tax obligation if you are self-employe or in a higher tax bracket and need every permissible tax deduction accessible to you.”
Less competition from buyers
Customers typically set aside this time of year to meet with their professional accountants to organise their finances. Individuals who owe up to Rs 10,000 or more in taxes in a given fiscal year are require to pay advance tax by March 15 in one big amount or through monthly installments. As a result, many purchasers are occupied with their last-minute balancing of assets and obligations.
This opens up the market for savvy purchasers to seize this chance and complete the house purchase. Due to a lack of rivalry from other homebuyers. You can haggle with the vendor much better and agree on a price that is most advantageous to you.
Buy Your Dream Home- Builder incentives
“Slowdowns at the end of the year impact both builders working on new structures and buyers of resale homes. Some builders throw in additional benefits, like a builder credit towards upgrades. Reductions on the asking price, or paid closing costs, to draw attention and increase sales during this time of year.
Cheaper moving expenses
Due to the low demand for such services as a result of the low volume of house purchases. Hiring a moving business near the end of the fiscal year would be much easier on the wallet. You can also take advantage of discounts on moving and packaging services due to the lower yearly demand.
The end of the financial year presents a variety of opportunities to save on the acquisition of a house as well as bills related to the home, such as the cost of building and relocation costs. If done wisely, there is enough proof to imply that purchasing a house in March could be quite profitable.
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