5 Reasons it is better to buy a house in 2016 than 2017
Naeem’s plans of gifting his wife a new house on New Year’s Day are in place. He is already in talks with a builder and a home loan provider, and the formalities are almost over. It was an impulsive decision that Naeem took a few weeks ago, but he had good reason for it. After planning to invest in a property for many years, he saw the benefit of buying the house now. As 2016 comes to an end, property prices are stagnant. The year 2017 holds new promise for the real estate market, with prices likely to rise again. Luckily, Naeem found a good house at a suitable location and at an affordable price. That convinced him to go for it.
If you too are looking to buy a house, do it right away. The real estate market could take a turn within the next few months. That would only make getting your dream home a little more difficult. Do you need more reasons? Here are a few.
Unsold properties
Real estate agents and representatives of top builders have yearly targets to meet. Many unsold properties will have piled up at the end of this year. So, agents are desperate to generate some leads. As a result, you may find the best properties at the lower prices. Check out what is available within your price range. You could soon be closer to becoming a homeowner.
EMI rates
The real estate market has taken a nosedive in the last couple of years, resulting in home loan providers incurring losses. They are now offering many interesting schemes, including low EMI rates. Make the most of these offers, and get a home loan that is practical and affordable. This way you do not have to strain your monthly income unduly.
Prices will increase
Property prices in India will rise in 2017, say reports from property consultants, JLL and Cushman & Wakefield. Besides, some important economic reforms may be brought in as well. So, the real estate market could improve in 2017 after a couple of years of struggle. This will automatically increase property prices in India.
Changing home loan structure
With the changes in the real estate market, there may be some volatility in the home loan segment as well. Prices may increase and some of the best offers may disappear. Besides, there could be a lot of uncertainty in the months to come. Hence, it would be wise for you to close a good deal right away.
Demonetisation
The recent demonetisation has resulted in confusion and chaos. Builders are eager to lure customers who want to invest in a hurry at such a time. To achieve this, they have unique offers to sell their projects. Make this confusion work in your favour. Cash in on it before the situation stabilises and things return to normal.
Conclusion
As you can clearly see from the points mentioned above, this is the best time to buy your dream home. The year 2016 will end soon and 2017 may bring a new set of regulations. You may not get a house on the same terms at that time. So, avoid waiting to see what happens in an uncertain future. Instead, tap into the opportunities and make your move now.
