Buying a house during Covid 19 Buying Guide

Covid -19 has had a great influence on the real estate sector all across the world. As a faltering home market was forced to grapple with a reduction in residential demand caused by pandemic-induced lockdowns. However, this may only be a short delay as real estate platforms prepare to deal with the fallout from COVID-19.

The pandemic of COVID-19 that began last year has caused the world to change its regular habits. In a pandemic-stricken globe, 'work from home' has become the new normal as global enterprises have not started revamping their working practises. As a result, people are becoming more interested in owning affordable homes than they were previously.

The first wave had prolonged impact, the second wave did have some impact but wasn't a major one and if at all the third wave is to hit, it’ll have negligible to no impact whatsoever on the Real Estate sector.

Fear of COVID 19 has affected real estate markets all across the world and since the movement had come to a stand still people are now starting to adapt technology to reach their prospect buyers. The second wave of  COVID 19 has expedited India's real estate's digital transformation. With the stock market being very volatile at the moment real estate investment seems like a smarter option.

People have started looking for affordable housing options as they know real estate investment will give them amazing returns in the future, as many industries and individuals have adopted complete remote working. People have realised that they need their own space instead of being cramped up together while working remotely.

We believe now is the best time to invest in real estate.  With lower prices, offers from builders, lower interest rates, and government schemes and offers like stamp duty reductions for women homebuyers for women empowerment there is a massive  opportunity to invest in your dream home in the current market.

Things to do when you plan to buy a house during COVID 19

SEARCH ONLINE:
Search on Trusted online Real Estate portals like www.ThePropertist.com who help you with finding your dream home and connect you to new or resale property listings from registered agents, builders and homeowners.

Also www.ThePropertist.com  will help you find properties according to your budget, size, area and also resale, new, and under construction properties through a registered agent. 

Virtual tours:
You may contact the agent and request a virtual tour of the property or sample flats from the comfort of your own home, allowing you to receive a realistic look of the property while also seeing many other properties without having to leave your home, saving time and effort while also avoiding contact with strangers during these times.

Look out for offers and discounts:
To attract more purchasers and help stabilise the market, builders are providing significant discounts and incentives on their unsold inventory.
The government had lowered stamp duty for a few months, and the builders' association CREDAI has encouraged them to do so again. Cost of ownership for a homebuyer had reduced by 15% to 20% due to the current pandemic.
The government has also cut the stamp duty for women homebuyers by 1% and introduced the Pradhan Mantri Awas Yojana (PMAY) to assist economically weaker people in becoming homeowners by providing an interest subsidy of about Rs 2.67 lakhs.
Banks have also lowered their interest rates, which may now be as low as 6.65% per year.

As an impact of COVID 19 In the short-term, transactions would have dipped but in the long-run, home buying will still remain lucrative and promising. So buying an apartment during the Covid 19 pandemic is a great option if your goal is to buy your dream house relatively at an affordable rate due to various offers and schemes in the buyer's favour.