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Right Time to Buy a Flat

Increase in urbanization and population increasing every minute, has led to a great demand for property. Whether it is residential or commercial, the investments in property have seen a sharp rise especially over the last couple of decades. A robust economy and inflow of foreign companies and investments have further given a boost to this sector. Not only the big builders, but small scale developments have also sprouted up across all the major cities and towns of the country. Flats or apartments have been one of the main wheels on which this wave has ridden. Many a high rise buildings, part of societies, have sprung up, which has led to a situation where supply is exceeding the demand. No wonder there are thousands of Flats for Sale across the country.

BEST TIME TO BUY

With worldwide recession, Indian shores have also been hit though not that bad. High interest rates have forced the investors to unload. Builders who had picked up money from the market are looking in a hurry to sell their flats at discounted rates to get some money out, to clear their debts. This is the best time to buy. Experts believe that the correction in the market has come to around 15% which is very genuine. This excess of availability of flats in the market has led to it becoming a buyer’s market. The buyer has ample choices to make while buying a flat. This has further led to price negotiations, which the buyer can easily make.

There are flats for sale in every city and town of the country. The choices are also multiple, especially in the 2-3 bhk segment. Builders are throwing in freebees to the tune of lakhs of rupees. One can easily get a fully air-conditioned flat, with good quality bathroom and kitchen fittings and ample wood work, within a decent budget. These things were not there when the market was booming.

Now it’s the buyer’s turn to dictate terms. Builders are offering Flats in every category and price range. With so much available, the buyer is spoilt for choice, but these are also times when one tends to get impressed by the freebees and make a wrong investment. No matter how friendly or tilted towards you the deal might sound, one should always be on the vigil against putting a wrong step forward. Especially first time investors tend to get swayed by the glitz and glamour and end up making a wrong deal.

POINTS TO PONDER

While investing your hard earned money one should keep some basic things in mind like:
  • Always stay within your stipulated budget
  • Know that the value of your rupee has stretched. You can get a much better deal in the same budget.
  • Quality of construction must always be thoroughly checked.
  • Builder’s background check is very important.
  • Don’t get impressed by the freebees although leave no stone unturned to get as many. Remember it’s a buyer’s market.
  • Checkup basic facilities like power back up, water supply and other amenities like pool, gymnasium, and parking.

With so many flats up for sale, one should also try and compare all the builders. A buyer should visit online portals which are full with thorough and in depth knowledge of all the flats available for sale in a particular area. Price ranges, facilities etc can easily be compared at one go only. One should also try visiting the property exhibitions which keep coming up in your area, as one can get to compare all the good builders under one roof. Collect their pamphlets and broachers so that you can sit down and compare them properly, looking into the finer points like covered area, parking area charges, maintenance charges etc. With a cautious approach we can get a great deal from these flats for sale.

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