The crisis has affected the global economy and every sector of the society and the real estate, is no exclusion. However, every crisis does bring in an opportunity and COVID is one such opportunity that has lasted in our lifes for months now. With the crisis striking it makes it difficult for the dealers to sell their properties at a higher price. Therefore this is an opportunity for the consumer.
We don’t always have opportunities knocking at our door, but once we do it is important to utilize it to the fullest. The idea of buying a property is way better than dealing with rented apartments. The pandemic that has struck the entire globe has led to a drastic fall in property prices. Therefore this fall in prices can be a cost opportunity that consumers can take advantage of.
One thing that the aftermath of the COVID pandemic situation has established is that owning an apartment is way better than dealing with the uncertainties that come with renting an apartment. Buying a luxury 3, 4 BHK apartment in Hitech city or investing in a row villa is a long term investment which is likely to grow once the crisis ends. The working sectors generally boom after a crisis and real estate is an example for that.
Let’s discuss the reasons to buy an apartment in this crisis:
Home loan rates are lower
The current pandemic situation has witnessed the lowering interest rates on home loans offered by the banks. This is a big opportunity for all those people who are need of getting a home loan. The interest rates are so low that it makes it easier to invest in purchasing a house. This indirectly leads you to pay less for your property. It also gives a sense of satisfaction to the borrowers who don’t want to risk losing their capital. Thus this the right time to check the availability of gated community flats for sale in Kukatpally, Hyderabad to grab the best deals.
Market boom after a crisis
The property market is bound to experience a boom after every crisis, recession or even depression for that matter. It works in such a way that the prices start to increase as the demand increases. Investing in properties is more reliable and less risky, therefore most of the people take their money off from stocks and invest in properties. Therefore, this leads to an unexpected expansion of real-estate. The investment in properties is considered to be a smart investment as the prices slowly fall when there is any crisis or recession and slowly once they end, the prices start to rise.
Security associated with physical assets
Time is the most unpredictable thing in the world. There could be times when you’re financially great and sometimes you may be facing financial problems. As Indians we tend to save as much as we can for the rainy days. Therefore, we think twice before buying anything. This applies same to purchasing a house or an apartment. People have realized how important it is to own a house or an apartment and how much better it is in comparison to the rented houses. It automatically gives them more sense of security. It makes them feel that this is an asset which is theirs until they decide to sell it.
Desperation of the seller
This pandemic has hit everyone so hard that sellers have now become desperate to sell their places and earn something rather than having no one pay the rent or buy properties. The market is highly favourable to the buyers in the crisis. Therefore this pandemic has led the sellers to drop their prices just so that they get to earn the bare minimum that’s worthy of the property. With having low interest rates and having to buy the property at lower prices this is one of the best times to invest. The pandemic has to come to an end and therefore the prices will definitely rise for the real estate sector. Therefore, this is considered to be the best time to invest and own a property of your own with lowest prices possible.
Home isn’t a short term or multiple time
Investment. It is considered to be the most long term and valuable and one time investment in an asset. The investment comes at an unlimited return when you stay in your apartment for as long as you want. Therefore investing in purchasing a house or apartment is one of the best decisions to make in the aftermath of COVID-19. Buy the property at the least rate available and at least house loan rates possible.