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Five questions before buying a property, the answers to which are very important to know

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new Delhi. There are many things to consider when buying a property, as it is usually the largest investment in life. Price is a major factor, it is very important to include many more factors in it. A multi-layered approach to purchasing a home should be included which includes an individual’s income, ability to pay EMI, city and location, etc. These sub-factors have a long-term effect on anyone’s continuance. In the current Corona era, it has become even more important to consider all these factors for home buyers. Especially those who are not facing cash crunch. Considering the prevailing financial uncertainty, we have tried to address some of the questions that buyers are currently facing.

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Should we weigh pri correction?
Prices have remained stable over the past few years and, after Kovid, have seen price improvements at some locations. However, experts believe that a more significant price correction may not occur. According to experts, the post price improvement in post Kovid was seen at around 5-10% and it is not sure that there is scope for further improvement. 6 to 7 per cent improvement has already taken place and another 5-6 months may be around the festive season. The experts are also asking to be cautious. He says that the price will not be seen much. Because builders are not giving more discounts on ready-to-move-in-property. Buyers will have to work hard for developers bargaining so that you can get a lower price penalty.

How much should I increase my budget to buy a house?
At present, even though you are not facing a cash crunch, you should be doubly sure of your financial stability in the future before deciding to buy a home. Assessing how secure your job or business is and how much of an economic impact Kovid-19 can have on your industry or company. Even if you are sure about buying a house, you should take care of the profit that you are taking. Otherwise, over-leveraging can leave you in a situation like a job loss. According to experts, most of the house-buying is through leverage, however, the advice to buy a house is being given to those people who are sure about the stability in income to buy a house. According to experts, it is a good idea to have an EMI of 30% of net income. Even families with double income need to do the same EMI capping. This is because at any time, the effect of Kovid can be on the job.

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Under-construction or ready-to-move-in property?
This becomes a big question for homebuyers. Under-construction properties are more affordable, as developers typically offer flexible payment plans associated with phases of construction or subvention plans, where you can book a house after paying just 10-20 percent of the total price and the rest The money will be plowed after getting possession. Attractive plans to sell under construction houses are put forward, but there is a high risk of whether the property will be completed on time. According to a report, about 50% of unsold inventory (6,37,000 units) is facing high performance risk. The Kovid-19 epidemic has increased this risk further. According to experts it is better to buy ready to move in property, for this you will have to pay a little more money, but you will be saved from many types of risk.

Should a house be purchased or rented?
This is an evergreen debate. Buying a house means that a large part of your savings will be stuck in a property that is not liquid. If you live on rent, you can have more liquidity in your hands and also invest the remaining amount. At the same time, it also depends on many other things. For example, if your job is transferable, there is no point in buying your house. In such a situation, you can consider being a rental. You can think about buying a house when you make sure that you will never leave this state or city.

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Is this a good time to invest in real estate?
With prices improving in many places, it is expected that if the property is invested and given on rent, it may earn more, but experts believe it is different. Experts say that the rental income from residential real estate is very low. In such a situation, it is quite wrong to invest in property. On the other hand, the fare in Kovid 19 has also reduced significantly. It has seen a decrease of 25 to 30 percent. In such a situation, you should go for fixed deposit or other asset class, you will also get good returns.

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