Should one consider buying a home during the time of pandemic?

While the world is fighting against the novel Coronavirus pandemic, uncertainty has taken place everywhere in terms of jobs, finances, career, bonuses, and stocks and businesses as well. This has somehow affected the buyers, their expenditure pattern & the investors who were considering to invest in the real estate before the disease has started spreading. Should one consider investing in a property? While the answer seems ‘no’, there are many upsides of investing in a real estate asset right now. Let’s get into the nitty’s & gritty’s of whether it would make sense to purchase a house in these pandemic times.

Multiple ‘Lockdown’ schemes by Multiple Developers

Ever since the lockdown has taken place, numerous builders have been offering different innovative schemes to sell off their units. Developers are comfortable in providing relaxed payment plans & few of them ask buyers to pay x % of the total property price at the time of booking & rest on possession. Hence, if you have the money ready in your hands & getting a good deal on an under-construction & ready to move-in projects, then you should get into this.

Lending rates are at the lowest

Recently, the Reserve Bank of India (RBI) has reduced the repo rate that would eventually bring down the home loan interest rate. At present, it stands at 4%, the lowest ever. Hence, for those who have sufficient funds to invest, this could be a perfect time to strike a deal & get the home loan approved before things get back to normal.

Demand- Supply Slowdown

As per the latest survey by RBI, consumer confidence has collapsed in the current situation. The wealth erosion due to the collapse of stock markets in March has also made the consumer weigh other secure investment options like real estate. This made them more averse to spending & increase their risk-taking ability. Moreover, demand is little on the lower side than supply, so once the situation becomes normal, it will take time to pick up the market back. Hence, the property prices might go up as well post covid-19 world. It means you have to pay more than what you have to pay today for your dream property. So, it’s also an excellent time to book a property which is now at considerable rates.

Good time to negotiate with the builders

As there is ample inventory left, builders are offering zero cancellation or full refund of booking amounts, and hence this can be a good time for you to negotiate a deal which will help you to reach near to your dream home. Also, understand the locational advantages, presence of social infrastructure like schools, colleges, hospitals, malls etc. & other amenities & facilities available around the project.

Thus, take a realistic approach & consider the final price negotiations. If you want to buy a house for your living, you can now start looking around, of course, only if your job and income are both secure. You can also consider an affordable property, in Raj Nagar Extension, Ghaziabad which has an excellent locality & great neighbourhood. Charms Castle, a dream residential project by Charms India which has more than 20 + years of delivering value-adding homes & boast of having more 5000+ customers in their kitty. You can visit www.charmsindia.com to know more.