Making the decision to buy a home is a major financial commitment that has a long-standing impact. If you have the funds on you, it is tempting to jump into the investment. But like everything else, there is a time and place, and time also plays an important role. Real estate investments are to be approached with caution and keep asking yourself, ‘Is this the best time to buy a home? If you are looking for apartments in Chennai, here are some pointers from the best real estate developers that will tell you when the right time comes along.
Study the Market:
The real estate market is constantly fluctuating, and you cannot expect it to be the same as it was 5 years ago. There are many ads on TV, the newspapers, radio, placed by the developers, which would tell you the going rate that they are selling their flats. However, you need to do a little bit of research into the actual property rates in that area, along with what other competitors are offering. You should also visit the properties you have shortlisted and check with the on-site sales personnel to get the exact figures. Compare and study which ones suit your budget, and meet your needs. Most firms also have a certain time of the year where they have promotional sales. Knowing when they have done that in the past, will give you an idea of the best time to buy from them at the lowest rates this year.
Fluctuating Interest Rates:
It is natural for most investors to get a home loan when buying a home. The term to repay your loan for apartments in Chennai typically lies around the 15 to 20-year range. The bank would have assigned an interest rate to your payment plan. However, there are a lot of government mandates and changes in the bank’s internal policies that could result in a change in the interest rate. This can be followed by the officer assigned to you at the bank, or by visiting the branch periodically. If there is a revision in the interest rate, then you should get your loan updated with the same. If you ignore this and don’t have your documents updated, you might end up paying more than you bargained for.
Watch out for the change in the seasons:
Season changes in India, especially in South India are not that evident. It is all pretty much summer followed by a short spate of rains, then back to summer again. But in general the summer, right after the rains, is the best time to buy real estate. Everything is green and pretty and the flowers are in bloom. The weather is cool and refreshing and everyone’s spirits are up.
The pleasant weather makes visiting the site easier and more comfortable. Since this is right after the rains, the quality of construction will also be evident. This helps you make the best decision on your purchase.
But if you want to check out if the area is lying low and floods during the rains, you need to visit the site during the rainy season. Check out how the access roads to the site, fare in the rough weather. The site shouldn’t be surrounded by water and should have good drainage.
Festivals and other seasonal sales:
India is the land of festivals and there are plenty of promotional sales around the major festivals. The most prominent sale periods are during the month leading to Diwali, Christmas, and the week leading to New Year’s. Real estate developers of apartments in Chennai also report that this is the time period where their inventory sells out fast. The price drops during these festival periods are quite in favor of the investor, and you might even find an upgrade within your budget.
Lifestyle housings are well known for our luxury apartments in Chennai. We also carry an inventory of affordable 3BHK flats for sale in Chennai. Get your hard-earned money’s worth in premium amenities, and high-quality construction and finish from our projects. Located in prime residential areas of Chennai like T Nagar, Perambur, etc, we take everything our customers need for a comfortable life, into account. Visit our project sites, and get a feel of your future.