Why monsoon can be the best time to buy your dream home

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Monsoon is advancing steadily across India. The Indian Meteorological Department (IMD) on June 1 forecast a good monsoon with long-period average rainfall of 101 per cent, a tad higher than its earlier prediction of 98 per cent.

Monsoon brings cheer to many as one bids farewell to the hot summer months. However, heavy rainfall can also cause mess at times, while some places may see exceptional rains causing damage. However, one thing that often gets ignored is that monsoons can be a good time to go scouting for a property. Here is why:

Reveals real state of infrastructure and locality

Rains put properties that are on sale under stress test. Certain parts of cities suffer from water logging and flooding. No matter what we see in the news, visiting the locality where you intend to buy the property has its own advantages. When you visit a locality in monsoon you come to know the truth about the infrastructure. Real estate brokers and property sellers would never give out the real picture if the place is prone to issues of water-logging or flooding.

Negotiating day to day life and your work would be difficult if you land up buying property in such places. If you visit the place when the rains have hit, you come to know about such real life challenges.

Brings out quality issues and flaws in property

Sellers often want to get rid of a defective property quickly. The price too is kept a bit on the lower side to attract buyers. There is a fair chance that you may fall for the offer not knowing the defects in the property. But if you visit the property in monsoon, then the quality issues are easily visible. Leakages, dampness, structural flaws become evident. You can avoid such properties. A well maintained property in monsoon is more likely to be a good choice.

If you are planning to buy an under-construction project then, too, monsoons will help you get the real picture. Many issues may be hidden during other seasons. The location may suffer from water logging, there may be over-crowding or traffic jams during monsoons due to low rung approach roads. An assessment during monsoons can help you make a more informed decision.

Good time to negotiate a better price

Peak sales for real estate in India generally ends in summer and with the beginning of rains developers and sellers do not have high hopes to sell their flats. If you approach them, maybe with a pre-approved home loan showing your intent to buy, they will consider you a serious buyer and offer good discounts.

Being the lean season for sales, developers may offer you good deals and more time to get the documentation and loan processing done. Same is the case with banks. The banks and home loan companies are more likely to offer some good deals on home loans. Lenders too may allow a bit more time for you to arrange your own funds and it may become less stressful for you.