Is it the Right Time to Buy a House Buying Guide

With Covid hitting and paralyzing the economy, all businesses have gone downhill ever since. Earlier, the real estate business was lopsided and sinking, with the customers reluctant to buy a house. Despite that, real estate is now set to own the market again. The builders are cornered and are desperate to take out the unsold inventory.

The Government has backed the developers by announcing the PM Aawas Yojana, the package includes housing sector specifics like 18,000 crores additional outlay and tax relief for builders and home buyers. 

If you are not yet convinced, listed down are the reasons you should start hunting for your dream house now. 

1. Price drop:
The real estate transaction is now seeing a rise due to the decrease in the repo rate, the festive season offers by developers, cut down in stamp duty, etc. These factors intend to make up for the loss due to the lockdown by clearing out the plots/ houses with modest rates. With such offers, houses are getting sold like hotcakes.

2. Affordability:
Home prices have been stagnant for quite a time now and the increasing affordability is changing dynamics. Due to the unsold inventory, the prospect of any hike in the price is dim. With the current situation, builders have their backs on the wall, they're forced to sell out the inventory. We can even see a trend that big names in Mumbai's real estate have started developing projects in the affordable segment to meet the increasing demand. The home buyers can have a ball with such affordable home prices.

3. Government Schemes: 
With stamp duty reductions it has become easier for the consumers to buy a property.  And the credit subsidy offered by the government, With the housing prices decreasing than the ready reckoner rate, government initiatives like PMAY, housing for all and low-interest rates, it advisable that the consumers should start hunting their dream house now.  

4. Low interest rate:
Home loan rates have gone down by 7%, the lowest on record. Below is a table that shows the loan interest rates offered by the banks for salaried individuals.

5. Savings:
Due to the lockdown imposed by the government for the past 7 months, people were not able to go for vacations, dining out and any travelling expenses, which were supposed to be incurred by the mentioned events, a lot of savings were made. Multinational companies are also coming up with retention techniques like salary restoration to boost the morale of their employees. With lump-sum amounts, one can vouch for their safe haven at a minimal and affordable rate.

6. Need for a bigger home:
With more and more companies opting for work from home alternatives, it has become an absolute mandate to have personal working space.  Children playing in the background and the lack of accord creates havoc, thus resulting in the failure to complete the task. Even children are supposed to be attending their online classes/lectures virtually. Having space where one can design their own workspace, good light, a desk, a comfortable chair, a laptop, or a computer with a good internet connection. All of which add to owning a bigger house to cater to the needs of the mentioned things.

With a flick of a button, one can make life-altering decisions. Booking your safe sanctuary without the hassle of commuting, endless hours of roaming from place to place is made easy. With the lockdown and restrictions in order, one can just specify their requirements, sit back, and see what meets their demands. Technology is not limited to making international calls and monetary transfers but also searching for your dream house without moving from your couch.   

Why find your dream home with us:

• Invest in a genuine and smart broker.
• Buyers can view hundreds of videos and pictures before finalizing their home. 
• One can specify their needs and search according to their preference. 

Refer to our Buying Guide for more help.