Property prices in India saw major correction amid the second COVID-19 wave. This was mainly due to low demand but it increased the affordability of houses in the country. Large-scale migration is another factor that dampened the prices. Home sales in Mumbai decreased by 20% in 2021, as compared to 2020, while 8 of the other biggest metropolitan areas of India also saw declines.
With an unpromising real-estate landscape, finding a budget-friendly house is not tough anymore. Investors are more likely to secure a good deal right now. So, take a look at a few important tips that can make ensure a fruitful home-buying journey.
1. Home Search Company
Work with a top property search company. It can offer the services of local experts, who share unique insights about various houses in the Under Construction, Ready-to-Move and Prelaunch categories. The team of professionals can help you find an ideal home within your budget, without having to compromise on amenities. You can make an in-depth comparison from 300+ properties and purchase just the right one.
2. Housing Loan
Home buying can be even better with an affordable housing scheme. This is an excellent financial backup to help you score your dream home. You can receive a subsidy benefits of up to ₹2.67 lakhs under the PMAY scheme. The affordable housing plan can be checked online. It is designed to make the home buying process inexpensive. Get in touch with the bank professionals who can help you through the application process.
3. Proper Negotiation
Besides checking affordable housing products online, consider a house with a negotiable price. Further, follow these tricks to secure a good deal:
- Avoid significantly overpriced houses. This makes bargaining quite tough.
- Do not start with the lowest list price. Try to keep it realistic, so the seller knows you are serious about the buying process.
- Ask for other concessions in repairs and upgrades. This is a great idea if the seller is not willing to lower the price.
- Instead of being firm on a figure, try to be flexible for greater gains.
Be clear about your budget right from the beginning. Close the deal as soon as the home loan has been approved by your bank. This can save you from losing out on your dream property to other potential customers.
4. Avoid the Glamour
A home is often a one-time investment. Buyers tend to get attracted to high-end features like pools, sprawling backyards, entertainment rooms and spa bathrooms. These are of little or no use most of the times. But these can raise the price of the property significantly. Therefore, try to stick to a simple home with basic facilities like balconies and well-ventilated rooms in a good neighbourhood for a comfortable stay.
5. A Home Inspection
Get the property checked for leaks and water seepage, cracks in the walls, faulty plumbing and electrical system and structural defects. These can add to your expenses and make you go over-budget. You can either drop the home purchase or simply ask your seller to pay for the improvement and repair costs.
These are workable tips that are proven to be effective. Combine them with proper financial support to make your home buying process a breeze.