The harvest season, also known as Makar Sankranti or Pongal or Bihu or Lohri, depending on which region you celebrate it in, marks the dawn of many new beginnings. From all of us at Provident Housing, wish you all a very healthy and prosperous harvest!
For this period, when you are typically surrounded by posts telling you why this is the best season to invest your money in vehicles like real estate, we bring to you a fresh perspective this year. The whole process of harvesting has a lot to teach us when applied to different facets of life, more importantly, when planning to invest in real estate.
Here are a few similarities in the processes when aiming for a good harvest and looking for an ideal home to invest in-
Keep the preparation sound
The build-up to reaping a profitable harvest starts with a rigorous preparation in Spring which includes prepping the soil, choosing what to sow, and selecting the right varieties/brands. Likewise, when looking to buy a house, it is very imperative that the groundwork you put in is thorough. Right from the ideal location, the down-payment you’d want to put in, to the kind of home-loan interest, the health of your credit score and having your documents in place; the preparation is all-encompassing.
And just how the right seeds sown in the right soil-type determines the health of the harvest, similarly, the right house based on the right credit determines how apt/profitable for you will the investment will be, a few years in the future.
Know your requirements/means
A farmer, when sowing seeds, needs to know his budget, the best quality that can be bought in that budget and also a variety that is compatible with the soil. Similar requirements can be interpreted when investing in real estate as well. When you start the hunt, you should ideally know which micro-market will you target, what kind of a house are you looking for- 1/2/3-BHK (depending on your family size), what is your budget and what are the factors that you are ready to compromise on, in order to stick to the budget.
You must know where your desires end and practically, where the needs take over.
Don’t wait, take the first step
If a farmer never plants his seeds, he will never see a harvest. Are you also wondering when to start the research and legwork for home-buying? The right time is today! Putting off these decisions to luck or for future, act as an impediment in your overall financial planning. Make a choice, because you want to and because you can. Do not wait for a time when your choices might become limited.
If you don’t invest, you will see no growth.
Don’t panic, stay invested
Exactly like a farmer, whose harvest quality is dependent on external factors like rains/weather conditions; a real estate investor is also dependant on external market factors like the demand-supply dynamics to determine the return/growth he achieves on an investment. But the volatility of rain doesn’t cause the farmer to take out the sown seeds at every fluctuation and try something new. Thus, market fluctuations should not have you considering buying/selling of the property you have invested in. Accept what you can control, and work towards that.
A farmer, when in doubt, reaches out to an expert who consults him on what fertilizers or add-ons to use in order to ensure a good harvest; similarly, when investing in real estate, if you need an unbiased advisor who can facilitate your decision, let Provident Housing be the one. We understand that it is a huge decision for you to invest in a house, and we try our best to make the decision a good harvest for you!