5 Things to Look for When Buying a Flat in Post-COVID Era
If you are someone looking to purchase a property in the post-COVID era, there are some things to look out for. The real estate sector has grown through some ups and downs during these tough times. However, with the vaccine drives and relaxation of the curfew rules, the business is back on track.
Before we see the five things to look for when buying a flat in post-COVID era, let us understand the current real estate scenario.
Proptiger.com’s research into housing sales showed a decline of 66% of housing sales in eight major Indian cities during July-September 2020.But with the RBI maintaining a repo rate of 4%, the sales are gradually increasing. Locals and NRIs alike are looking for potential investments in real estate. Further, the government is also working to provide relief to the real estate sector. The real estate business is predicted to contribute 13% to India’s economy.
Owing to the changing times, homebuyers shifted their focus while making a property purchase. Now, it is not enough that the property is located in prime location. Homebuyers and investors are expecting several other facilities from builders and developers.
Here are five things to look for when buying a flat in post-COVID era:
Deals and Offers
The pandemic has thrown all of us out of our ‘normal’ routine. Every sector is now refocusing on their structures and functions. Real estate is no different in this matter.
After the severe lockdown rules were relaxed, to spring back to business, many builders and developers are offering reasonable offers and deals. Research on such offers available in the market and go with the best fit. This would help you in both saving you some money and adding attractive properties to your portfolio.
Townships and Amenities
Integrated townships come with several amenities. Amenities like swimming pools, basketball or any sports court, gyms, etc. allow you to de-stress. They promote your physical health as well as mental health. The presence of such facilities encourages you to exercise.
This also cuts the cost of travel and membership fees one has to pay for such amenities away from home.
Other amenities to scout for are-
Place and Setting
One of the five things to look for when buying a flat in the post-COVID era is the location of the property.
The pandemic has nudged some, and forced some, to relocate. People started working from homes. There was a sudden rise in digital meeting and learning platforms. Most of the population went back to their hometowns and native places. Everyone felt the need to leave congested areas and settle in a sparsely populated township or colony.
Location did not matter when everyone was working or learning from home. But with offices and schools opening up for employees and students, you might want to focus on the location of the property.
The proximity of the property’s location to amenities and facilities should be checked before confirming the purchase. Moreover, the location of the property is one of the deciding factors of the flat’s price.
Travel fatigue is another reason why the location of the property is important. No one likes to travel far every day for their work or school. The closer the flat is to amenities like hospitals, commercial outlets, schools, and offices, the better it is for the residents. It also lessens the chance of feeling burned-out.
Design Plans That Use the Space
It is not enough that the property is close to your work or your kid’s school. The flat needs to resonate with you and your tastes.
The overall design of the flat should give you space for your furniture and allow for some free movement. In essence, the flat should be able to utilize all the space allotted.
If you are planning for a work desk at home, ensure that it does not fall into the bedroom. Clear boundaries help in keeping your mind and body active according to the space you are in.
Proper ventilation is another thing to look for before giving the flat a ‘go’. Balconies and terraces are an added bonus as they give you the experience of open space.
Reputation and Credibility
Credibility and reputation of the builder matters when selecting a property. This makes more sense when the property is still under construction. In this way, you can ensure that your money and investments would be safe.
Trusted builders are more likely to deliver final outputs that match your standards. They ensure that only quality checked products are used for the construction of the property.Moreover, such well-known builders and developers would ensure that there are no legal issues. They make certain that you receive completed projects on time.
The pandemic calls for extra-precautions while performing any business. A credible builder with a successful history would be able to bear the expenses of such precautions better. This concludes our list of five things to look for when buying a flat in post-COVID era.
Keeping in mind that the COVID-19 virus still has some effect on the world, many top real estate companies in Vizag and Hyderabad are offering digital services. They are also allowing for online site visits. So now, homebuyers can sit in the comfort of their places and look at properties.If you are planning for in-situ visits, make sure you have your gloves, sanitizer, and mask on.
The price corrections and repo rate stability make your flat buying process less burdensome. They make the market more reasonable and affordable.
Research your market and select a property that is both affordable and that which suits you the best. Make sure that the interiors allow you to place your existing furniture. An ideal house plan also allows some space for additions.
Another place that requires research is if and when you want to apply for a home loan. Make sure you understand the terms and conditions before you close the deal.
We hope you find your dream flat soon! Happy home-buying!
To learn more about purchasing flats or properties during this era, refer to our other blog article - ‘Tips for Buying property During Lockdown’.
Keep an eye out for our blogs for more news, tips, suggestions, trends and simply all the A-Z of real estate!
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