Despite the fact that the state of the Indian real estate market is in crisis mode owing to the impact of the recent global pandemic, experts believe it is the perfect time for first-time house owners to make their move. This is, however, subject to numerous factors, the most important of which are their – financial security and flow of income.

Homebuyers, in general, can take advantage of the fact that they can now negotiate and purchase their dream home for a price that is well within their budget. Homebuyers can also haggle for read-to-move-in deals that enable them to avoid the hassles that come with delayed home registrations, document exchanges, etc. To add to these two benefits, interest rates on home loans are also at an all-time low.

Virtual Home Tours Making It Easier For Home Buyers

A report on the condition of the real estate market in India revealed that technology is also coming into the home buying process in a big way. Homeowners wishing to inspect their properties but not being able to do so because of the lockdown are being treated to virtual tours of the homes that they’re looking for. They are also able to interact with sellers and real estate agents to bargain and strike up deals. Digital home buying which is a first is easing the process of home buying not just in India, but the world over, during this pandemic situation.

E-Registration Measures Being Contemplated

Numerous states are considering bringing e-registration facilities for newly bough properties to ease the burden of prolonged and long drawn property registration processes that can take weeks or even months. Another reason is the fact that traveling to an e-registration office to have a property registered might not be the safest option as long as the pandemic still persists.

The Vast Majority Of Home Buyers Remain In The Game & Optimistic

Although one might think that who were looking to purchase homes even before the pandemic hit India, are probably pulling out, owing to extensive job cuts across numerous industries and salary scalebacks, the situation is not so. According to a recent report by 99acres, it was found that the vast majority of these people are still actively seeking homes to purchase, and that buyer’s sentiments, for the most part, remain positive and optimistic. Only about forty percent of this demographic (those who were looking to purchase homes even before the pandemic) have dropped their plans, owing to the uncertain market conditions and the state of the Indian and global economies. While forty percent of these people have dropped their plans, numerous people looking to take advantage of the low real estate prices, have made plans to purchase a house since the crisis started.

Ready-To-Move-In Options Are Highly Sought After

The report also revealed that the vast majority of these people are looking for ready-to-move-in houses than properties that are in a state of being ‘under construction’. This is owing to the fact that the enter real estate construction industry has witnessed a tremendous slowdown, with numerous projects being put on the backburner, owing to the fact that the vast majority of construction materials including steel and other equipment are imported from China, which has halted its operations for months now. Another reason is that a major part of the labor force working at these construction sites have gone back to their hometowns ever since the lockdown came into place.

First-Time Buyers Should Carefully Contemplate Their Circumstances

While the low-interest rates on home loans, the possibility for bargaining and getting the best prices, the higher chances of getting ready-to-move-in home options, drop in real estate prices, and fewer buyers competing for the same home, might seem like worthy incentives to purchase a home, it is important for first-time homebuyers to put their financial state into perspective before taking the big leap and purchasing their dream house.

In these times of uncertainty, it is very important not to take any drastic decisions that could put your financial security in jeopardy as a result of purchasing a home. Carefully think about your flow of income and whether you are guaranteed a steadfast, uninterrupted flow of it for the coming months and years.