Things to be kept in mind before buying a house post-COVID-19 world
In the times of COVID-19 pandemic, there have been a lot of opinions without clear answers regarding whether you should buy a home in these times or not. In recent times, the first-time buyers and millennials know the value of homeownership and this value is enough for the realty sector from the perspective of both demand and supply.
Before a buyer buys a home, you must know that it is a tangible asset and accompanies itself with various upsides. The developers might come up with innovative ways to outreach its customers, it is advisable that the buyers must look into some points before investing at this point in time.
The pricing-interplay of repo rate
This time is suitable to consider real estate. To start with, RBI has announced a cut-off of the repo rate in the past weeks. This particular decision will have an impact on the interest rates, as most of the banks, in line d repo rate, have launched or will launch repo-rate linked home loans at 3.75 percent, which is the lowest ever.
On the contrary, the developers will be keen to sell and accelerate cash flows. One will witness a massacre of promotions in the market to reduce the risk for the buyers and help in managing their cash outflow. Since, due to the COVID-10 pandemic, there has been a depreciation of 10% in the Indian rupee. This can be considered as the critical driver to be considered in the Indian realty. Hence, this time can be considered the fruitful one to close a deal.
The tech interfaces
If any consumer has inspected the house and visited the sales office prior to lockdown, one is better equipped to decide. If one has not, the buyer should necessarily support technology to get a stimulating experience of the development and the neighborhood.
Furthermore, if a developer is keen to sell during this period, they will ensure that the customer is taken through the journey through a virtual tour development, which can be as real as the face-to-face interaction, and show residence or locational distinctions.
Indulgence in the decision-making grid
The skill of real estate as an asset class is more noticeable than ever. According to experts, real estate will prove to be a good asset class which will help in generating income and capital value appreciation in the times to come. Indulging in a decision matrix can be a sensible thing to do. It is suggested to do online research for shortlisting properties, check the background of the developer and development, the buyer must visit the RERA website for knowing the regulatory aspect of the project and virtually sample the product. This will help the customer in maintaining the decision-making continuum.
Though the sector has been hit by the pandemic, yet the developers can restore their businesses by using the aforementioned techniques. On the other hand, it is an opportune time for the buyers to finalize their buying decisions and benefit from the available offerings. The indication is very clear, despite the slowdown in the realty sector, the current scenario is an opportunity for both, the developers and the buyers. Therefore, this time is the best for the potential buyers and fence-sitter for investing in real estate.