It’s safe to mention that COVID-19 has upended our lives in more than one way. While countries across the globe are busy fighting the coronavirus pandemic, businesses are struggling hard to keep their workforce afloat. Be it job, career, real estate, finances, stocks or dividends, etc., uncertainty is widespread across each sector. However, each crisis presents an opportunity and COVID-19 is no different.
With businesses shut down temporarily and people working from home, it has been established that owning an apartment is way better than struggling with the uncertainties of living in a rented apartment in these tiring times. Paying rent during the pandemic, when earnings are low or negligible for some is another aspect that has brought homeownership into prominence. Keeping this in mind, the real estate has shifted its focus on working towards innovation and strategizing its business. Among the key noticeable trends, the residential sector is all set to embark on a distinctive growth trajectory with ‘affordable home ownership’ as the new highlight. The pandemic has also brought people to a realization that having real estate as an asset class in their investment basket is a more reliable option than a highly volatile stock market that has heightened risks associated. Whether you are looking to buy a 2 BHK in Thane, Ghodbunder road or elsewhere, here are a few reasons why it’s a good time to invest in real estate:
Lending Rates are at Their Lowest:
With RBI announcing a cut in the repo rate, home loan interest rates have significantly dropped. Most of the banks have launched repo-rate linked home loan offerings. The repo rate, at present, stands at 4.4%- the lowest ever. For those with adequate liquidity to invest, this is the ideal time to close a deal and get your home loans approved before normalcy returns.
Possible Negotiations:
Coronavirus has affected the world economy. To lure home buyers, some developers are also offering refundable booking amounts. If you already visited the property before the lockdown, now is the time to make a decision. Look at the different aspects such as neighborhood, facilities, and amenities, negotiate the final price and take a realistic approach.
Demand-Supply Slowdown
Thanks to the lockdown and the resulting disruption of property, there has been a temporary break of supply in the market. When things get back to normal, it will still take at least a month for the real estate construction to gain momentum. With the steady growth in the real estate, prices may also increase. Therefore, now that the lockdown is lifted only partially in different states, it is the right time to turn that dream of owning a flat in Goregaon, Mumbai a reality.
With uncertainty brimming and paying rents amid the pandemic a heavy burden, owning a house in the aftermath of COVID-19 must be kept as a top priority.