Is it wise to invest in a house during COVID-19?

1. 29 Apr

2. Is it wise to invest in a house during COVID-19? By Affinity

The ongoing pandemic has created chaos in our lives. However, it has also made us realise the importance of having a roof over our head. A safe place to call home amidst the raging destruction that COVID-19 has brought with itself. It has proved that owning a house is better than renting an accommodation. And, since many companies are offering a work-from-home arrangement for their employees, having a house has become more important than ever before.

The best builder in Zirakpur introduces Affinity Greens that has 2BHK, 3BHK, and 4BHK flats. But is it the right time to be looking for a house? Individuals thinking of buying a house should know the benefits of investing in real estate today.

Pros

Low-interest rates

Homebuyers get to enjoy the low interest rates on home loans if they choose to invest in a house. Various banks have lowered their home loan rates and in addition, are offering discounts on the processing fees to lure in prospective buyers. Many banks have special features for women homebuyers as well.

Government support

With the RBI reducing the Repo Rates to almost 4 per cent, buying a home is far easier today. Moreover, the government has also introduced ‘Pradhan Mantri Awas Yojana’ to make housing affordable for all. Under this scheme, a Credit Linked Subsidy Scheme is offered. Also, it is mandatory for the female head of the family to be the owner or co-owner of the house.

Stability

The unpredictable stock market has destroyed the confidence of the investors, especially the ones in the luxury market. There is no stability yet with the demand and supply of real estate. The supply has gone down because of the pause in construction as labourers have left for their hometowns, and the demand is also on the low.

But when the economic market gets favourable, the demand will rise quicker than the supply. This will in turn increase the property prices post-COVID-19. So if you do not buy now, you’ll have to pay more than what you will pay today, for the same property.

Affordable rates

Most of the properties for sale today are at an affordable rate. This is probably the best time to invest in a house as developers will be open to negotiation. The builders are eager to clear off their inventory, generate liquidity, and resume cash flows. The buyers will have a wide selection of houses in the best locations and at budget-friendly prices.

Better deals/schemes

Usually, attractive deals in real estate are offered during the festive occasion. But owing to the current pandemic, many developers are coming up with sweetened deals for their properties. For example, complimentary parking space, easy payment plans, waiver of booking charges, etc. Some of them even offer refundable booking amount. All this makes it an ideal buyers’ market.

For the reasons mentioned above, buying a house during covid times certainly seems like a wise decision. However, thorough research must be done before you finalise anything as not all deals are beneficial.

The best real estate builders in Zirakpur have come up with the finest property called Affinity Greens that caters to all the basic needs in an extravagant way. Think no more and visit Affinity Greens today because the time to buy is now.