Annual Salary hikes - The right time to buy properties

By: DRA Homes

Posted on: February 15, 2023

The time of year when many people receive their annual salary hikes is a good time to think about buying property. If you have been thinking about whether now is the right time to buy, here are a few things to consider. Investors and first-time buyers alike can benefit from understanding the market and making informed decisions before taking the plunge into homeownership. While there is no perfect time to buy a home, salary increases can provide extra cash flow that makes purchasing property more affordable. Keep reading to learn more about why this may be the right time for you to start searching for your dream home.

India records highest salary increase of 10.6% in 2022 across world

India has achieved yet another milestone in the corporate world by recording the highest salary increase at 10.6% for 2022 across the globe. This impressive salary raise rate positions India among Asia's top 5 nations to have effective and encouraging policies for rewarding their workforce. According to surveys, it is expected that companies in India will also set new trends by increasing wages of fresher employees as part of their remuneration structure. Moreover, these results have been credibly backed due to strong HR growth strategy and an abundance of talent pool supported by robust employment policies that guarantee career growth opportunities.

Property prices increase steadily at an average of 6 % in India

The Indian real estate scene has been soaring with the estimated growth rate of residential properties in the country averaging around 6%. This is appealing to prospective buyers as well as investors, both domestic and foreign. Factors like promising economic growth of India, favourable taxation policies and accelerated urbanization are said to be driving this exponential growth in property rates. With favourable and diverse housing opportunities springing up in various cities across India, buyers are now diverting their attention away from traditional investment methods towards lucrative real estate investments that offer potentially higher returns. The increase in property prices offers potential everyday benefits for buyers who invest early which may include exclusive offers, discounts and opportunities of appreciation. All these factors have contributed to a steady rise in sales volumes as well as property prices in India.

If you are planning to buy a property, this is the right time as your purchasing power has just gone up!

Now more than ever, it is a terrific time to invest in real estate. With the recent changes to the economic landscape, purchasing power and affordability are both on the rise. Home prices are falling and interest rates remain stable, which creates an incredibly advantageous window of opportunity for those considering purchasing a property. Furthermore, there are several mortgage products available for prospective buyers, making home ownership even more accessible. So whether you’re interested in taking advantage of current conditions or just getting your foot in the door with your first home, now is the time to explore your real estate options!

Here are some tips on how to make the most of your salary hike and purchase a property that suits your budget

Purchasing a property involves a lot of planning and strategy. A salary hike is an ideal opportunity to start saving for a property, as it will help you plan according to your budget better. To begin, review your finances and calculate how much money you can realistically save each month. Consider taking out a loan, depending on the payment options that best suit your needs. Once you have determined these factors, research the locations of the properties in your desired area, as this is essential for being able to easily access amenities such as grocery stores, schools and entertainment centers. Lastly, shop around for the best rates for any mortgage or loan that you decide to take out. By following these steps and making thoughtful decisions throughout the process, you can make sure that your salary hike helps purchase a property that matches all of your criteria at an affordable price.

Look for areas where there has been a recent surge in prices, as these are likely to appreciate further in the near future.

Doing market research is an important step for any would-be investor. As part of your due diligence you should be looking out for areas where there has recently been a sudden upswing in prices, with an increase in demand causing prices to spike. This can help provide clues as to which markets may be primed for further appreciation, potentially offering investors a chance to get in on the action before prices reach a new high. Paying close attention to these surging markets and researching the underlying factors that have caused the shift could be critical when it comes to getting the right information at the right time and making sound investment decisions.

Research extensively about different neighborhoods before zeroing in on one – each area has its own unique charm and you want to make sure it’s the right fit for you.

When looking for the perfect neighborhood, doing your research is extremely important. You want to make sure that the area you choose fits your lifestyle and needs. To get a good idea of what each different neighborhood offers, ask around and find out what other people think. There are usually various amenities in neighborhoods such as parks, schools and more – read local leaflets and online forums to gather useful information about them. Before committing to any one place, take a tour of the area to get a better feel for the neighborhood; observe its vibrancy or peacefulness depending on what appeals to you. Though it may take time, researching extensively about a few different neighborhoods will ensure that you pick the right fit for you!

In conclusion, it is evident that the average salary hike in India and the subsequent rise in property prices makes now a great time to invest in real estate. It is important to research extensively about different neighborhoods and look for areas where there has been a recent surge in prices to ensure you make a smart investment. To let you know the Flats in Chennai / Flats in OMR developed by DRA Homes have witnessed steady rise in the prices. By following these tips, you can be sure that you are purchasing a quality property that will suit your budget and help you take advantage of your salary hike. Investing in real estate is an exciting journey, and remembering these guidelines will ensure it's a journey worth taking!

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