Although a property search during monsoon season could be challenging with potholes, mud puddles and traffic jams across the city yet it is a good time to clinch a sale transaction. Space India finds out why. Read on to know more…
In India, the monsoons stand for a lot of things. Usually, people prefer to stay indoors as it sets the perfect ambience for sipping coffee or tea while watching the rain from your window. It is not the perfect setting to undertake a site visit to a property as traffic jams and potholes discourage you to venture outside.
However, experts are of the opinion that there are several reasons why rainy season could be an ideal time to strike a deal as residential sales have been slow for the past three to four years. In the first place, overall demand tends to be subdued, since a majority of potential home seekers are averse to conduct site visits and home inspections while rains lash the city, shares Kishor Pate, CMD – Amit Enterprises Housing Ltd . On the other hand, savvy home buyers are able to strike good deals with sellers, on account of subdued demand.
• Perfect time to negotiate: Monsoon is always deemed to be a lean season. This, coupled with the fact that most Indians consider it as an inauspicious time to buy real estate, gives buyers an advantage over others. Thus, in order to boost sales, developers launch a good number of deals, offers and relaxed payment terms. As a result, for a home buyer, this is the time to bask in the glory of discounts and best offers. These discounts can range from anything between 5 and 10 per cent, depending on the city and location.
• Choosing the best locality: Monsoons across the country expose the traffic conditions of any area. Thus, a home buyer can best evaluate connectivity, road condition and commuting of any given locality during the monsoon season. These are the features that help in the assessment of property location, neighbourhood and commute time from various points such as work, school, etc. This kind of knowledge is very important to prospective buyers who are unfamiliar with the locality.
• Special rates on home loans: It is not only discounted property rates which present buyers with an advantage during the monsoons. Even banks and other lending institutions generally come out with special offers on the home loan in this season. Even if no formal offers are announced, banks will tend to be more willing than usual to negotiate on their charges and interest rates on home loans.
• The right time to inspect the property: For buyers who have had their eyes on certain shortlisted properties but have not taken the plunge so far, the monsoon period is the perfect time to make final inspections and close the deal. The condition of the locality and the house also shows how the house will be in a few years down the line and how will that affect the resale value. This is a perfect time for the watchful investor as he gets mentally prepared for the purchase. In other words, the monsoons are the ideal time to judge the potential investment value of a new property as well as investments on repairs that would need to be made in resale units.
If leaks and seepage are discovered before closing the deal on the property, the buyer can insist that the required waterproofing and other related repairs be carried out by the seller before signing on the dotted line.
Hence, experts share that monsoon period is probably the best time to make one’s property investment in India. Having said that, for an end-user, any season or anytime is the best time. The current environment is most lucrative due to the slowdown in the last quarters that has resulted in the moderate pricing of properties.