Does the time of the year or the season affect house prices? Should you base your decision to buy a property on the season? Well, yes and no. For example, spring looks like the most comfortable time to move into your new house, but the competition is high, which automatically raises the prices of homes. Timing a house purchase depends on a number of factors, and the time of the year is one of those, though it shouldn’t be the only deciding factor. Below we have listed a few factors to consider when timing your property and tips on saving money when buying a house in Bangalore. Let’s take a look.
Demand Matters
Timing isn’t everything. Ask any aspiring homeowner or an investor, and you will most likely hear, “we want choices, but not competition.” The more people bidding on the house, the higher it’s priced. If you can’t figure out the perfect time to buy a property, ask your real estate agent. Nobody can help you better than someone who has been in this business for years and is familiar with the nitty-gritty of timing a house.
As far as seasons are concerned, winter is the best time if the price is your main concern. That’s when the inventory and demand fall because people remain inactive. This also means many sellers aren’t willing to show during this time. You may have to wait a few months to get a full view of the property, especially the roof and garden.
Spring is the most convenient time to invest in Bangalore real estate, and that’s when realtors start listing properties on the listing market. This gives you tons of options to choose from. April, specifically, reports the highest number of houses on the property market. But that also means more home buyers will show interest in buying a house. Be ready for the bidding war if you buy a house in Spring.
The high competition and inventory continue in the summer, but the price can be a concern for people with small budgets. If you are looking for the best investment in Bangalore, summer and spring are the best periods, but you will most likely find a house at higher than usual rates. And if you wait till the prices drop, you might lose the property to a competitor.
Timing Your House Purchase
The perfect timing for a house purchase varies for everyone, but the best approach to time your purchase is by determining when you can afford it. Don’t just wait to buy until you find the best mortgage rate or the property prices decrease. If you find a good deal and can afford it, buy it immediately. Here are a few money-saving tips to help you save money when buying a house.
- If you are planning to invest in Bangalore real estate with the goal of selling the property in the future, don’t buy the most expensive house in the area. They are very difficult to sell and often appreciated the least. The smallest and less expensive property, on the other hand, appreciates faster and attracts the attention of aspiring homeowners. So, invest in smaller homes instead.
- Conduct research on the home association charges, utility costs, and other maintenance or living costs before buying.
- Invest in house inspection before closing. They will show you a full report of the property, covering the smallest areas. This is your only chance to identify problems that aren’t revealed in the home disclosure forms.
- Avoid making a large purchase or opening a new credit account for at least six months after your home purchase.
