Precautions for Buying Property in Diwali

Buying property in Diwali is considered as auspicious and property sale in India goes up in festival seasons. Diwali is festival of light and one of the important festivals of India. To attract Home buyers, top builders and developers in India come up with discount offers or attractive gift offers which may include gold coins, gift of vehicles like motorcycle or cars and some real estate company even offers world tour opportunities for property buyers booking the projects in festival seasons. Today Diwali is commercialized and people all over India are in search of best offers for property bought in Diwali. There are number of advantage and disadvantage of buying property during diwali festival.

How to Get Best Deal in Diwali Home Purchase

Diwali festival is a festival is festival season for real estate sectors. The real estate in India is regains from monsoon slowdown in festival season. There is no good time for property buying in India because every time is good time as property rate always appreciate with time. To get a best deal in diwali, you can contact three to five banks for knowing their offer on Home loan in Diwali and then search builders who offers discount rate or offer that sounds best deal for you. Investing in real estate or buying a house is lifetime investment that appreciate its value and great if you get them in Diwali offer.

Diwali is auspicious time for buying property. The top builders and banks has best offers for you in this diwali. You can also consider combining Banks or Home loan diwali offers with offers by real estate developers. If you find an affordable home, it is recommended to invest them than hoping on rates to fall further in future.

Precautions while buying property

Real estate sector is booming from slowdown monsoon sale and during festival season it is difficult for first time home buyers or property buyers to determine the best deal. You must invest only on the projects that can be affordable by you and not on the unaffordable projects just because it has good diwali offer. During festival season, a lot of builders promise good offers if you book in pre-launch or under-construction stage but the project deadline may move two or more years and some builders may delay in launching the project due to different reasons. In order to avoid such property scam or false offers, you need to take precautions while buying property in festival season. Following are some important precautions you need to take on this diwali while buying property.

• Background Check: Before deciding to invest in any builder or developer project, check their background and work experience. This can be easily available from their previous projects, approvals received from banks or financial institutes, Customers or clients feedback on their previous projects. This will ensure that you are dealing with good builders in your city. It is recommended not to invest in project that are already in legal hindrance or builder having poor credit history. Such properties cannot be handover on the promised deadline.

• Know exact property rate: There can be number of offers on diwali festival including discount offers. Before signing the document, you must know the exact price of property, what is advantage and disadvantage of locality, research on safety in the neighborhood and ensure you get shops, restaurants, banks and entertainment in easily reachable distance. The important thing you need to look in the neighborhood is the schools, hospitals and distance from work place.

• Professional appraiser: Seek help from professional appraiser to know the property price, inspection of building and its amenities etc. They give you detailed report about your property and its fair price which will also helpful for getting Home loan from leading banks.

• Approvals from government: Check whether the project got approval from local bodies or concerned department. You can ask your builder for the copy of approval and certificates. This ensures that your property has been approved by concerned department and there will be no issue in getting completion certificate once the project is complete.

• Idea on Outgoings: Outgoing is nothing but expected cost of utilities and maintaining amenities in the apartment. If the project is affordable and your monthly maintenance is high, your plan for home loan EMI and monthly expense can pinch your pocket.

• Title Check: Check the title of property and get a legal expert assistance in verifying documents relating to your property. If you are planning for resale property check for No Encumbrance Certificate. The title check on  property is vital in property transaction that ensures the title of property is clear and marketable.

• Get in writing: Diwali discount offer on property may sound interesting and the deal may be best deal for you but you need to get the offers or promise by your builders in written and check for penalty clause in your agreement.

Real estate sector is booming and despite real estate boom, real estate developers are offering discount and gifts for property buyers in festival season. Expert says that diwali discount offers and innovative business techniques help real estate developers in India to get 10 to 20 percent of booking on their newly launched projects. Therefore, by first week of November, the price of property is expected to rise and these builders can easily make up for loss that they suffered from diwali special discount offers. Property buyers must take all precautions before investing and must do their home work to get best deal in this diwali. Wishing you all a happy and prosperous diwali.