The pandemic has taught us the true value of house ownership, aside from the obvious lesson of always washing our hands.
The only thing that provided relief during the past year of being confined indoors was if your home's four walls belonged to you! And many of those who had been renting during the pandemic realized how crucial it was to own a home because of the security it offered.
This is true since having actual possessions gives one the greatest sense of security, particularly in times of emergency. As a result, it is now anticipated that as more people become aware of the value of owning a home and making real estate investments, the trend of investing in material assets will increase in the future.
People who had previously selected rental accommodations would now investigate house purchase choices, benefiting from a favorable market and more affordable home loans available in these uncertain times when a home was the only safe place.
We have compiled a list of reasons why now is the ideal moment to purchase the house of your dreams, in case you are still on the fence about making the move.
The lowest ever rates on home loans
The Reserve Bank of India decided to lower the repo rate during the past several months, which caused home loan interest rates to fall to less than 7%. This will be a major benefit for property buyers. One of the strongest reasons to purchase a property is the low mortgage rates, which are also anticipated to last for the time being.
Demand-Side Facilitators
The property market was overheated during prior crises due to inflated valuations, a declining loan-to-value ratio (LVR), and unfavorable interest rates. Because of the current low valuation, high LVRs, and inexpensive loan availability, the situation is favorable for purchasers. All of this indicates that now is a favorable time to invest in real estate since the market favors buyers.
Property Is A Reliable Asset
It was noted that millennials, who make up a sizable portion of the existing population, were reluctant to purchase real estate prior to the epidemic. However, after the pandemic hit, this behavior changed. Given the stock market crash and the instability in other investment possibilities, real estate has emerged as a reliable asset class during this period, which makes it a stable bet and increases the reason to buy a property today.
Better Offers
Right now, there are many incentives and offers available to homebuyers. And it's true that purchasing a home is a major decision, given the general economic unrest in all areas of the economy. But now is the perfect moment to buy a house because of all the offers, from flat discounts to stamp duty waivers, flooding the residential real estate market with fantastic deals.
Maximize The Limited-Time Tax Benefits
The state has also had to provide homebuyers with a number of benefits as a result of the pandemic. One such advantage is the reduction in stamp duty that some states provide, making this program advantageous to people who are seriously considering purchasing a home. This can result in a healthy profit for the buyer, together with reduced mortgage rates.
With these explanations, we're confident you have all the motivation you need to begin looking for the ideal house that truly captures your essence. So stop waiting now!
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