Jaipur: Many people in India consider buying property because of the belief that prices in the midst of the Pandemic crisis have come down when builders rush to offer discounts and payment schemes. In fact, state such as Maharashtra has given stamp duty and developers have concerned all the stops of supply and financial schemes to attract customers. Low house loan levels are other factors that encourage buyers. Buyer also has a big confusion what to buy house or a flat? If you want to know Read this blog, which is better – an independent house or a flat?
Buying a home is a very huge financial commitment and like financial decisions, it is a bad idea to rush to buy property just because you think you tend to get a good discount.
However, this discount and offer may captivate buyers to traps that may be very bad for their financial health. Buying a house is a very large financial commitment and like financial decisions, it is a bad idea to rush to buy property just because you think you tend to get a good discount.
Here are the five things you need to consider before hurrying buying a home:
Future Plans:
Before you make the decision to buy a house, it is very important for you to find out how long you think you will be able to stay at the property because there’s no point in buying a property that looks like a great deal now because it’s a discount but not offering enough to meet your future requirements. If your work or your financial situation in any way is unstable, it may not be the right time to tie yourself to the location. If you buy a wrong place now it will not only make it difficult for you to buy somewhere else, it will also force you to sell confused if the property price falls.
Price Correction:
Some people have this misunderstanding that because sales have been muted due to pandemic, real estate prices have dropped. However, according to experts, property prices have not really fallen in the main sales segment. Although there are several developers who experience extraordinary financial difficulties and offer significant discounts, that does not mean that prices have declined throughout the country in this country. Consider various discounts and incentives, overall costs for buying a house may be able to drop 10-12% in some areas but the average housing price fell only around 4-5% in the July-September quarter in the main metro city like Delhi-NCR, Jaipur, Mumbai, Chennai, Pune, Kolkata, and Ahmedabad. However, data shows that in several cities such as Bengaluru and Hyderabad, housing prices have increased by 3-4% during the same period. So, consider this carefully before you seal the agreement.
Affordability:
Pandemic has hit many people financially. Some work lost while some payment cuts witnessed. Some people across the country are still not sure of their work. At times like this, assessing your affordability is one of the most important things. Even a little more than our budget can be a problem if you lose a job or suffer a salary deduction in the near future because of a pandemic. If you buy a house that you cannot count on incentives, celebration bonuses or promotions, it may not be a wise choice because many do not receive their performance bonuses, festive bonuses or even promotions. Consider this carefully because slightly exceeding the budget can put you in a strict financial situation.
Location:
Even though you might get some amazing offers and discounts for the property, if the location is not suitable, buying the property might be a very expensive error. While buying a house, it’s very important to consider whether the location is suitable for you. While buying a house or flat, someone must consider some of the main things such as the distance from the center of economic activity, the distance from schools, hospitals or banks, accessibility to social infrastructure and the overall growth of the location as the economic center. Buying a house with a futuristic approach is not wise, because the potential growth of less developed locations may not be properly understood and you may end up buying a house in a location that is not suitable for you at all.
Other Financial Goals:
In addition to buying a house, if you have other financial goals such as building a pension corpus, saving for children’s education or marriage, you need to assess very carefully if the financial commitment to buy your house can affect your financial goals. For those who face salary deductions, it is great to reevaluate their priorities and to see how much the impact of the great commitment will have other financial goals. Is it a pandemic that has increased your wishes to own a home as a real form of security or you just feel tempted by the discount offered by the builder, you need to avoid rushing into a very large financial commitment and testing your demands first to ensure that you remain Financial fit. If you have small budget then you should opt for spacious 2 bhk flats in jagatpura jaipur.