For many cities owning a home is always a distant dream. Unaffordable real estate prices cause them to stay in rented properties instead. However, several events and trends taking shape now could soon turn that dream into a reality.
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“Be fearful when others are greedy and greedy when others are fearful.”
– Warren Buffett, one of the greatest investors of all time
A slowdown in the real estate market may be good news for genuine home buyers and long term investors. However, this won’t be so for very long – because experts believe prices may already have hit rock bottom. So if you’re waiting for property prices to decline further, act fast – because they’re beginning to rise.
Here are 7 reasons why experts believe it’s a great time to buy property.
- Prices Are At Rock Bottom.
Real estate prices are already at rock bottom across India. But if you’re expecting them to fall more, that will most likely not happen. Because aside from hidden costs such as interest and inflation – a stable government at the center coupled with a change in market sentiment will see to it that prices do not fall any further.
2. It’s A Buyer’s Market.
The kinds of deals developers are offering currently have not been seen in the past. If you are an end-user, you may probably not get such attractive deals or payment schemes after March 2017. So act aggressively to invest in property now. The opportunity to seal a good bargain with discounts and incentives won’t last for forever.
3. Attractive Financing Options.
In today’s scenario, the market is slow and buyers are few. Therefore, you will find several attractive financing options to buy your dream home – with every major player competing for your account. It’s also a great time to upgrade to a larger home or expand your budget for a better option. Players are offering easy payment schemes and customized payment plans for customers.
4. Best Time to Switch from Rented to Own Property.
At current rates, buying a property instead of paying rent is a very attractive option for homebuyers. But when prices rise, it will not be as attractive.
Financial experts will tell you that paying rent is a losing proposition compared to owning your own home. Because even if you claim a tax benefit on your rent, you’ve lost an opportunity to build a lifelong asset.
The markets are already sending positive signals. So stop your wait-and-watch policy – go ahead and buy your dream home today. Because this opportunity won’t last for long.
- RERA (Real Estate Regulatory Bill) cleared by Indian Cabinet
To control the increasing fraud activities, fooling of buyers, over charging, sudden changes in the design and development of real estate properties; Indian Cabinet has cleared the RERA Bill. This step has increased the level of authentication in the real estate business sector. Punishments, fines and new criteria for the sellers have been introduced by Indian Government making safe environment for interested buyers. Now every construction will be monitored by government authorized panels to decrease illegal constructions and fraudulence happening in past years.
- Tax Breaks
The Government wants you to buy a home; that is why your home loan interest up to Rs. 150,000 and a principal amount up to Rs. 100,000 is eligible for tax breaks every year. Furthermore interests on home loans are the lower than any other loan, so it is better for you take a loan and buy a property.
- Property is an appreciating asset
Share markets may go up and down but property is something whose value always goes up. The main reason is that land is a limited commodity while population is an ever increasing one.
Globally, the growth in real estate has beaten inflation and hence it is considered a good defense against it. It is not necessary that you buy a house only to live in it, you can buy a house and sell it after a few years and earn good profits. It is inflation proof place to park your investment funds.
I hope the above seven reasons would have cleared any doubts you had as to whether to buy that property on which you have an eye now or not.
“A person who waits always gets what is left by person who has tried to achieve!”