A slowdown in the real estate market may be bad news for short term investors – but good news for genuine home buyer and long term investors.However, this won’t be so for very long – because experts believe prices may already have rock bottom. So if you’re waiting for property prices to decline further, act fast – because they’re beginning to rise.
Here are 4 Smart reasons why experts believe it’s a great time to buy property in 2016.
1. Prices Are At Rock Bottom
Real estate prices are already at rock bottom across India. But if you’re expecting them to fall more, that will most likely not happen. Because aside from hidden costs such as interest and inflation – a stable government at the center coupled with a change in market sentiment will see to it that prices do not fall any further.
2. It’s A Buyer’s Market
The kind of deals developers are offering currently have not been seen in the past. If you are an end-user, you may probably not get such attractive deals or payment schemes – say in 2017. So act aggressively to invest in property now. The opportunity to seal a good bargain with discounts and incentives won’t last for forever.
3. Attractive Financing Options
In today’s scenario, the market is slow and buyers are few.Therefore, you will find several attractive financing options to buy your dream home – with every major player competing for your account. It’s also a great time to upgrade to a larger home or expand your budget for a better option. Players are offering easy payment schemes and customized payment plans for customers.
4. Best Time to Switch From Rented to Own Property
At current rates, buying a property instead of paying rent is a very attractive option for home buyers. But when prices rise, it will not be as attractive.
Financial experts will tell you that paying rent is a losing proposition compared to owning your own home. Because even if you claim a tax benefit on your rent, you’ve lost an opportunity to build a lifelong asset.
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