Factors People Will Consider Before Buying a Home Post-COVID 19

It’s certainly different times. We’re masked up; we’re confined within the four walls. We never have imagined such a scenario a few months ago.

Now, with people spending time at home – definitely for longer durations than before – a new observation has taken precedence. From layouts and amenities open space, it is believed that the new residences post-pandemic could look different from now. Because a home has to assume many roles from a home office to entertainment and gym.

Here are few factors that the new home buyers are likely to look for in a property after the COVID-19 pandemic:

Open Space Layout

Being confined within the homes for months, people understood the essentials of space and will look for homes that have a well-planned layout and maximize large open space with balconies and terraces. Also, opening up space to natural light and fresh air is now more vital given that our homes were only considered as a shelter before. Additionally, buyers may also look for a separate space at the entrance where one can remove their shoes and sanitize themselves before getting inside the living room.

Housing Project Amenities Post-COVID 

Another factor that buyers are likely to judge housing projects post-COVID is the kind of amenities they provide. One with a good social infrastructure or easy access to hospitals, pharmacies, and grocery stores will be more favorable than the amenities like a swimming pool or a restaurant. Similarly, a housing project with wide internal roads for walking and large green areas may also be taken into consideration before buying a house.  

Sparsely populated areas

Post-lockdown, people may likely to invest in a property with less population density and less pollution with more green space that will pave the way for leading a healthy lifestyle. One will look for a project that has a large open space and ample space between two buildings. For the residents in Bangalore, one can look for houses in Sarjapur and Electronic City. You can check the benefits of Sarjapur, if you plan to buy a house there.

Integrated Townships

When buying a home, it’s worth looking at the society that is built along the lines of an integrated township. The pandemic has made us conscious of our well-being. Hence, new buyers would prefer a location that will have provisions to take care of all the basic necessities like grocery stores, medical, food joints, and other such conveniences.  Properties that accommodate such amenities may likely have a price hike but will be most preferred by buyers post-lockdown.

credibility of Builder

More important than ever, the majority of the buyers will choose a project from a reputed builder, especially if one is considering booking an under-construction house. Buyers will tend to invest in a property with a builder, having a strong business structure, and a good track record of delivering projects on time. Also, one will look for projects that are RERA approved, giving complete details along with the procession date of the project. Nevertheless, ready-to-move-in projects are a safer choice.

what makes investing in real estate lucrative?

The aftermath of the Covid-19 pandemic situation has established the fact that owning a home is way better than dealing with the uncertainties of living in rented accommodation. People are also realizing the importance of having a real estate property as an asset for investment given the decreasing interest rates and increased household savings. With most people spending only on essentials and medicines now, the savings rate has gone up. At the same time, the opportunities to invest are far and few given the volatility in stock markets. So, if you are planning to buy a home, this is the best time to do so.

With fall in Interest rates, home-buying can be affordable

The RBI has reduced the repo rate to 4%, making borrowing cheaper for home buyers. Consequently, home loan interest rates are already as low as 7.2%. This would act as a booster for buyers to invest in property at a cost advantage, once clarity on the impact of COVID-19 on the job market is known. You can check Home Loan interest rates of several banks.

Analysis of the Home-Buyers’ behaviour during lockdown and Post-COVID (based on the Magicbricks report)

The outbreak of COVID-19 and the resultant national lockdown has impacted India’s real estate market. However, a survey based on Magicbricks suggests that 67% of home buyers still want to buy a property with a reduced budget. In the last 6 months, metropolitan city Bangalore has been among the best performing real estate markets of India and market sentiments suggest that they would continue to be so. Buyers are mostly looking for ready-to-move-in projects than the under-construction flats or villas.

With uncertainty around prices looming across the real-estate sector, Bangalore (5%) and Pune (2%) have witnessed a quite low reduction percentage during the lockdown. As compared to markets in other cities like Hyderabad and Ahmedabad, these have been majorly impacted during the COVID-19 crisis.

Most Asked Questions

Will property prices rise or fall Post-COVID 19?

As per the surveys conducted by many real-estate agencies, it is likely possible that the property price will remain the same.

What will be the impact of the real estate market after the lockdown?

Demand for housing will not see a huge dip in certain suburbs of Metros that are close to the IT corridors. The hit due to lockdown amidst the Coronavirus outbreak is likely to be a temporary one.

NVT Projects are located at a place surrounded by greenery with the ultimate privilege of luxury and high-end amenities. Amenities include a fully equipped clubhouse, landscaped gardens, gymnasium, open-air swimming pool, recreation rooms, outdoor sports courts, children’s play area, party hall, and meticulously planned with the utmost importance to state-of-the-art 24/7 securities. It has been uniquely designed by our expertise that feature plethora of benefits with an abundance of light, ventilation and privacy. The villas best suits to the new normal lifestyle.