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Monsoon: The perfect home hunting season

Saturday, June 23, 2018

For people who are looking to buy their dream home, this is the right time to enter the market and look for a good viable option, and get the best  home for you and your family, opines Nilesh Ghadge

It is that time of the year when almost everyone has a smile on their faces. We are at the start of the monsoon, and this is the perfect time to scout for a new home. In India, the monsoons stand for a lot of things. Rains freshen the air and trees. Monsoon brings positivity in the atmosphere. There are good reasons why the rainy season is the optimal time for house hunting. In the first place, overall demand tends to be subdued, since a majority of potential home seekers are averse to do site visits and home inspections while rains lash the city. Savvy buyers, on the other hand, are able to strike good deals with sellers on account of the muted demand.

Time is money for everyone selling real estate, so developers are more willing to consider reasonable counter-offers on their asking prices when demand is more muted than usual. So this is the best time to negotiate with the developer.

It’s raining discounts Amit Talekar, MD of Bluberry Marketing, says, “Many developers offer attractive discounts during the monsoon period in order to boost their sales, which obviously presents a very good opportunity for buyers. Apart from real estate developers, investors who are holding residential units will also generally offer to sell their properties at lower rates during the monsoon period. These discounts can range from anything to 10-15%, depending on the city and location.”

It is not only discounted property rates which present buyers with an advantage during the monsoons. Even banks generally come out with special offers on home loans in the monsoon season. Even if no formal offers are announced, banks will tend to be more willing than usual to negotiate on their charges and interest rates on home loans.

Best time for quality check
Monsoon is the best period to check the overall quality of construction of a house. Issues like seepage in the ceiling and near the washrooms, are quite common during rains.For buyers who have had their eyes on certain shortlisted properties but have not taken the plunge so far, the monsoon period is the perfect time to make final inspections and close the deal. The overall construction quality of a property is best determined during this period.In other words, the monsoons are the ideal time to judge the potential investment value of a new property, as well as investments on repairs that would need to be made in resale units.

Experts advise that home seekers should visit the construction site more than once, before making a final decision. Monsoon always reveal how traffic in the neighbourhood behaves when it has to slow down because of wet roads. In fact, some low-lying areas are prone to flooding, leading to immense traffic jams - this is a factor which can only be established during the monsoon. This kind of knowledge is very important to intending buyers who are unfamiliar with the locality. In short, monsoon period can give you clear idea about the property you are willing to buy. And that is why it is not a bad idea to start your house hunt in this pleasant season.

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