The COVID pandemic has affected every industry, including real estate. Many people have put off buying their dream home.
With the unlocking steps, the market is gradually moving towards recovery, and we have compiled a list of considerations for homebuyers before purchasing a flat/home.
1. Several projects have been severely hampered as a result of two consecutive lockdowns. The project’s completion date has been pushed back due to a labour shortage and other supply chain issues. As a result, homebuyers should prefer to look for ready-to-move-in properties in order to take possession in a timely and secure manner.
2. The price of residential units will probably be somewhat lower during the ongoing phase of market recovery. Homebuyers should nevertheless not wait and look for more discounted prices as soon as the property market can follow. It should be carefully planned to buy a residential property.
3. The government advertisements of interest rates should be kept in mind by buyers. Recently, house loan interest rates have fallen, making it a great time to buy an apartment.
4. At present, a financial consultant who can help to make the appropriate decisions is encouraged to give the advice to homebuyers in the dynamic market. Furthermore, before making a purchase, you should check RERA rules
5. The monetization of their long-term savings is one of the basic procedures which home purchasers always have. Before purchasing an apartment, you should have savings of at least 10 to 12 months for EMIs.