Tips For Buying a Flat: The onset of the COVID pandemic has hit every sector including real estate. Many have postponed their plans to buy their dream home. With the unlocking steps, the market is gradually moving towards the path of recovery and we have set down a list of things that homebuyers must keep in mind before buying a flat/home.
Here are a few tips for those who are planning to buy an apartment amid the pandemic:
1. After two consecutive lockdowns, the construction of several projects has been severely impacted. Shortage of labour and other supply chain issues have delayed the timeline of project delivery. Thus, homebuyers must prefer to look for ready-to-move-in for timely and safe possession.
2. During the ongoing market recovery phase, the prices of residential units will likely be slightly down. However, homebuyers should not wait and seek more discounted prices as the real estate market can come on track soon. The timing of buying a residential property should be thoroughly planned.
3. Buyers should keep an eye on the government’s announcements on interest rates. Recently, the interest rates on home loans have fallen which makes it a good time to buy a flat.
4. In today’s dynamic market, it is recommended for homebuyers to take advice from a financial consultant who can help in making the right decisions. Apart from this, they should check RERA rules before making a purchase decision.
5. One of the basic practices that homebuyers should always consider is to monetize their long-term savings. It is better to have at least 10 to 12 months of EMIs in savings before buying a flat.
Summing up:
Presently, it is a temporary phase and the real estate market will bounce back from long-term inaction. Therefore, it is better to simplify the journey of home-buying in the ongoing time while understanding the financial dynamics better.
— Inputs by Nitin Gagneja, Founder, Flying Vertex Studio