Top Reasons-why Monsoon season is the best time to invest in real estate property
The essence of monsoon season is very joyous as it spreads happiness. Monsoon brings you a certain amount of liveliness. Isn’t it a priceless moment to enjoy the view in the comfort of your beautiful home?
Have you been wondering what is the right time to buy a property? For a lot of prospective homebuyers during the rainy season, there is a notion that finding a home in this season is not a good option because the market becomes inactive. On the contrary, this is the right time to buy a property.
In the monsoon season, a property and its surrounding areas are quite different from the rest of the year. So, the Monsoon season offers prospective property buyers, with the opportunity to get valuable insights on their planned purchase.
Location
Property buyers should visit the site more than once before making a final decision. Visiting a site in the monsoons season will give you insights on the water logging situation, as well as travel and access to the area.
The rainy seasons is the best time for prospective property buyers to go on property hunting in a country like India and analyze the condition of the building and also the surrounding area.
Quality of Construction
The rainy season is the best season to check the quality of construction of a property. Issues like seepage in the ceiling near the bathrooms are common during the rainy season.
Rain reveals the construction flaws, like seepages/leakages, quality of plumbing and drainage, waterlogging, traffic in the neighborhood, etc. Therefore it is the best time to visit the site and should not be avoided.
Determining the construction quality of an under-construction property is not possible in the season. However, it is a perfect time to check the construction quality of a resale house.
Best time to negotiate
If a prospective homebuyer likes a particular property that has issues like leakage, water logging during the rainy season, then, the buyer has a chance to bargain further and get a fairly good deal and get it resolved. This may not be possible in other weather conditions.
Discounts
Monsoon is an ideal time for discounts!
During the monsoon season, the demand for property buying is reduced and sellers are willing to negotiate on lowering the price for serious buyers. The rainy season is generally considered a lean period for the real estate sector. Moreover, with people preferring to invest in real estate during the festival season that will commence in September-October, developers offer attractive discounts around the rainy season to boost their sales for that quarter.
To re-cap, following are the advantages of choosing a property in the rainy season:
•Buyers can determine whether the property has leakage issues, seepage from the terrace, drainage issues leading to stagnation of dirty water etc.
•It is a lean period for immediate buyers. Sellers may be willing to negotiate on the price
•For a resale property, a final look over in this season can reveal to the buyer quality of a prospective property.
•Additionally, it reveals how the house has been maintained.
•Check your surrounding area as nearby water logging can cause mosquito breeding.
•Low-lying areas are prone to flooding, leading to traffic jams. The extent of this problem can be judged well in the rainy season.
•In the monsoon season, the flaws in the property become evident and helps prospective buyers to bargain. Also, the prospective buyer can ask the developer to mend the same.
•The season helps you judge potential investment value of a property.
The effect of COVID-19
Generally, festive sales and offers witness an increase in real estate investment. During this rainy season, real estate sector has taken a hit due to the pandemic COVID-19. Today, buyers are more conscious of investing money more than ever. However, real estate is still preferred, as the best investment asset.
In the current situation, where movement is restricted because of Coronavirus outbreak, many builders have transitioned to virtual sales of their properties that have gained increasing popularity. With schools and offices moving online, majority of the people have enough time to search for properties online. Developers are stepping up safety measures to welcome buyers for their site visits to their properties.
We at Pinnacle Properties aim to make the process of buying and selling properties easier for you. To get the latest updates on the property market, interesting interior décor tips, and city-centric information keep reading our Blog.
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Article written by Neha Khanna