Nikhil Walavalkar Moneycontrol News
Rarely do people find the monsoon an appropriate time to buy property. Most of them end up buying their dream home in summers or during the festive season.
But the monsoon could prove to be a great time to buy your dream home.
"The reduction in number of launches and stagnant prices in last couple of years is demonstrating that the market is in self-recovery mode and timing could not be more opportune than now for end-users as well as long-term investors. Not only this, there are combinations of variety of market forces that have nudged the residential sector on the road to recovery," said Surabhi Arora, Senior Associate Director - Research, Colliers International.
Here are a few reasons why you should start looking for your dream home immediately.
Monsoon helps you judge the locality
Affordable housing is the buzzword in the real estate sector. The Pradhan Mantri Awas Yojana (PMAY) is aimed at empowering first-time buyers of affordable houses.
If you are keen to go for an affordable home, you can't ignore the fact that such projects are located in upcoming areas and not in the heart of a city where property rates are high.
Many a time, individuals want to buy a flat in an upcoming locality that they are not familiar with. Monsoon is the time you should visit such areas because the rain can tell you if the area gets flooded.
You can also ascertain the quality of public infrastructure during the monsoon, especially if you are thinking of buying a flat on the ground floor or in a low lying area.
Under-construction projects
Flaws at the project level are exposed during the monsoon. Faulty designs or incorrect execution can leader to water logging in and around under-construction sites. Such problems generally worsen as the project nears completion and occupancy goes up. If you inspect such under-construction sites during the monsoon, you can make a more-informed choice.
Resale flats
This is a tricky game. Sometimes, poorly maintained properties are pushed out for cheap rates under the pretext of a 'distress sale'. Here, the seller knows everything and you enter the deal unaware.
"If you are buying a ready to move in project or property in resale, monsoon is a good season to have a various check about the quality of the project," Arora said.
Heavy rains expose quality issues, if any. They also throw some light on how the property is maintained. You can estimate the cost involved in repairing a property and bid accordingly.
It is negotiation time
Enough has been written about the slow property market and the time/price correction that took place in the real estate market. Monsoon adds weight to your position as a buyer because developers and sellers are willing to negotiate.
You can buy time without losing much as there are not many buyers in the market. Take advantage of the situation to strike a deal.
Better home loan deals
As the real estate market is slow and there are not many buyers, you can negotiate with banks for better deals on home loans.
"The interest rates on home loans are driven by MCLR. But banks are willing to offer discounts on fees and charges to attract more home loan business," said Vineet Jain, founder and CEO of Loanstreet.
You also get a lot of time to get all the documents in place. Bankers too have the time to listen to your queries and sort them out. You can compare offers across banks and pick one that suits you best.
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