{"id":117,"date":"2020-04-25T16:28:17","date_gmt":"2020-04-25T10:58:17","guid":{"rendered":"https:\/\/marathon-staging.testingweblink.com\/icon\/2020\/04\/25\/good-time-to-buy-property\/"},"modified":"2022-10-27T16:09:36","modified_gmt":"2022-10-27T10:39:36","slug":"good-time-to-buy-property","status":"publish","type":"post","link":"https:\/\/marathon-staging.testingweblink.com\/icon\/2020\/04\/25\/good-time-to-buy-property\/","title":{"rendered":"It’s actually not a bad time to buy property – just consider these key factors"},"content":{"rendered":"
<\/div>[vc_row css=”.vc_custom_1587809145221{margin-bottom: 0px !important;border-bottom-width: 0px !important;padding-bottom: 0px !important;}”][vc_column][vc_column_text css=”.vc_custom_1666866981235{margin-bottom: 0px !important;}”]\n

Is it a good time to buy property? It depends.<\/b><\/span><\/h2>\n

The coronavirus crisis has left the global economy reeling with financial markets in a free-fall, leaving lots of people who were in the market for a home with a valid question – is now really a good time to buy property? The answer – it depends.<\/p>\n

Let’s examine some of the factors you should take into consideration before making a decision.[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1587824429983{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 30px !important;padding-bottom: 0px !important;}”][vc_column css=”.vc_custom_1585038719629{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][vc_column_text css=”.vc_custom_1666866989099{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]\n

Evaluate your financial position<\/b><\/span><\/h2>\n

This is the most crucial factor you need to consider. For most people buying property is the biggest financial decision of their lifetime and requires proper long term financial planning. <\/span><\/span><\/p>\n

Evaluate your financial position and plan accordingly – if you’re employed in a sector that is relatively stable and has reasonable job security, this is probably a good time to invest in real estate due to several reasons which we’ll go over below. If however, you’re scared about losing your job or business, then you could either put your plans on hold till the economy is more stable or you could consider investing in under-construction real estate with a reputed developer. <\/span><\/span><\/p>\n

Under- construction property has a low entry barrier and a lower financial burden till the property is delivered – you only need to service the interest on the home loan and your EMI’s only start once you get possession.<\/span><\/span><\/p>\n

Calculate how much your EMI<\/a> burden will be and ensure that the EMI amount is one you can pay comfortably along with managing other expenses.[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1587824440768{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 30px !important;padding-bottom: 0px !important;}”][vc_column css=”.vc_custom_1585038719629{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][vc_column_text css=”.vc_custom_1666866996645{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]\n

Consider the risks of the deal<\/b><\/span><\/h2>\n

Just like all shares in the stock market are not equal, all real estate transactions also are not equal. Consider the risks of the deal you are opting for.<\/p>\n

Developer reputation<\/b><\/span><\/span><\/h4>\n

The biggest factor to consider is developer reputation, portfolio and track record. The pandemic may cause further consolidation and smaller players are likely to crash out of the market. Make sure you opt for a developer with a solid track record, good reputation and a diversified portfolio. At Marathon, we have always been conservative and financially responsible<\/a><\/span> and our diverse portfolio which spreads across the city and ranges from affordable to luxury<\/a><\/span> and includes categories of retail, commercial and residential stands us in good stead to emerge from the crisis. A lot of smaller companies with fewer projects or less diversified portfolios may not be as fortunate.<\/p>\n

Under-construction vs ready<\/b><\/span><\/span><\/h4>\n

Under-construction properties are riskier than ready properties and some ongoing projects may face delays due to the lockdown or due to disruption of labour and supply chains or other factors. RERA does safeguard the interests of under-construction home buyers, but ready property will always be a safer option.[\/vc_column_text][vc_single_image image=”100498″ img_size=”full” css=”.vc_custom_1666866879473{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 10px !important;padding-bottom: 30px !important;}”][vc_column_text css=”.vc_custom_1666866926858{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]\n

Marathon Nexzone at Panvel offers both ready and under-construction flats.\u00a0Explore Marathon’s portfolio of ready or near-ready properties<\/span><\/span><\/a><\/span><\/em><\/p>\n

 <\/p>\n

However, under-construction property also has several other advantages<\/span><\/span><\/p>\n

Smaller initial investment<\/strong><\/span> – with ready property 100% of the property value needs to be paid and EMI’s start from day 1. With under-construction you can book a home with as less as 5% of the property value and full EMI’s will only start after delivery. This reduces your initial outlay and also reduces risk in case the economy takes longer to recover.<\/span><\/span><\/p>\n

Better prices<\/strong><\/span> – Under-construction properties are typically cheaper than ready properties.<\/span><\/span><\/p>\n

While making this decision consider several factors like builder reputation, track record, and whether the project is RERA registered.<\/span><\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1587824460354{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 30px !important;padding-bottom: 0px !important;}”][vc_column css=”.vc_custom_1585038719629{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][vc_column_text css=”.vc_custom_1666867006397{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]\n

Should you wait and watch?<\/b><\/span><\/span><\/h2>\n

Right now prices are undergoing a correction and developers are already passing on benefits to customers. But a valid question is, will prices fall further, and if so, should I wait and watch? To address this concern, some developers are offering price protection to clients to guarantee that they get a good price on their deal. Marathon has a price protection plan to safeguard your investment. Get in touch with us to learn more<\/span><\/span><\/p>\n

New launches are also expected to be put on hold, so supply will drastically reduce – this will keep prices from dropping drastically. Ready property especially will see greater demand and prices are unlikely to reduce significantly in this category. Another category which is unlikely to see any major price correction is the affordable housing category of under Rs. 1 Cr in Mumbai as the margins on such projects are already low, leaving developers with not much room to reduce prices further.[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1587824477713{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 30px !important;padding-bottom: 0px !important;}”][vc_column css=”.vc_custom_1585038719629{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][vc_column_text css=”.vc_custom_1666867013548{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]\n

Good deals on offer, but protect your investment<\/b><\/span><\/span><\/h2>\n

With the havoc caused by the pandemic, developers are offering great deals on properties right now, making it a buyers market. Marathon is also offering price protection currently – which means that in the worst case of prices falling further in the next 3 months, the benefits will be passed on to customers who book right now. In short, customers who book now are guaranteed the best price for a 3-month window.<\/span><\/span><\/p>\n

Get in touch<\/a><\/span> with us to learn more about our offers on our projects across the city.<\/span><\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row css=”.vc_custom_1587824490473{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 30px !important;padding-bottom: 0px !important;}”][vc_column css=”.vc_custom_1585038719629{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”][vc_column_text css=”.vc_custom_1666867021083{margin-top: 0px !important;margin-bottom: 0px !important;border-top-width: 0px !important;border-bottom-width: 0px !important;padding-top: 0px !important;padding-bottom: 0px !important;}”]\n

Reduction in stamp duty<\/b><\/span><\/span><\/h2>\n

Maharashtra government on 26th August announced reduction in stamp duty<\/a><\/span> from 1st Sept to 31st March\u20192021 in two slabs, according to an official statement.<\/p>\n