Trying to find the right time to buy property can be a daunting and challenging process, especially if it’s your first purchase. The fact of the matter is that even when you have the right budget, timing is still everything. You need to go into the process with a plan, and that includes understanding different factors that can make your eligibility fluctuate and impact prices. For example, you may be eligible for special loan programs that you won’t want to miss out on. The state of the market also impacts what real estate developers are selling properties for, since a competitive market with housing in great demand means higher prices for you, versus a sluggish market means that developers will be offering special deals to liquidate their stock. Here are a few tips about how to make the best decision in your path toward becoming a homeowner.
See What’s on the Market
The first step that any potential property buyer will take is to research what’s on the market, but when you’re trying to gauge the right timing, it’s a bit more complicated. Before you drown in all the listings, it’s best to make a list of features and amenities you want, as well as other aspects such as square footage. There are many new home developments on DDProperty you’ll run across, but narrowing it down to properties that truly meet your needs is one of the most important ways to start your search for real estate. If you don’t find anything that suits your needs, while it doesn’t hurt to look, you shouldn’t settle for anything less than what you really want. However, if you’ve found a few promising offerings, then it might be a good time to act. The first step in good timing is finding that something you actually want is available.
Trends in Competition Between Developers
Just like retailers have sales based on consumer ups and downs, real estate developers function the same way. The Bangkok Post reports that developers are currently competitively trying to clear housing stock due to the property tax incentives that are set to expire at the end of April, originally instituted last October to function as a stimulus measure for the real estate sector. That means that it’s potentially a good time to buy right now if you want to get in on these deals. Developers trying to clear their stocks are going to be offering properties at excellent prices as they compete to unload their inventory. This also is a good time to view new projects that feature some of the best, state of the art amenities available on the market for a bargain price.
Financial Government Incentives
There are also special initiatives for certain classes of buyer that you might fall into, so don’t miss out on benefits potentially available to you. The government is set to officially release a plan to help low income first time buyers find a home with a loan program weighing in at 70 billion baht to help real estate sales, intended to assist would-be homeowners whose income is between 14,000 to 15,000 baht per month. If you fall into this category, then now is definitely a great time to buy property if you meet all the necessary precursors. Consult with a broker immediately if you feel you might be eligible for this benefit.
Reviewing Your Own Financial Portfolio
The last step is to review your own financial portfolio, ideally with the bank or a financial advisor. Many buyers make the mistake of purchasing real estate based on gut instinct or emotion, but if you really can’t afford it, then the purchase will inevitably hinder more than help in the future even if you think it’s a good investment. Make sure that you have enough for a down payment and a future payment plan. If you’re going to require a mortgage, then look ahead to your future plans and job stability. You’ll need to be able to make a payment for a substantial amount of time, so you’ll also want to consider the resale options. If you’re unsure, then keep looking.
Choosing the right time to invest in property is always a challenge, but when you go in armed with knowledge and the proper budget, then you’re guaranteed to get the best possible price. An important thing to keep in mind is that you need to watch out for yourself. Do your own research, don’t depend solely on a broker or single website for guidance, and make sure you have your own information so you’re ready to bargain if need be. The key to making wise real estate purchases is knowing what you’re talking about, being aware of when the right time to buy is based on market conditions, and knowing who to trust. With preparation and a little research, you’ll be all set to find a home at the best price possible that suits all of your needs.