The consequences of the COVID-19 pandemic have brought forth the fact that owning a house is definitely much better than handling the uncertainties of staying in a rented house. Keeping in mind the volatility of the share market, people are now realizing how vital it is to include real estate in their investment portfolios.

Thanks to the COVID-19 pandemic all over the world, there is too much of uncertainty about the novel Coronavirus and how it is going to be put under control. There are numerous port credit houses for sale as houses are being given away to even the homebuyers with poor credit. So, if you’re wondering whether or not you should buy a new home now, here are few things to keep in mind.

Benefits of purchasing a house during the pandemic

• Rates of lending will be at record low levels

Did you know that the repo rate currently stands at 4% which is undoubtedly the lowest in the last few years. In India, the Reserve Bank of India has reduced the rate during the month of May by 40 basis points. After this move, the home loan interest rates were also reduced, thereby benefiting the homebuyers at large.

• Profitable schemes are being given in the market

In order to shed off the current inventory, real estate developers are trying their best to lure customers and increase sales by introducing new profitable payment plans, discounts and subvention schemes. In fact, there are several developers are offering refundable booking amounts, cash back offers, free cancellation for buyers who wish to purchase during lockdown. In case you’re trying to move during lockdown, you may get help of Los Angeles moving companies.

• Chances of a price hike in the near future

Considering the recent slowdown in the home construction sector during the COVID-19 lockdown period, it can be thought there will be no new supply entering the market for a short period of time. The market will take a month or two to get back on track and pick up speed. Financial analysts are of the opinion that amidst dwindling mutual funds, real estate holds ground as profitable investment options. Moreover, with the shortage in demand posing as a problem, there is enough scope of a policy rate cut by 50-75 basis points.

Pitfalls of buying a house during COVID-19 pandemic

• Delay in project delivery

Considering the prolonged period of lockdown and halt in all construction of projects, project delays can’t be avoided. It is also prudent for buyers to choose real estate developers with great track record in response to delivery of projects on time.

• Uncertain financial conditions

As more and more national economies are struggling hard to keep their businesses running during this crisis period, Indian markets, that are highly dependent on foreign economies, are definitely going to suffer. This would impact portfolio decisions in the near future.

Therefore, if you’re thinking of investing in the real estate, you should take into account the points mentioned above. In case you wish to visit a diabetic foot clinic, you can check the link.

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