It is said that timing is everything. This applies to making the right moves in life for one’s career, important purchases such as investments, and even in pursuing one’s dreams and goals. Timing is also crucial while buying or investing in property. The last few months, contrary to popular belief, have turned out to be very fortuitous for buying residential real estate. Due to the COVID-19 pandemic and subsequent restrictions on travel many of us have deferred property investment decisions. However, reports suggest that since the initial few slack weeks buyer interest in real estate has perked up. Many potential homebuyers are showing interest in online property advertisements. A number of them have even purchased homes via digital means.
Buying a home is not simply based on sentiment and desire. The current COVID-19 pandemic has also re-emphasised the value and importance of a home as we all shelter in place with loved ones. This has been one of the driving factors behind people’s renewed interest in residential real estate. Other favourable factors have also contributed to reinforcing the decision and making it more attractive.
Here are some of the reasons why now is the best time to for buy that home you have been wanting to buy for some time:
Low interest rates
Thanks to the foresight of the government and RBI in reducing interest rates, home loans have
never been more attractive. We are currently witnessing some of the lowest home loan rates in
a long time. This translates to significant savings on EMIs. For eg.: if you are buying a 1 BHK
apartment for Rs. 50 lakhs and take a home loan of Rs. 40 lakh at 8.5% interest rate for 15
years your monthly payments will be Rs. 39,390. However, with the reduced home loan rates of
around 7.5% your EMI will be Rs. 37,080. As a result, you save Rs. 27,720 per year.
Thus, if your home buying plans revolved around taking an optimum home loan, then there’s no
time like right now! Take advantage of low rates and save for a lifetime.
Digital Technology
A variety of different digital applications and platforms have enabled real estate companies to
engage with customers and enabled customers to fulfill their dreams of buying a home. Video
calls allow potential customers to speak with sales representatives and clarify their doubts about
a prospective home. Similarly, customers can also view videos of sample apartments, thus
taking a virtual walkthrough of the apartment they are interested in.
Brochures, master plans, apartment layouts and price sheets are emailed to customers.
Applications can be filled out online and initial payments can be made via secure payment
gateways. Every type of interaction which was earlier done physically is now being enabled
digitally. In a nutshell, you can now buy a home from the comfort of your living room at the click
of a button.
Discounts and Offers
In the aftermath of initial lockdowns and social distancing protocols, the interest in home buying
fell. But as buyer interest returns many developers are offering different types of schemes and
offers. These range from cashbacks, discounts, payment of specified EMIs or rent by the
developer, and even surprise gifts of vehicles or electronic items. These have contributed to an
overall reduction in the prices of homes and make the cost of owning a home more attractive.
Safety and Convenience
Real estate companies are exploring every available form of technology to create avenues
through which homebuyers can fulfill their dream of buying a home. This has resulted in many
different digital mediums via which one can purchase a home. This has enhanced the
convenience and comfort of the homebuying process without taking a step outside one’s home.
However, many still wish to physically see the project site, view sample apartments and speak
to sales representatives in person. For these homebuyers real estate developers have adopted
all the prescribed COVID-19 safety measures to ensure a completely safe site visit.
To Conclude…
Low interest rates, and a variety of schemes and offers have reduced the cost of home
ownership. As a result, we see one of the most favourable phases to become a proud
homeowner or to invest in property. Technology has also helped streamline the process and
enable better interactions between the homebuyers and developers. So, make the most of this
opportune time and buy your dream home.
