The monsoon may not seem like the best time to go house hunting. No one likes to drive around in pouring rain, not to mention the innumerable puddles, and exasperating traffic jams. Well, believe it or not, monsoon is one of the best seasons to seal a deal for a property acquirement. Here are four convincing reasons for you to brave the elements, and go looking for a house this monsoon.
Make The Best Of Monsoon Discounts
Monsoon is a dry season in terms of real estate sales. Besides the heavy rain, most people avoid buying anything for two weeks during monsoon, as they consider it inauspicious because of the ceremonies of shraadh or pitrapaksh. Luckily, this is the best time to get a good bargain as developers normally offer monsoon discounts to boost their sales. Although developers may not advertise it as a monsoon discount per se, most of them are more than willing to offer lower rates to serious buyers in order to clear existing inventory. The amount of discount you can avail varies for different cities, depending on how badly the city is affected due to monsoon.
Choose The Most Ideal Locality
House hunting in monsoon will reveal a lot about the water logging problems in the locality. Driving around in blustery downpour will also give you an idea about traffic problems, and the time required to commute to and from that locality. This is especially helpful if you have recently moved to a new city, and are yet to learn about various localities and the associated geographical problems. Looking for a house during monsoon saves you a lot of trouble as you know what you’ll be dealing with during the next monsoon.
Avail Special Monsoon Home Loans
It’s not just the developers who are keen to boost their slow business during monsoon. Even banks and financial institutions are more likely to negotiate interest rates and offer attractive home loans during monsoon. However, with the recent rate hikes by the RBI, your credit profile might be an important factor while securing a lower interest rate.
Inspect The Property During The Worst Season
In case of partially or fully completed properties, inspecting the house during monsoon will give you a fair idea about its construction and reliability. You can easily spot signs of dampness or leakage, and avoid buying an ill-constructed house. Structural soundness of a building is an essential factor, as you may end up spending a huge amount on repairs if the house turns out to have water seeping problems.
Now that you know why it can be very profitable to buy a house during monsoon, you can very well put on your rainy gear, and set out to find your dream home. Not only do you stand a chance at striking a real bargain, you also benefit from the lower home loan rates that are generally offered during monsoon.
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