The million dollar question ! and no satisfactory answers. Everyone seeks advice from their friends and families. Half of them say yes as the prices will increase going forward and the rest says “no, don’t buy now… real estate is overpriced… stay out of it”. Guess what, you have got your answer…
There is never a right time to buy…..
For the following reasons the time is always right
- You are buying to live in your own house
- You are buying to live in a house that you can design or decorate to your taste
- You are not obliged to search for your next place as the rent agreement is valid for only 1 year or your landlord is asking for significant rent increase.
Only thing you need to check is that whether you have enough income/savings to buy one. I will be describing about the financial aspects in the coming sections.
Before I close this and lead you to the next part there are few macro-economic factors which always leads you to think that for END USE, the right time to buy is now !!! .
India is a growing market with a GDP growth of over 7% be it slow down in the rest of the world or else. The metro and the tier 1 cities always grows at 7-10% over an average. As time passes by, more people migrate to the metros while the availability of land never increases i.e supply is limited over the long term… Hence over the medium term prices for land and apartments will increase.