Renting Vs Buying: Before Pandemic:-
In the debate on renting vs buying a house, buying a house is always winning. And it is true if you are good with your financial situation. At the end of the month if you are saving enough after paying your EMI then it is definitely worth buying a house instead of renting it.
But if you are from those group of home buyers who are going to save hardly some amount after paying EMI, then renting will be the best option for you unless and until you have good savings. Because ownership of a house will be the decision which will affect your lifestyle.
Renting VS Buying: After Pandemic:-
After Covid 19 the real estate scenario has changed a lot, and now Buying is not only more beneficial financially but also safer.
Below are more details on how is buying a property is more beneficial.
Why do you need your own house after a pandemic?
Living in your own house is better because for various reasons but especially for the safety and security concerns, people are preferring to stay in their own house after the pandemic rather than a rented house.
Also with the pandemic taking over, everyone has accepted the new normal of working from home, and which is why everyone wants a comfortable and private workspace.
No doubt that self-sufficiency, outdoor space, and a home office will likely be high up the list in the future.
Another reason for having your own house is that it is easier to maintain the social distance and your health which is not so easy in the rental houses.
How can you buy a house with the best deal?
Even if you know all the facts about the pandemic situations and all the reasons for not staying in a rental house but you are concerned about the budget then you must know some facts that will definitely help you for getting your own house.
Offers and Schemes:
During the pandemic, many developers/builders are offering attractive offers as they have unsold inventories which is also increasing the scope of negotiation.
offer include possession-linked payment plans where the customer pays just 10 percent now and nothing for the next two years.
A GST waiver is also being offered by developers. At present, GST is charged at five percent for residential units outside the affordable housing segment. At the time of registration, the buyer has to pay stamp duty and registration charges.
Also, the government has announced multiple schemes that are promoting home buyers to get their own house.
PMAY Deadline Extension:
The Credit Linked Subsidy Scheme under the Pradhan Mantri Awas Yojana allows for an upfront interest subsidy on home loans applied by eligible first-time homebuyers.
The government recently announced that families with annual household income between Rs. 6 lakh and Rs 18 lakh will now get another year (i.e. till March 31, 2021) to avail of an interest subsidy of up to Rs. 2.35 lakh under this scheme on their approved home loans. So, if you are planning to buy your first home on loan, this interest subsidy could benefit you. While the Covid-19 crisis can lead to construction delays, this could also help you in getting discounts on properties due to the slowdown in the realty sector.
So are you ready for your new home? Hope you might have cleared all doubts regarding home buying after a pandemic.
Let’s discuss more with OwnersTown real estate consultant for your future home. Share your requirements and we are ready with the best options for you.