Is this the right time to buy property?
Times of India have an interesting article today addressing the very question that’s present in the minds of everybody who’s thinking of picking up a plot, flat or home. Is this the right time to buy property, in India, specifically Bangalore?
The Answer:
Unfortunately, the answer is not a simple yes or a no, but a “it depends”. It depends ofcourse, mainly on Why you want to purchase the property in the place? Is it your first home, second home, it it purely an investment? If it is an investment, is it short term, long term? etc. What I was personally liked about the article is that it directly clarifies that there is much more to buying property than market dynamics. Here’s an excerpt from the article that speaks more on this:
An owned house is an asset that is passed down generations. Here, a home comes with a baggage of emotional attachment. It forms the firm roots in a city that people depend on. It is a huge asset to own in a city like Bangalore.
There is more to owning a home than just the financial gains over a period of time. Invariably, for many endusers, these gains remain notional as they rarely sell the house bought to live in. A home for them is a dream realised. No matter what the cost, it is a haven to come back to everyday. This is an investment that pays off every evening after a hard day’s work when you come back to its comforts.
As the city expands, everyday destinations such as the workplace, entertainment spots, shopping belts and social avenues spread out. New localities emerge and each one has its unique characteristics. Location therefore is a vital aspect of any property. Premium and sought-after locations are always few like corner sites in a layout. Therefore, a good location is not always available. If a location suits you well, it is never too early to pick up the option.
My Personal View:
Regardless of what the media says, here’s my personal view on the matter. If you are looking not for just any property, but a home; specially if it’s a first home or a second home where you plan to move into because of either convenience or because you’ve fallen in love with it. If that’s the case then just follow your heart. Ofcourse do check the fundamentals, ie see if the price is right, that it suits your budget, the legals are in order etc. etc. But don’t worry too much about the market. The ups and downs will continue regardless. Bangalore has seen two booms and two slumps so far and there are many more to come. These booms and slumps are for active investors and traders traders in property who want to make money on every deal they make. Not for those who’re looking for a home to move into.
However speaking of investors, I also still believe that there are good deals in todays market for those looking to invest in property. If the fundamentals are strong (ie clear titles, area where growth is expected etc.) you cannot go wrong in the long run.
My views above are completely frank and unbiased. They would remain the same whether I would be in the real-estate business or not.
Fro the complete Times of India article title, Is this the right time to buy property, click here.
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