The festive season is upon us! It’s the most awaited time for homebuyers since they plan to buy a home during festivals. While some opt for this out of cultural significance, others choose this time due to exciting offers. While festivals work as a perfect time to get better deals and discounts, it is also the time when people fall into scamming traps. Now comes the question — is it safe to buy a property during festivals? To help you out, we have mentioned some useful tips below. You can consider these tips to stay safe while making a festive investment.
The festive season in India starts from mid-October and end at mid-November. The period spanning between these months is considered auspicious for property investments. This period is also beneficial for buyers and sellers as they both actively participate in property buying and selling.
However, if you’re unaware, the festive period may dupe you of your money. So, here are some considerations to follow.
Should you invest in a property during the festive season?
Exciting offers and discounts
Festivals like Dussehra and Diwali swarm the market with exciting deals and discounts. Many developers offer unsold inventory at heavy discounts to homebuyers. In fact, some real estate companies like Jashn Realty may offer a flexible payment plan under which you can leverage a lower booking amount, lower down payment, or no EMI until possession, like schemes. Some builders may also provide gold coins, exemption in GST, free door phone, and many other gifts. Always go with a reputed builder and their offers.
Ample inventory availability
Festive season is the perfect time for developers to sell as much inventory as possible. Hence, you will find hundreds of options in 2BHK, 3BHK, and 3.5 BHK residential apartments. It is also the best time for homebuyers looking for affordable or luxury residential flats in Lucknow or other parts of India.
Ensure the inventory you visit is per your needs. It should also satisfy all the regulatory norms.
Cheaper home loans
Come festive season and home loans become cheaper. Banks and financial institutions provide various perks like lowest rate of interest, pre-approved home loans, and many other offers. Since buyer sentiments increase during festive period, bank maximise on it and provide various sales opportunities. Make sure to choose a reputable bank and compare interest rates before finalising your home loan. So, buying a home during Diwali or any festival gets you cheaper interest rates on loan.
Make sure to choose a reputable bank and compare interest rates before finalising your home loan.
Things to consider
Buying a property during the festive season means having many options at hand. Being swarmed with freebies, discounts, and deals is quite common. No matter how attractive a deal may look, it comes with hidden terms. Investors like you need to be aware of such nuances and focus on the actual benefits.
Many developers provide a flat discount on the per-square-foot price of the residential or commercial property. This is one of the tried-and-tested tricks of builders to lure investors. But you must do your due diligence before making any payment. Most developers tend to sell their under-construction properties or segments with ordinate delay, which may create troubles later for the investors. So be vigilant.
Conclusion
Buying a home during the festivals can be hectic and, sometimes, lead to financial loss. So, it’s important to compare the legitimate builder, banks, and their offers before making an investment. If you won’t assess, you may fall into scammer’s trap. Always be vigilant and keep your options open to find the best property this festive season.
