Planning to purchase a flat or house? Second, remember these 5 best things.
Because of the perception that prices have plummeted in the middle of the pandemic crisis as builders scramble to give incentives and payment plans, many people in India are considering buying a house. In reality, a stamp duty cut was granted by states such as Maharashtra and developers pulled off all the stops on deals and financial schemes to draw buyers. Another aspect that is driving buyers is low home loan rates.
These deals and incentives, though, could attract consumers into pitfalls that could be extremely harmful for their financial wellbeing. It’s a big financial investment to purchase a house and, as with any financial decision, rushing to buy a home is a terrible idea only because you think you’re going to get a decent discount.
Before rushing to purchase a home, here are five items you need to consider:
1. Future plans: It is very important for you to figure out how long you believe you will be able to live in the property before you make the decision to purchase the home, so there is no point in purchasing a property that now looks like a perfect bargain thanks to the enticing discount but does not give enough to satisfy your potential requirements.
It may not be a wise time to tie yourself to a place if your work or your financial conditions are in any way precarious. Not only can it make it impossible for you to afford to move to another location if you purchase the wrong place now, it would also cause you to sell at a loss if property values collapse.
2. Price correction: Certain individuals have this idea that real estate values have fallen because sales have been muted because of the pandemic. In the primary sales market, however, as per experts, property prices have not really fallen.
Although some developers are suffering extraordinary financial hardship and give substantial discounts, it does not mean that rates in the country have fallen across the board.
Provided the different discounts and rewards, in some places, the total cost of buying a house could have decreased by 10-12 percent, but in the July-September quarter, the average housing prices fell only by around 4-5 percent in major metro cities such as Delhi-NCR, Mumbai, Chennai, Pune, Kolkata, and Ahmedabad.
Data shows, however, that housing prices have risen by 3-4 percent in some cities such as Bengaluru and Hyderabad during the same time. So, thoroughly remember this before you close the contract.
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3. Affordability: A lot of people have been financially affected by the pandemic. Others have lost jobs, and some have had cuts in wages. Many individuals around the nation are also unaware of their employment. Assessing your affordability is one of the most important aspects at a moment like this.
If you lose your work or suffer wage cuts in the near future because of the pandemic, running even a little over our budget will become a challenge. It might not be a good decision if you buy a house that you cannot afford to rely on rewards, festive bonuses, or promotions, as many do not earn their success bonuses, festive bonuses or even promotions. Evaluate this cautiously as it will place you in a tight financial position by running even marginally over budget.
4. Place: While you could get some great offers and discounts on a house, purchasing the property might be a very expensive mistake if the location is not suitable. It is important to consider whether the place suits you when buying a home.
Any important things have to be taken into consideration when purchasing a house or flat, such as distance from the center of economic activity, distance from education, hospital or bank, proximity to social facilities, and the general development of the area as an economic center.
It is not advisable to purchase a house with a futuristic approach, as the development potential of underdeveloped places may not be fully known and you may end up buying a house in a position that is not ideal for you at all.
5. Other financial goals: Apart from purchasing a home, if you have other financial goals, such as creating a savings corpus, planning for college for children or marriage, then you need to consider very closely if your other financial objectives will be influenced by the financial commitment to buy a property.
It is particularly important for those facing salary cuts to re-evaluate their goals and see how much of an impact such a significant investment would have on other financial targets. You ought to stop jumping into such a massive financial undertaking and do your due diligence first to ensure that you stay financially fit, whether it’s the pandemic that has boosted the urge to buy a home as a means of tangible security or you actually feel tempted by the discounts provided by the builders.
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