10 essentials a first-time home buyer should know in the Covid world
Rakesh Reddy, director, Aparna Constructions, lists out some rules
Buying a home for the first time is a major milestone in one’s life. It is a decision that must not be made hastily or impulsively. The prevailing conditions has made home-buying even more challenging and left many home buyers deferring their decisions until there is more clarity regarding 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.
Know the market conditions: Home buyers should know how the pandemic is impacting the real estate sector. Property sales were improving in 2020 until the lockdown came into force, which reduced demand. Once the situation is under control, the market is likely to regain its previous momentum.
Know your requirements: After factoring in all market aspects, home buyers should list their requirements. The availability of amenities, connectivity, and social infrastructure would be high priorities, especially in the current scenario.
Use economic relief packages: The economic relief reforms announced by the government are extremely helpful for home buyers. The repo rate cut will lower home loan EMI’s and ease the burden of repayments. Explore ways to benefit from the relief measures.
Plan your finances: You must consider your purchasing capacity, especially if the pandemic has affected your income. 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 social distancing will be the norm for the foreseeable future, home buyers should search for properties online. In addition to online portals and advisory forums, 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 the biggest factor when buying a home. It is important to consider the quality of the neighbourhood, 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: World-class amenities add great value to the worth of your property. 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 RERA compliance: RERA has enabled home buyers to thoroughly research the developer, as well as the project. You can find detailed information about registration status, litigation, and timelines. 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. 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.