After Covid crisis we all want to buy a new home which is more comfortable and spacious. But is it a good time to make that big move RIGHT NOW? Watch this video to get your answers on the same.
After my last video on Real Estate Market, I have got many people asking me a question… Is this is a good time to buy a home or not? We all have our set of concerns about the stability of the real estate market and we do not want to go wrong with a decision especially when its something like buying a house which involves a lot of money.
My name is Anand Choksi and I am the Managing Director of The Real Estate CONNECT where client’s interest is the No. 1 priority.
Home ownership has socio-economic benefits like no other asset. For generations, buying a home is a guaranteed way of wealth creation. As per Forbes magazine, home owners are 45 times wealthier than the renters at the time of retirement. When you buy a home, it encourages progressive behavior and you tend to work harder and save more money. Needless to say over a period of decades the value of house appreciates manifolds.
Also, home owners do not change residences that frequently which results in the more community stability for them and their family. It also gives pride, security & displays financial stability of the individual and his family.
These are some of the reasons why homeownership is a big part of satisfactory life we live. But the real question is whether THIS is a good time to buy or one should wait for some more time? And the answer to that question is, it is the right time to buy a home when you can afford it. With urbanization happening at a rapid pace in India which goes hand in hand with population growth, the housing demand will always remain strong and in long term, the prices of quality housing will always go up. Like in stock market, even in real estate world It is almost impossible to time the market and get the best price of the decade. After demonetization, all news agencies were talking about prices going down by approximately 30 to 40 percent which never happened and in-fact, some pockets around Ahmedabad appreciated by 200 to 300 percent in the span of just 2-3 years.
Inspite of the current Covid crisis, these are the quick 5 reasons why you should consider buying a home right now if you are able to buy.
Reason No. 1: You need it NOW, more than ever before
With Covid, we all have understood the value of quality housing. We couldn't flaunt the jewelry we own, couldn't wear nice clothes sitting in our wardrobe, couldn't enjoy the luxury car parked in our garage, but one thing for sure we all really valued and enjoyed the most, is our home. You need a comfortable home right now and in future.
Reason No. 2: Historically low interest rates
With recent massive reductions, interest rates are at the lowest level in 15 years. With the same amount of installment pre-covid days, you can now buy a lot bigger home. This surely improves affordability of the home buyers which is one of the biggest reasons why interest rates were reduced to begin with.
Reason No 3: Flexibility from sellers and developers
There is no doubt that for some time, real estate buyers will be less in the market. It is a great opportunity to get some benefits from sellers and developers in terms of payment plans. There are some very good developers offering excellent payment plans that were never heard of before.
Reason No 4: Beat the pent-up demand
One day, Corona virus will also be gone like any other crisis mankind has seen. There is a pent-up demand for the quality housing. As soon as situation stabilizes, home buyers will be out in the market. Do you want to wait until then and go out as a buyer when the there is high demand, or you want to be the smart buyer and strike a deal when the market is slow? Think about it!
And Reason No 5: Best choice and selection
Right now when the demand is less in the market, the developers will be able to provide you better selection of the units, be it the preferential floor or a premium view. Once the demand comes back in the market, which for sure will in sometime, the developers will not be able offer you the same selection.
All this is true for first time home buyers. But what if you already a home owner and you want to upgrade? It may not be a good time to put your current house on sale but if you have surplus to buy or book a new home and sell the current home at later date, all of the points mentioned stands true for you as well.
While buying a home, there are many factors to consider and not just the price. If you have enough savings to put the down payment and income stability to pay the installments, probably this is the best time you will find, to make that big move of buying a home.
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