Here’s What You Should Know About Purchasing Property During COVID-19

The pandemic has hit the global economy, barley sparing any industry, to say the least. While under-construction properties in realty witnessed a standstill, many homebuyers and investors scooped the opportunity after observing a drop in prices.

Recent stats in PropIndex by MagicBricks revealed that ready-to-move-in property rates had dropped QoQ by 2.3% in Q2.

On the one hand, the pandemic has made many realize the importance of owning a home, hence, residential properties witnessed an increase in demand. 

On the other hand, a less-promising state of the stock market has made investors make a better choice by investing in the real estate sector.

Therefore, if you’re planning to turn the current situation into an opportune time to purchase real estate, read on. 

We will discuss key factors you should consider before investing:

Five Things to Know About Property Investment During the Pandemic

1. Reason for Purchase and Finance Planning

Before investing in any property, it is vital to have clear goals that are SMART. 

People who were already on the fence went on to finalize their decision to purchase a new home. 

Another reason for buying property in COVID-19 could be to upgrade your current accommodation or move from paying rental to owning a home.

Beyond that, to make better investment decisions, investors consider real estate as their priority since it has garnered a reputation for a long-term and safe investment option.

After finalizing goals, you must also consider the down payment, EMI, and other operating costs while purchasing the property. Hence, run a prior analysis of your goals and finances.

2. Learn About the Property’s Locality

Whether you’re looking to purchase a home or commercial property, it’s advisable to check the locality. 

An ideal locality has a good connection with other parts of the city, facilitates a decent living standard, and accommodates basic amenities in the vicinity.

To gain insights into a residential and commercial locality in Delhi and Noida, check out our listings by visiting the Buniyad website and by reading some tips we offer on our blogs. 

3. Who is Buying Right Now?

As we discussed above, if you had already done the due diligence before the pandemic struck, you would want to purchase a home now. 

Other prospective buyers are NRIs since the rupee has seen a depreciation of close to 10% against the dollar. 

This attracts NRIs and encourages them to invest their money in real estate in India, acting as the best form of investment.

Moreover, property rates are also reducing due to the rupee depreciation, and NRIs are booking their properties online to secure a profitable deal before it’s too late. 

4. How to Ensure Safety

Protecting yourself and your family is the wisest step to take right now, and many are staying at home for this reason. 

But, this doesn’t mean you have to hit pause on your property search. If you’re inclined towards a particular locality, you can explore more about it online. 

Therefore, it’s a good idea to utilize the technology available to you, making your hunt for property easier. Take your search online, browse through different localities, and find a property that fits your requirements.

5. Contact a Real Estate Expert

Finally, do not forget to get in touch with a real estate professional who will give you insight into current property rates and suggest adequate measures to purchase property during COVID-19.

We advise you to get in touch with our realty experts, who will give you a fair idea of how you can invest and where to invest during this time. 

On a closing note

As much as it’s a worrisome time and has struck on the economy, it is still an opportune moment for purchasing the property. 

The reduced prices may not be the case for a very long time, in the long run, the economy is forecasted to undergo a revival, resulting in an increase in costs. 

Therefore, if you’re looking to purchase your dream home or commercial real estate in Delhi or Noida, reach out to us today, and we’ll guide you through the entire property purchase process while updating you on the present scenario and resultant changes.

Leave a Reply

Your email address will not be published. Required fields are marked *