Have you visited an apartment you are considering buying? This is an important step for you, and you wonder if it’s the right time to buy? Discover 4 indicators that can help you make your decision.
Buying a property is an important decision especially when it’s the first time. This investment often commits you for a long time, and it is necessary to prepare your project well. Of course, the goal of any buyer is to buy bigger and buy the same good for less. Therefore, we all want to wait for the best period to buy but still need to know how to identify it.
To find out if this is the right time for you, different indicators should be taken into account. Among the main information, you need to watch: the evolution of real estate prices, the rate of credits, the conditions of access to property and tax schemes.
The price per square meter
Start by looking at how real estate prices have changed over the last 10 to 12 months. To optimize your purchase, your research must be as accurate as possible. Indeed, you must not be content with national trends. Thus, even if the price per square meter remains the main indicator, look especially at its evolution in the city or even in the sought after area. For this, you can get information from real estate agents in Gurgaon, on websites or in specialized magazines. If you are targeting a specific neighborhood, try to conduct a neighborhood survey to get real data, it is often a reliable indicator.
Even if they are sometimes paid, the data provided by the notaries or the official sites are always the most reliable.
The rate of mortgages
If you need a home loan to buy your home, look at the credit rate and the conditions of access to the loan. Indeed, a few tenths of points on the rate can make a difference of several thousand rupees for a loan taken out over 20 years. For these rates, trends and market averages are easy to identify and can serve as a basis for negotiation with a lending institution. Also, remember to look closely at the evolution of borrower insurance rates. Their impact on the overall cost of mortgage credit can be significant.
Some tax schemes can also help you save on taxes. Look carefully at the terms and conditions to benefit (purchase in the new, buy for rent, deduction of work). Similarly, if credit for work is to be considered, find out about homeownership and renovation aid granted by the State and local authorities. Sometimes it may be better to shift your project a few months to benefit from more favorable legislation.
The balance of supply and demand
Ask real estate agents in India about the average time required to complete a sale. Indeed, the longer the time between the sale of the goods and the effective completion of the sale, the more the period is favorable to buyers. Also, see if the price of ads that may interest you changes, and if sellers are lowering the price of the properties for sale. These periods of fluctuation are always conducive to good negotiations. On the other side, if the goods are selling quickly and the prices of the ads evolve little then, the period is rather tense for the buyers and more favorable for the sellers.