The year 2020 has been difficult for all due to an uncertain outbreak of COVID-19 with the whole world under lockdown trying to stay safe inside their homes nothing seems to be easy. The virus has impacted every individual and every business, the real estate sector is no different. But if we look at the bright side, this virus has taught everyone the significance of having a home. In the unavailability of vaccines yet only our homes and proper precautions are keeping us safe. Now more than ever people are considering buying property instead of living in rented houses. That is potential customers are looking for ready to move projects in the property as in the current scenario waiting for construction to get complete doesn’t appear to be a wise idea. Besides that, there are other factors that have contributed to the preference of ready to move projects over others.
- How COVID-19 has impacted homebuyers preference for ready to move projects?
Choosing a ready-to-move-in apartment lets the homeowner minimize the cost of living in rented properties.
- Prior to buying the home, the buyer can check the neighborhood and the amenities in the vicinity of the building.
- In view of ready-to-move-in housing, there is no chance of delays as the construction has already been completed. While due to coronavirus many developers had to stop their construction and many skilled laborers went back to their hometown.
- It also provides the home buyer with a sense of protection that is very important in the current situation.
- The benefit of the absence of a waiting period of possession can’t be ignored.
- In the recent past, the Reserve Bank of India ( RBI) has cut the repo rate on many occasions, resulting in interest rates for home loans declining to 7 percent. Now, from that viewpoint, if aspiring homebuyers have the requisite margin cash, they should not try to let go of these record-low prices.
- Some first-time buyer willing to participate in the purchase of residential property opts for a ready–to–move–in the home. because the decision is often motivated by emotion to safeguard their future, their parents’ future, and that of the future family generation.
- Earlier, either the existing residence was rented or smaller in size, now families need ready to move projects that provide them ample space for work from home. what drives most home seekers to select ready-to-own homes in the post-COVID-19 world is the safety and security element.
- Another reason being due to the anticipated delay in deliveries associated with under-construction units, ready-to-move-in condos are also showing greater momentum. The demand for ready-to-move homes has increased significantly since the lockdown, with no goods and services tax (GST) payable on resale flats, and the industry is also seen heading towards this trend.
- The need and desire to own property is the transmission of Covid-19 at an all-time high post. Indeed, the effect of price advantage and lower home loan rates encourages consumers to purchase homes. For buyers with higher LTVs, lower valuations, and cheaper credit availability, the scenario is currently more favorable.
All these factors have influenced the homebuyers to opt for ready to move projects. Usually, a person buys a property for two reasons: first it for self accommodation and secondly for investment purposes. Due to COVID-19, not only people are preferring to buy a home for staying safe but also for investment.
As not only has the uncertainty and unpredictability of the stock market diminished income but investors’ confidence as well. As a stable asset class, this has also helped real estate gain positive momentum. As luxury homebuyers usually have a higher stake in the stock market, the luxury market can be affected initially. With rationalization in prices, rental yields are expected to increase if aspects such as job stability and gradual economic revival are presumed to remain favorable. It will have a positive effect on improving the attitude of the customer.
The developers right now are also very eager to make sales as due to pandemic and lockdown in the country their sales were very less than usual and unavailability of labor, raw material, etc has also affected their under-construction property, due to all these they are making various incredible offers to customers. The market right now has turned into a consumer-oriented market. With a good negotiation, you can get a good deal on the property.
End-users can select from a wide variety of choices in almost all locations and budget bandwidths and can purchase ready-to-move properties at rates like never before on premium projects having top-notch amenities.
Future trends of investment show that Tier-II cities like Mohali will see increased investment from homebuyers who want to mitigate risk and optimize returns with cheaper prices, more space, and better returns on investment.
- Even though all these things are influencing homebuyers decision few things which they should keep in mind while buying a home are:
- Make sure that the ready to move flat or project you are investing in is RERA registered.
- The required approvals and licenses should be available for the property.
- Select a prime location where everything is easily accessible such as hospitals, educational institutions, public transport facilities, etc.
- In order to understand the viability and quality of the project, all information concerning other project-related parties (such as banks, consulting services, etc.) should be collected.
- As it is usually a one-time investment, talk with the people already living on the premises to know if they are having any inconvenience. Always invest with reputed developers for instance SBP Group.
In brief, the ongoing pandemic has further pushed the already rising preference for ready to move projects, and this will persist long after the ongoing major crisis is over. From savings in the form of GST to the value of being able to move in once payment and formalities have been completed, the greatest plus is that COVID-19 has brought the urgency factor to be able to move into the new home.
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