Festivity & home buying: Impulse or the Real deal?
You need to make sure the festival season is auspicious for you to buy a home, it becomes real with three essential things, read further to find out more.
The mood is cheerful, and there is a feeling of celebration, but if you are looking forward to buying a house then look at a couple of things to brighten your mood. Three things really matter it is the stability of your salary, your savings and the economy.
Festive home buying is not about impulse unless you have a large disposable income, it is about knowing your financial strengths in the festive season. No doubt this coincides with the auspicious timing of the festive season. Let us explore why you have to buy a house during this season of festivals.
Let's look at a festive rise in salaries for the moment, especially after an IT major has recently announced that one could moonlight with other companies under certain conditions. It's a major development for the festive season. This additional income should allow you to pay the EMI.
Remember a good 2BHK home can cost you Rs 50 lakhs plus. But, you will be paying a good Rs Rs 6 lakhs to Rs 10 lakhs per year on a fixed rate or floating rate of interest for a ten-year period. If you have a steady Rs 75000 per month, as disposable income, then you are good to go for a house.
Data from Indiassetz shows that festivals spur the young to listen to their parents or their clans to invest in houses or homes. One may call it a right of passage into adulthood for a young family.
Festivals become the right time to buy a house in the secondary market. All you have to do is download the IndiaAssetz app for us to curate the best homes for you in your housing district of interest. If your savings are sitting idle, then do invest in a rent-yielding property.
Finally, it is the economy, the festive mood only increases consumption. But does that mean we need to buy a home, maybe so and here is why? The world over economies are slowing, but, domestic consumption in India is really going to continue & hence there may not be any rate hikes. In fact, the government will want to push on spending. The only thing that you have to watch for is wherever rising interest rates globally can result in the tightening of money in India. Make sure you consult with our experts to see if a floating rate or a fixed rate works.
Festive seasons are also a time when people may be looking to sell their houses for cheap or want to offload some assets quickly. The festival season is the best time for you to start looking at properties you can invest in.
Crackers may be bursting and lamps are burning, but in this festive season buying a house can bring you the joy you needed for your family. Let Indiassetz brighten this festive mood by letting our PRM handle all your real estate needs, this holiday season.