Debunking Myths About Buying Property During Ghost Month

Date: Aug 5, 2019

It’s the 7th month in the Lunar calendar and everyone just literally freezes. It’s Ghost Month, and the name itself explains why everyone becomes more cautious and hold off any major decisions until after the month is over.

It is the usual practice to make sure not to embark on any new projects, sign any new contracts, begin construction or renovations on your homes or workplace as soon as Ghost Month hits. This is so not to upset the spirits who are allowed to roam the Earth on this month of every year.

Many myths have crippled business during this time of year, and who can blame anyone for wanting to be safe than sorry? But here are a few myths that we’ve tried to debunk and hopefully will give you some peace of mind during Ghost Month.

MYTH #1: Don’t make any major decisions (no contract signing) during Ghost Month.

Projects and agreements signed during Ghost Month will encounter problems and challenges only if you have not prepared the necessary contingencies. As with any property purchase done at any time of the year, it is best to play your cards right. Have the proper documentation as you move through the home buying process. Know the legitimacy of your contract, and understand the terms and conditions clearly as you negotiate your purchase.

MYTH #2: The value of the property that you purchase during Ghost Month will not appreciate.

Because business is slower during Ghost Month, real estate prices usually drop to encourage more sales. So investing at this time is in the home buyer’s favor. This will in no way affect the property’s value in the future. If you’ve done your research and bagged a property in a prime location but has reduced its prices as a marketing tool to sell more, you should know to grab it.

MYTH #3: Making major decisions should never be based on your emotions.

They say that people are a bit crazy during Ghost Month. Emotions flare, suspicious thoughts abound and it just isn’t the right time to make a big call on anything. There is nothing wrong with being emotional about your property purchase. It is a rather large investment after all, and you have to feel right about making it in the first place.

Bear in mind to be rational during the entire process. Feel free to raise questions or objections with your broker. Clarify any part in the contract that isn’t clear to you. Leave no stone unturned.

Always make sure you work with a highly reliable and trustworthy real estate professional who guides you every step of the way. A good realtor listens to you and will make sure you get the best deal available based on all your needs and wants.

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