5 Things To Look For In a Flat When Buying Residential Property in Thane in the Post COVID Era

COVID-19 seems to have afforded people a lot to think about their financial decisions, and buying a home has been a significant one for a lot of people. While Covid-19 had an impact on the residential property in Thane in the first few months, the industry began to see positive signs of recovery with demand recovering from the fence sitters.

In the aftermath of the pandemic, according to the `India Real Estate Report 2020,` there has been a substantial movement towards homeownership in India. According to the survey, 89 % believe that now is the ideal time to buy Residential Flats In Thane. A majority (82%) also stated that they intend to buy a home in 2021, indicating a significant improvement in buyer sentiment from the previous year (64%).

The COVID pandemic has impacted every industry, including real estate. Many people have put off buying their ideal home. The market is gradually recovering as a result of the unlocking steps, and we`ve compiled a list of things that homebuyers should consider before purchasing a residential property in Thane.

1. Turn to Digital Buying Experience!

The pandemic compelled the real estate industry to adopt digital business tactics, resulting in a rapid shift. As a result, within a few months, the number of virtual site visits climbed dramatically. Hence, many developers have moved their marketing and sales procedures online. Look for developers who use Augmented or Virtual Reality, interactive visualisations, mobile apps, and other digital technologies to effectively display the property`s features. Any supporting information you require (for example, about safety measures or nearby schools and hospitals) should be provided promptly by the developer.

Furthermore, the manner the developer handles your request for a site visit and how professionally and safely the tour is conducted, can teach you a lot. It`s an added advantage if the developer has made their housing inventory available online, since this allows you to check availability and book your residential property in Thane from the comfort of your own home.

2. Unexpected Financial Benefits

Residential unit prices are projected to fall modestly during the current market recovery phase. Homebuyers, on the other hand, should not wait and should look for more bargains, as the real estate market may soon recover. The timing of a residential property purchase should be meticulously handled.

Purchasing a residential property in Thane now may provide an unexpected benefit: bargain deals. Developers are also offering incentives such as stamp duty, registration fee and GST waivers, as well as postponed EMI vacations, payment plan alternatives, and interior enhancements. Rates on home loans have also been lowered, making bank financing more accessible than it has been in a long time.

This pandemic has had an impact on every part of our life, including real estate. However, potential buyers should be directed by their own needs and assessments of the possibilities available, rather than allowing circumstances or market speculation to influence their decision.

3. Get familiar with the Real Estate Regulatory Act (RERA)

In today`s volatile market, homebuyers should seek legal advice from a financial adviser who can assist them in making the best decisions while buying residential property in Thane. Aside from that, before making a purchasing decision, customers should always check the RERA guidelines.

The Centre issued an advisory to all states and union territories in May 2020, advising them to regard the pandemic as an "act of God" and to prolong project completion dates. In a statement, the government has indicated that the extension of the deadlines will protect homeowners` interests by ensuring that they will receive their property, albeit six months later.

This method will save projects and allow developers to finish them within the revised timelines, protecting the interests of house buyers by ensuring that their booked flats/homes are delivered within the revised schedule.

4. Monetize Long-Term Savings

As per the NoBroker.com Real Estate Report 2020, 82% of respondents said they wanted to buy a residential property in Thane in 2021. According to a recent builder study, 84 % of builders believe sales in H2 2020 will be better than sales in H2 2019.

Homebuyers should always consider monetizing their long-term savings as one of their key pillars. Before purchasing a flat, it is preferable to have at least 10 to 12 months` worth of EMIs in savings.

Regardless of how much you want a luxurious house, the EMI should not exceed one-third of your family`s annual salary.

5. Thoroughly Research the Market and Invest in Smaller Towns

Take the time to explore the places you want to relocate to, including the area`s property values and average selling prices for the sort of home you want to buy. Request realtor referrals from friends and family, and research their credentials and internet reviews. It`s usually a good idea to organise your schedule and make scheduling calls with real estate agent candidates for interviews a top priority.

Small towns are often less tied to the global economy, so investment assets in such residential property in Thane may be more insulated against many types of crises. Look for alternatives where costs are less expensive and rental rates have not dropped much.

Conclusion!

Purchasing flats In thane is a major choice that should be carefully considered. It`s wise to take your time before making a bad financial decision, especially given how the pandemic has changed everything.

It is only a momentary phase, and the real estate market will recover from its extended period of inactivity. As a result, it is preferable to simplify the home-buying process in the meantime while gaining a greater understanding of the financial dynamics.

Today`s new-age homebuyers in India have a variety of options to pick from, whether they want to buy a huge home in the suburbs at a reasonable price, rent an apartment in a gated community, or rent a house or a room in a neighbourhood of their choice. Above all, now is the best time for homebuyers to make that commitment and convert their dreams into reality by taking a decisive step toward realising their dream of buying a house.

Though it would be advisable to postpone site visits in light of the pandemic scenario, if you are intending to acquire a home or residential property in Thane for sale in the near future, exercise extreme caution when going out. For your own and others` protection, wear a mask and always sanitize.