From my experience, I will say you can sell your property anytime in India, as there’s a tremendous demand for it. Coming back to your query, is it good to sell property now? Let me tell you, it completely depends on several factors. Market conditions, personal financial situations, long-term investment objectives, and so on are a few of these. After considering these aspects, I recently sold my two-bedroom flat in Bengaluru. I have shared all the factors you should also consider.
What is the Right Time to Sell Your Property in India?
In India, selling a property is a hard process. It requires a great deal of time, effort, and research. The first thing that crossed my mind before considering selling my house was when would be the best time to sell my 2BHK Bangalore home.
To learn about it, I took help from my cousin, a real estate agent. He clearly mentioned the following factors to consider when planning to sell a property.
Market Conditions
He advised me to assess the local market trends at the moment. It is a seller's market if the prices are high.
Low Rental Income
As I had a resale property, I informed him I was getting average rent. He said check your property, and if there is nothing that can be done to enhance the rent, it would be smart to sell it now.
Tax Implications
With the lowered long-term capital gains tax rates from 20% to 12.5%, he said, you must understand the tax implications of selling property. For sound decisions that support long-term financial objectives, speak with financial advisors.
Financial Requirement
When I asked my cousin, can I wait for a year? He said this is a common Indian mentality. If the market rises, sellers hold on for more, and if it falls, they sell out of fear.
He further suggested I should think about how the sale of my property will fit into my total budget and whether I can afford to hold off until the market improves.
High Maintenance Costs
He further said it's time to sell your property if its maintenance has become so expensive that it is becoming a burden. You may sell the house after noticing a trend or period during which you have been paying more than you would feel comfortable.
He finally said don't hold on if you are getting the desired offer on your property, otherwise you'll regret it more than the cost of your property. I finally sold my property at a high rate and was happy with my decision. I hope this answers your query, is it good to sell property now and helps you decide better.
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Is it Good to Sell Property Now?
Rajatdesai
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1
7 months
2024-11-12T16:02:59+00:00 2024-11-15T16:58:40+00:00Comment
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