Why is lean season the best time to buy a property?
The best time to buy property in India is considered to be the festive season, such as Ganesh Chaturthi or Diwali, but many industry sources claim that the monsoon season could be the best time to invest in real estate due to the lower competition between buyers. and the monsoon offers homeowners a better chance to haggle.
The merits of investing in real estate during the lean period:
Best negotiation:
Home buyers can make problems like leaks during the monsoon months work to their advantage. They can take advantage of waterlogging and leaking problems in a home to negotiate better deals. Certainly this is not possible during the dry season.
Build quality:
If you are interested in buying a resale home, the monsoon season may turn out to be the best time to buy a property. During this season, problems such as leaks near the toilets and ceiling can easily be spotted. Heavy rains can better expose construction defects like drain and plumbing quality, as well as leaks and seeps. The monsoon season turns out to be the best time to check the quality of home construction.
Discounts:
As the demand for properties falls during the monsoon season, it turns out that the time is right for home buyers to invest in buying a property. This is the time when sellers are forced to lower the property price to attract serious buyers. Most of the home buyers in India consider the festival season to be an auspicious time to buy a property and therefore sellers offer attractive discounts to increase their sales during the rainy season.
Greater bargaining power:
During the lean season, such as the end of the year or the monsoon, people are busy with their vacation plans and New Year’s meetings and celebrations; As a result, the decision to buy a property is postponed to a later date. Therefore, due to the lack of serious buyers during this period, home buyers get the advantage of multiple offers from sellers and are able to bargain with the property price.
Infrastructure and Transportation:
Experts in the real estate market suggest that home buyers should visit the property they are interested in buying during the monsoon season to learn about the property’s infrastructure and associated issues. Aspects such as waterlogging in that area, as well as transportation from home to the nearest bus stop or train station, can be better understood during the rainy season. These factors are overlooked most of the time during good weather.
Tax Savings Benefit:
It is a good idea to buy a property just before the end of the year, as you can claim some deductions on mortgage interest, property taxes, and tax on interest. So, make the most of the lean period or end of the year to save considerably on the total budget.
Builder incentives:
The end of the year is a great time to get builder incentives. This is the time when you can order custom-made cabinets, designer paint, and bathroom fixtures, as many builders offer attractive deals at the end of the year for more profit before the end of the year.
Flexible payment options:
During the lean period of the real investment market, there are fewer buyers and this certainly gives you an advantage. Loan agents offer better interest rates on the property and help you close a deal at a fair price.