When Is The Right Time To Buy A Property?

5

This is arguably the most important question that every property buyer ponders over. Every year analysts give you lengthy reports about the right time to buy a property, but the fact is that one can only invest into a property when they can afford it.

Investors watch the market and run through property listings hoping to chance upon the best deal. But the wait and watch game can go either way. You might hit a bargain if the market slumps or miss a big bet if the market rises and the property becomes too expensive for you. Having said that prospective buyers also need to keep their eye on a few other things.

Market Condition: In the specific area that you wish to purchase property check the market conditions. The social infrastructure, distance from key locations and appreciation possibility in the location will determine the price at which you purchase the property. If there are plenty of builders in the area, then you are likely to have better bargaining powers on the price.

Location: A new development location will have cheaper rates and city centre locations will have higher prices. New locations will have poor development from the local municipality so its important to understand the purpose for which you are purchasing the property.

Purpose of Purchase: If it’s for own use, then you might have to consider monthly costs but if it’s for rental then social infrastructure plays a key role. If the property is close to the business district, then as an investment it is likely to mature faster and you are also likely to get good rental returns. If it is in a new developing area, then rentals and property value appreciation will be at a slower pace.

Read more:

What are the right questions to ask before buying a property?

Which property to buy – Ready to Move in or Under- construction?

Things to keep in mind while buying your first apartment

Checklist before buying property

Post-purchase Costs: Commercial or Housing, all property needs maintenance on a regular basis. It is important to factor in the taxes, statutory payments and miscellaneous repair costs that might affect your finances. Ensure you gather all information about maintenance of the property before finalising your purchase.

Realistic Expectation: It is important to be realistic about your finances before you go in for a purchase. The property market can be booming or dull but if you cannot afford the property then it doesn’t make a difference. Yes, you are likely to clinch a better deal when you buy a property in a dull market but that might not guarantee a good quality project.

Property purchase is an expensive business. A stagnant market is a great time to look at property purchase, but it cannot be a sure shot strategy because there is also a likely hood that the market might crash at a later period. There is really no right time to buy a property as the market is dynamic and the changes cannot be predicted with any amount of accuracy. So the best time to purchase remains as the time you have the money to buy it.

5 COMMENTS

  1. I in addition to my buddies came taking note of the best pointers from your web page and so immediately developed a horrible feeling I never thanked the blog owner for them. My women happened to be absolutely glad to read all of them and now have actually been making the most of those things. Thanks for genuinely indeed thoughtful as well as for utilizing certain tremendous subject areas millions of individuals are really wanting to be aware of. My very own sincere regret for not saying thanks to earlier.

  2. I in addition to my pals have already been reading through the great helpful tips from your website and so quickly got a terrible suspicion I had not thanked the web blog owner for those tips. All of the people had been for this reason passionate to read them and now have absolutely been tapping into these things. We appreciate you truly being quite considerate and then for deciding on such brilliant ideas most people are really desirous to discover. My sincere apologies for not saying thanks to you earlier.

  3. I wanted to write a small word to be able to express gratitude to you for the magnificent suggestions you are giving out on this site. My long internet search has finally been honored with beneficial ideas to exchange with my great friends. I would suppose that many of us readers are unquestionably lucky to live in a fantastic website with so many wonderful professionals with useful suggestions. I feel really privileged to have come across your website page and look forward to really more fabulous minutes reading here. Thank you again for everything.

LEAVE A REPLY

Please enter your comment!
Please enter your name here