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UNDERSTOOD

Times Property: Is buying a house towards the end of the year a good decision?

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(Photo: Courtesy Times Property)

As we prepare to bid goodbye to 2023, treating yourself to a new home could be a wonderful parting gift

Are you still unsure about whether to take the plunge into the real estate market or stay on the sidelines? As the year comes to a close, many people like to unwind and embrace the festive spirit. However, you may be overlooking incredible real estate opportunities. “Towards the end of the year, developers are often eager to sell their remaining inventory and boost their sales figures. This means that buying in December could tilt the deal in your favour, leading to better negotiation options,” says D Kishore Reddy, founder and CMD of a real estate company.
Mohit Ramsinghani, chief sales officer of a real estate company, further highlights, “Developers get creative in attracting potential buyers. They put forward various schemes, discounts, and offers to encourage those on the fence to take the leap and make their dream of owning a home a reality.”

However, this time of year can pose some challenges too due to limited inventory and the holiday season.

“During the year-end, there may be fewer housing choices available, which could potentially limit your options. That being said, if you have already selected a project and are confident in your decision to purchase a home there, now could be a great time to make a deal. It’s important to keep in mind that many people choose to take vacations during this time, which could lead to delays in approvals and buying procedures,” suggests Vipul Sharma, assistant vice president of sales of a real estate company.

If you’d like to wait and begin searching for a house next year, it’s still worth taking advantage of December. Starting your homebuying process in the New Year allows for more time to plan and make decisions without the stress of year-end obligations. “Use this time to make a checklist, organise your budget, and gather all necessary paperwork. Additionally, take this opportunity to save for a down payment and work on improving your credit score, which could help you qualify for more favourable loan terms,” concludes Rajendra Sharma, chairman and managing director of a real estate company.

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Posted on

January 8, 2024