Is it a Good time for buying a Home?

VFive Homes, a leading property builder in Trivandrum explains why this pandemic time would be the right time to buy your dream home. Read on to unclog your mind.

In India, owning a house is a major milestone in one’s lifetime. However, not everyone can make it or maybe they aren’t much informed about the ways it can be achieved. The pandemic has engulfed almost all economies around the world, affecting all industries, including real estate. Many might had the plan of buying a house in 2020 or may have thought of investing in it, but the pandemic situation has put everything on doubt. Is this the right time to buy or invest in a piece of property? The fact is, residential real estate is at the best now, with low-interest rates and a favourable buyer’s market. Many surveys done by builders and property consultant shows the housing enquiries are getting back slowly with about 50% of pre-covid times, a majority of homebuyers are willing to return to the market soon. With the vaccine around the corner, we hope things get better.

As per VFive Homes, one of the leading property builders in Trivandrum, there is an increase in demand for ready-to-move-in homes and apartments. Almost 80% of housing deals during the pandemic have been struck by end-users. VFive Homes put forth 5 reasons why now is the best time to buy or invest in a property.

• Low-Interest Rates
   Home loan rates are as low as 7% due to several reductions in repo rate induced by The Reserve Bank of India. Aspiring home buyers therefore can use this occasion to buy home with an affordable interest amount. It should be noted that low home loan rates are given to those applicants who have a credit score of 750- 800 above. Always check for credit score before applying for a home loan. If the credit score is less, then make improvements in the score to get the best EMI throughout the loan tenure.
• Government Packages
  The government has introduced many packages for better recovery of the economy. The residential real estate demands aren’t global and are mostly confined to the locality. IT/ITES sector companies haven’t affected much and therefore many growing cities are recovering fast. It is the best time to use to low-interest-rate time to buy your dream home at a considerable rate.
• Stable asset
  Real estate investment has grown as a stable asset and investors are confident in stocks that are concerned with real estate. Luxury home buyers were hit initially as their stake were obviously high. With favourable job retention and gradual economic recovery, rental outcomes are predicted to improve over the due course.  It will have a favourable impact on improving buyer sentiment with a guaranteed investment return.

• Reasonable price
  Another reason for checking dream home now is the availability of housing units for a reasonable price. It is considered to be the best time for the end-users as the prices are low and some builders are in the path of favourable negotiation. Now ready-to-move-in apartments are available with under-construction project rates.
• Better Deals
  Festive period offers are on high now even though it’s not festive but a pandemic era. With people not knowing what happens tomorrow, salaried middle-class men are in doubt about their decision in buying non-essential assets. This has affected demand for residential assets, mainly in affordable segments.  Good projects might not offer discounts but then they might get features like complimentary car parking for free or easy repayment options. It is an ideal buyers market now where eye-catchy deals can be negotiated better than post-covid times.

The above-mentioned reason makes this ideal time for booking your dream home as an asset or an investment. Buying would be much better than the investment option. An investment property can bring in rental income but the scope of it needs to learn before closing the deal with the builder.