Navratri-Durga Pooja Auspicious Days for property buying
The festive season is here and people are busy making their purchases. Purchase of property is something which is extremely popular during the festival season own to a variety of reasons. But is it really beneficial to buy property during festival season or is it just a fad? As a buyer, can you go ahead and purchase any property because there are discounts? What are the factors to consider while purchasing property on such occasions? Let us explore:
Advantage of buying property in Festival Season
Purchasing property in festival seasons brings with it several benefits for the buyer. Here are a few such advantages:
Discount on property price: Usually buyers offer a discount on the property prices during the festival season. The offer is generally for a limited period or may be on certain specific days. For example, you may get a 10% reduction in the rate per square feet if you book the property on Diwali day or Navratri Day. Discounts are also given during this season based on the property location. Property located in the outskirts or areas which are not yet developed witness higher discounts.
Auspicious for property buying: Festival seasons are believed to be very auspicious in every religion. As a result, buying a property in this season is believed to bring with it good luck, prosperity and wealth to the purchaser. This is one of the biggest reasons why the sale of property increases during the festival season.
Offers by lenders: Not only builders, but lenders also bring about offers and schemes during festival season on home loans. This is usually in the form of lower interest rates for a limited period or waiver of processing fees and other charges. You can stand to gain quite a bit financially if you avail a festive scheme on home loans.
Attractive deals by developers: In addition to offering a discount on the price itself, developers also offer deals and schemes on property sold during this time period. This can be in the form of flexibility in payment schedule, freebies along with the property or some other benefit. Evaluate the details carefully.
Key factors to consider while buying property during festive season
Property buyers who plan to buy a property during the festival season should ideally plan well in advance and do the required research before the season begins. It then becomes easy to close the deal on the auspicious day. It becomes extremely important to consider various factors before making your decision to purchase a property. Property is a high value investment and a home loan is generally the largest loan in an individual’s life. In many cases, buyers get so carried away with the discounts and schemes offered by builders and lenders that they forget to do the basic due diligence necessary before purchasing property. Here are some key factors to consider while purchasing property:
Check your financial capacity: Not everyone is able to afford a house. If you think you are not able to afford EMI payments, then it is better to put away the decision till your income increases. Do a comparison between the current rent you pay and the EMI payments you would have to pay.
Consider the needs of the family: When you select a property, it should not cause an inconvenience to your family in any way. This means it should have good access to public transport, schools, shopping and should be safe. It is better to invest in a growing location with a potential for improvement in infrastructure, shopping malls etc.
Consider financial implications: Do not buy a property simply because there is a discount on the price. You must understand how your financial situation would be post the purchase. Understand tax implications and tax benefits you can get because of this purchase.
Check type of property and builder background: Understand if you want to buy an under construction property or a ready to occupy one. You should also evaluate the builder background and his credentials.
Check legal issues: Understanding legal issues is another important factor to consider. Delays in hand over or non availability of No-Objection Certificate or other legal permissions can put your ownership of the property in jeopardy.
Any decision to purchase a high value investment like property needs to be done only after considering all critical factors. It is recommended to start your research much before the festive season commences in order to take advantage of the benefits.
