10 Essentials That A First-Time Home Buyer Should Know While Buying A Home In The COVID World

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By Mr Rakesh Reddy, Director, Aparna Constructions & Estates

Buying a home for the first time is a significant milestone in everyone’s lives. This is a decision that no one can afford to be hasty or impulsive about as it involves a significant commitment. The prevailing COVID-19 pandemic has made home-buying even more difficult. The sudden onset of unexpected developments has left many home buyers deferring their decisions until there is more clarity regarding the government response and the overall market outlook. Although this is an unprecedented challenge on a global scale, the rules for buying a home remain the same. First-time home buyers should be aware of the numerous options and pitfalls.

  • Understand the Market Conditions: Home buyers should understand how the pandemic is impacting the real estate sector. Property sales were improving in 2020 until the social distancing advisories by the government came into force, which reduced demand. Once the situation is under control, the market is likely to regain its previous momentum. Construction costs would increase since disruption in the supply-chain of raw materials may force developers to source from alternate markets. This would increase property costs.
  • List Your Requirements: After factoring in all market aspects, home buyers should list their requirements including amenities, connectivity, and social infrastructure. When you know exactly what you want, searching for it becomes easier. Comfort and convenience would be high priorities, especially in the current scenario.
  • Utilise Economic Relief Packages: The economic relief reforms announced by the Government are extremely positive for home buyers. Ask your home loan advisor about how to benefit from the relief measures. The repo rate cut will lower home loan EMI’s and ease the financial burden.
  • Plan Your Finances: You must consider your loan repayment capacity and credit history, especially if the pandemic has affected your income. Look into your assets and calculate how much you are going to have to invest upfront and on a monthly basis. Get a pre-approved loan from the lender before searching for properties. The lockdown has slowed the process, so you would need to act immediately.
  • Search Online: Since mobility and face-to-face interactions should be limited for the foreseeable future, home buyers should search for properties online. There are many online portals and advisory forums that will help you make an informed decision. Developers are providing 3D walkthroughs and full documentation on their websites for greater transparency.
  • Explore The Locality: Regardless of the current scenario, location is still one of the biggest factors when buying a home, especially as a long-term investment. It is important to consider the quality of the neighbourhood, safety, connectivity, infrastructure and commercial development.
  • Be Healthy & Eco-friendly: Energy-efficient and eco-friendly homes are worth the investment since they prioritise resident welfare. Homes with reduced water and energy consumption, enhanced air quality, use of natural lighting, and decreased CO2 emissions have a significant impact on overall health and well-being.
  • Look For Added Value: The availability of modern, world-class amenities adds great value to the worth of your property, which will benefit your daily lifestyle as well as long-term investment returns. Reputable developers make sure to offer facilities including club houses, fitness centres, swimming pools, spas, playgrounds and sports facilities, as well as smart automation systems for added convenience and comfort.
  • Ensure Project Compliance: Ensure that the projects are RERA-approved. RERA has enabled home buyers to thoroughly research the real estate developer, as well as the project. You can find detailed information about registration status, litigation, and timelines. Although there may be slight delays due to the lockdown, RERA approval will ensure that the project will be delivered in a timely manner.
  • Find The Best Developer: Home buyers will favour risk-free property investments during this uncertain time. They will carefully consider the quality of the developer, project, neighbourhood, environment, and amenities. There will be high demand for reputed developers with minimal execution risk. Base your final decision on the developer’s reputation and previous track history.

Corporate Comm India (CCI Newswire)