Precursors to consider while buying a house in the post-pandemic era

25 Feb 2022 , 12:32 PM

Buying a house is one of the most important and overwhelming financial investment decisions of one’s life, which requires a pragmatic assessment and consideration of various aspects. Over the period, the real estate market has seen many changes in consumer behaviour and a shift in their demands and preferences. One of the recent events that have changed the world of real estate and the needs of homebuyers is the COVID-19 pandemic. It has also given a rise to different trends in the real estate market.

Today, buying a home is not looked at just from the investment point of view, but elements such as larger space, nature-green and healthy surroundings, locations away from the busy cities, affordability are also given profound importance. With the rising acceptability of the budding culture of work-from-home across organizations, homebuyers are now viewing owning a property from a very different lens than that from two years ago. Due to the rudimentary impact of COVID-19, people have realized the importance of owning a house than staying in a rented space. Also, recent government announcements and industry developments, such as lower home loan interest rates, stamp duty rate cuts, attractive discounts have further encouraged home-buying decisions.

Considering the unpredictable environment, volatile nature of the real estate market and changing needs of the homebuyers, here are a few factors the potential homeowners should consider while planning to buy their dream home.

Location
The key factor to consider while buying a house is the location and its connectivity, infrastructure development, social infrastructure, and safe neighbourhood. The location’s accessibility to transportation facilities such as railway stations, bus stops, express highways etc. to save time while commuting between office and home and otherwise is one of the important factors to consider. Similarly, the proposed infrastructure development like metro rail, construction of connecting highways and flyovers is also essential from the present and future property price valuation’s perspective. A good social infrastructure providing proximity to schools, colleges, hospitals, shopping malls, banks, grocery markets etc. is also very important.

Today, homebuyers are also on the lookout for properties away from the densely populated cities offering a lush-green environment and fresh air to ensure a balance between mental and physical well-being.

Spacious Homes
The recent events have made people realize the need for and importance of space in homes. They now look for a well-planned layout and the availability of maximum open space with balconies and terraces welcoming natural light and fresh air. The buyers also look for some additional space, which can fulfil the work-from-home requirements.

Amenities and Facilities
Another important factor to consider is the offerings of amenities and facilities suitable for all age groups. The project amenities like open spaces for play areas, outdoor sit-outs, walking/jogging tracks, landscaped gardens, clubhouse, gym, sports areas etc. are essential to ensure the well-being and an elevated lifestyle for everyone.

Integrated Townships
The pandemic has made people conscious of their health and well-being. In this scenario, an integrated township is the best option for homebuyers to consider that takes care of all the daily necessities like medical, ATM, temple, groceries, food joints, internal transport and others, within your residing space, without having to travel much. These elements help to take your mind off any stress and live a better quality of life. 

Developer Credibility
Before finalizing a decision of buying a house, it is extremely important to do thorough research on the developer’s profile, reputation, and history, especially while considering a house in an under-construction project. This can easily be done online by checking the developer’s website for a good track record of previously delivered projects and physically enquiring about the developer.

Market Research
It is important to take out time to thoroughly conduct market research of the area where you want to move into. The real estate pricing, future valuation, location connectivity, neighbourhood check etc. should play a crucial role in finalizing an area to reside in. Also, invest time in finding well-connected and trustworthy real estate agents to ease the house hunt project.

Loan Availability
Check for loan availability from various banks and compare their offerings to choose a suitable bank to apply for a home loan. Consider elements such as bank conditions, rate of interest, repayment tenure, and other aspects before finalizing a bank. 

Legal Consultation

While taking a big investment decision of buying a house, seeking legal consultation of the interested property can be of great help. For this, check for the legality of the property papers, contracts, agreements, and the viability of buying the property.

The author of this article is Mr.Sarat Sinha, Head – Marketing, Tycoons Group

The views and opinions expressed are not of IIFL Capital Services, indiainfoline.com