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UNDERSTOOD

Construction Week: Seasonal home buying – Smart tips for making the best purchase

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Vipul Sharma, assistant VP, sales, MAIA Estates, on what works during the festive season

Festive seasons in India symbolize joy, celebration, and new beginnings. Many see this as the opportune moment to invest in the dream of owning a home. Statistics reveal that over 50% of Indians believe the festive season to be an ideal time to invest in real estate. However, as enticing as this prospect might be, the journey through the festive home-buying landscape requires meticulous research and a well-thought-out strategy.

Budget discipline

Festive discounts and offers can be incredibly enticing. The colourful banners, the promise of ‘limited-time’ deals, and an infectious festive cheer can easily tempt even the most prudent buyers to overspend. However, it’s pivotal to remain anchored within your financial resources and thereby your predetermined budget. By setting a clear financial limit, you ensure that you buy within your means, prioritizing your long-term financial well-being alongside your new property.

Home loan pre-approval

Before immersing yourself in the festivities, take the step of getting a pre-approved home loan. This isn’t just about understanding your home loan eligibility; it provides you with a significant upper hand during negotiations. Be proactive in exploring the best financing options, thoroughly examining homes, negotiating effectively, and ensuring all legal documents are in place. Armed with pre-approval, you have a precise idea of the budget you can work with, further streamlining your home search.

Smart negotiations

Builders keenly recognise the heightened demand during the festive season and many are eager to sweeten the deal with various promotions and perks. However, it’s vital to look beyond the listed price and negotiate for additional benefits such as furnishings, appliances, or flexible payment terms. Another strategic approach is to differentiate between different markets and develop a tailored strategy for each one, enabling you to secure the best possible deal.

Evaluate festive offers

Festive offers come in various forms, from cashback rewards to free parking spaces, complimentary club memberships, and flexible payment plans. It’s essential to invest time in researching and comparing these offers from different builders, keeping in mind the long-term value of these perks. Don’t merely be swayed by the immediate gratification they offer but also consider their long-term implications. The seemingly small perks that come with your home purchase can have a substantial impact on the overall value of your investment.

Optimal timing

Ensure you’ve done your homework to identify which festival aligns best with your home-buying intentions. Some festivals may offer flexible payment plans, offering an attractive option if you want to secure your dream home without depleting your immediate financial resources. Others may highlight lower interest rates for home loans, providing long-term financial benefits by reducing the overall cost of your home. Recognize the benefits each festival offers to tailor your purchase to align with your financial objectives and preferences.

Patience is key

The art of festive home buying requires patience. Amidst all the festive fervour, it’s crucial not to allow this atmosphere to push you into making a hasty or impulsive decision. Instead, taking your time to thoroughly evaluate all the available options is a practice that can save you from future regrets. This momentous decision involves not just the purchase of a property but also the investment in your future and your family’s well-being.

The festive season indeed provides a unique opportunity to turn your dream home into a reality. However, this journey demands careful planning, financial discipline, and a thoughtful approach. With the above-mentioned guidelines, you’ll only find a home that’s perfect for you and your loved ones.

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Posted on

December 14, 2023