With the hit of the COVID-19 virus on the world, everything changed! People all around the world were forced into their homes due to the need of the hour. The changes caused by the pandemic have developed a new culture of work which is work from home. Working from the safety of the home, the benefits and ease of work that comes with it are set to become an integral part of everyday life.
This home-based work culture has certainly affected the face of real estate as well and has charged a high level of trust in professional relationships. The preferences of the buyers of the post-pandemic have differed most of which revolves around health crisis, being safe, and having the right environment of working from home. Below are a few factors that have changed the game of buying houses.
The rise in the popularity of buying peripheral areas
Before the existence of the virus, people preferred the location of their homes nearer to their workplaces. This was done so to reduce the travel time the resources spend to get to their offices. However, the post-pandemic people have now developed a new mindset. As many had resided in their homes and continue to do so, buying a home located at the edge of the city does not matter anymore. This method of work further reduced the effort needed to reach the office and time management is much easier to do. It is also cost-effective.
Affordability
The unfavorable side of the COVID-19 was that companies started to fire and lowered the salaries of many employees due to losses in businesses. As the earnings have reduced, many organizations have found it hard to keep afloat and cost-cutting has become the crucial way of running the business. With such scenarios, it has become hard for people to afford homes. However, some measures have been taken by the government to reduce the interest rate on loans allowing people to own their homes and it also protects the interests of the home buyers. If you need to apply for a loan, it is advisable to consider EMI calculation before applying. A reliable mortgage calculator can help you determine, what price range you should focus on to get the load you can afford.
Homeownership
The profound sense of uncertainty and ambiguity the COVID -19 has brought with itself has left the humans scuffling for safety and security in the things they own. A rented house can never feel like home and the monthly rents and havoc caused by the landlords when late at submitting the rent can make life worse. According to Forbes Magazine, there is a record increase in rent rates. On the other hand, various measures taken by the government alongside the downward trend adopted by the property rate have opened the doors of owning a house amidst the pandemic.
Preferences of people in buying a home
– Favors in finding a ready-to-move-in home
Before the pandemic people were cautious of purchasing under-construction projects as they take a lot of time to finish. But at the same time due to low ticket pricing, some still preferred it. However, after the pandemic, these tickets are hardly sold now. The pandemic has made people realize that the blessing of owning a home and the one that is ready to move into seems like a bonus. Buyers are preferring ready-made houses even if they have to delay the payment for years. Noticing the pattern of buying among the people, the developers have integrated changes into their strategies. Builders have now adopted the build and sell method instead of the selling and build method.
– Post-COVID-19 buyers are seeking bigger homes
Because of the pandemic, work from home is normalized. This has led to buyers preferring a bigger home where they can not only relax but also have an undisturbed separate workplace. Since offices are shifting into the vicinity of their homes no wonder there is a demand for larger houses.
In a quest for finding larger space, buyers will also be looking for homes that are luxurious that fit within their budgets. These areas are much preferably found on the outskirts of the cities fulfilling all the requirements of the buyers. Areas that have not been glanced at for their poor infrastructure have now caught the attention of many buyers. The best part about the homes on the outskirts is the affordability and peaceful surroundings
Major concerns for home buyers
Buying a house can not always fulfill all the desires of the buyers. There is a fair share of problems that may cause hindrance.
- Reliable network connection: Houses mostly those that are located further from the center of the city may have a low internet connection. Such areas can become unpopular due to improper internet connectivity while most of the work is done on a mobile phone.
- Homeowners will need to come across the developer’s track records to ensure that the virus infection was dealt with properly.
- Since health is a major issue after the pandemic, houses closer to a healthcare facility are a much better option
- A home that comes with facilities such as cooking, cleaning, medical attention and more can be of great assistance.
- Along with the size of the house, open space and greenery can also attract many buyers
- Amenities that do not fall under the category of social distancing like pools, gyms may lose popularity
Closing Words
While everyone is looking for bigger houses to accommodate their home office setup; it’s important to keep things like Loan repayments, location, and accessibility to important amenities. Make sure to do in-depth research and mortgage calculations, before you decide to make a move. After all, it is a lifetime investment to make.
Featured Image: Home loan photo created by jcomp – www.freepik.com
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