Homebuying Amidst COVID-19: Why is This The Best Time?

The aftermath of COVID-19 has made many realize the importance of homeownership. Besides first time homeowners, people have also learned the importance of owning real estate property in their investment basket.

While the under-construction properties hit a pause, ready to move in apartments, maintained a positive demand from potential buyers during the lockdown. 

A recent report by 99acers revealed that 60% of Indian homebuyers, keen on purchasing a home pre-pandemic, are still interested in doing so, while 40% have postponed their plans.

Having said that, you would have found yourself asking these questions: is now a good time to buy a house, and will the rates decrease?

Therefore, this blog will walk you through the reasons why this is the best time of year to buy a house. 

So, let’s get to the heart of the matter: 

1. Asset

Realizing the significance of owning a home post-lockdown proved to be an encouraging sentiment for first-time buyers. 

While some residents recognized the need to upgrade their homes, others looked to buy their first one. 

Having a home is a tangible asset and a secure investment option, making it a valuable addition to your investment portfolio. 

Furthermore, experts believe that investing in real estate is a good way to generate income and relish capital appreciation. The instability of the stock market has made investors find other reliable options for investing, and that’s when real-estate tops the list.

2. Repo Rates

RBI’s recent slash in repo rates has made home loans attractive, encouraging many potential homeowners to make the right decision.  

In May, RBI slashed the repo rate by 40 basis points (bps), currently standing at four percent. The interest rates are sitting at their lowest after a very long time, hence, this is considered the best time of year to buy a house if you’re considering a home loan. 

Additionally, RBI decided to extend the loan moratorium facility by three more months enabling homebuyers to manage their finances in these unprecedented times and fulfill their dream of owning a home. 

If you’ve already done your due diligence, it will be easier for you to finalize the purchase decision. If not, you can contact your local real estate professional and enquire about the present rates and the best location to purchase a home. Whether you’re buying a home for the end-use or investing, this is the right to make that choice.

Additional read: Don’t make these mistakes as a first time home buyer.

3. Rise in Price in the Future

As we discussed, properties under construction were held at a standstill. However, it’s not long before the lockdown lifts and the construction will begin at full swing. 

This will heighten the demand and outweigh the supply in the next quarters, leading to an increase in real-estate costs. Therefore, if you invest now, you will likely see an appreciation shortly. The increase in costs is anticipated, hence, the right time to buy a home. 

Real-estate has been a lucrative investment option, and the points mentioned above, affirm that this is the right time to buy home, a decision you may have been keeping at bay for years.

However, it’s imperative that you contact a real estate professional to enquire about the latest rates, procedures, and more.

Going Forward

As we’ve seen, investment in a home is encouraging at the moment, given the lowered interest rates, the potential of high prices in the future, and owning an asset. 

Therefore, wait no longer to inquire about your dream home. If you’re considering a home purchase in Delhi, contact our realtors at Buniyad. We will guide you through the buying process, bringing you one step closer to purchasing your dream home!

For more information, call us today!

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