COVID-19 has changed the mindset of homebuyers as they are looking to invest in ready to move projects instead of living in rented houses.
The year 2020 has been difficult for all due to an uncertain outbreak of COVID-19 with the whole world under lockdown trying to stay safe inside their homes nothing seems to be easy. The virus has impacted every individual and every business, the real estate sector is no different.
But if we look at the bright side, this virus has taught everyone the significance of having a home. In the unavailability of vaccines yet only our homes and proper precautions are keeping us safe.
Now more than ever people are considering buying property instead of living in rented houses. That is potential customers are looking for ready to move projects in the property as in the current scenario waiting for construction to get complete doesn’t appear to be a wise idea. Besides that, there are other factors that have contributed in preference of ready to occupied projects over others.
How COVID-19 has impacted homebuyers preference to ready to move projects?
All these factors have influenced the homebuyers to opt for ready to move projects. Usually, a person buys a property for two reasons: first it for self accommodation and secondly for investment purpose. Due to COVID-19, not only people are preferring to buy home for staying safe but also for investment.
As not only has the uncertainty and unpredictability of the stock market diminished income but investors’ confidence as well. As a stable asset class, this has also helped real estate gain positive momentum. As luxury homebuyers usually have a higher stake in the stock market, the luxury market can be affected initially. With rationalization in prices, rental yields are expected to increase if aspects such as job stability and gradual economic revival are presumed to remain favorable. It will have a positive effect on improving the attitude of the customer.
The developers right now are also very eager to make sales as due to pandemic and lockdown in the country their sales were very less than usual and unavailability of labor, raw material, etc has also affected their under-construction property, due to all these they are making various incredible offers to customers. The market right now has turned into a consumer-oriented market. With a good negotiation, you can get a good deal on the property.
End-users can select from a wide variety of choices in almost all locations and budget bandwidths and can purchase ready-to-move properties at rates like never before on premium projects having top notch amenities.
Future trends of investment show that Tier II cities like Mohali will see increased investment from homebuyers who want to mitigate risk and optimize returns with cheaper prices, more space, and better returns on investment.
Even though all these things are influencing homebuyers decision few things which they should keep in mind while buying a home are:
In brief, the ongoing pandemic has further pushed the already rising preference for ready to move projects, and this will persist long after the ongoing major crisis is over. From savings in the form of GST to the value of being able to move in once payment and formalities have been completed, the greatest plus is that COVID-19 has brought the urgency factor to be able to move into the new home.
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