Valuable Tips for New Buyers To Buy Property in India Amid Coronavirus Outbreak

Property buying in India has seen a downfall during this coronavirus outbreak. But that does not mean the potential buyers will stop owning their own property. Players in the real estate industry in India have been working under stress from the past few months. Due to all the turmoil in the country, rates per square feet for residential and commercial property in the housing category across branded players have seen noteworthy volatility.

This is, in fact, the main reason behind the continued interest in buying properties among potential buyers. However, the property buying landscape has changed a lot in 2020.

The most significant changes to this landscape:

• Credit score requirements are rising among some lenders.
• Minimum down payments are also increasing. Be prepared to have the extra money in savings.
• Lenders are coming with more options of loans. That’s one good reason to shop for more than one lender.
• Due to great loss, more affordable options are available to choose from in an already packed inventory market.
• Increasingly, buyers are putting their home searches on hold, temporarily.

Well, if you too belong to that potential buyer's category, then here is a list of steps to be following for buying a property in India during coronavirus outbreak.

Understand why you want to buy a house

Indian real estate sector is really immense to get into. Hence, before buying a property, you need to think over your requirements and choice of property you will like to own such as a flat, villa, house, apartment, society rooms, etc.

Check your credit score.

These days, credit score plays a vital role for buying a property in India as the mortgage is an undeniable part of property purchasing and your credit score is like the key to managing funds smoothly if it's okay.

Create a housing budget

Decide on a housing budget, the amount you have and the expense you could spend on purchasing a property. Your budget consciousness will actually decide the location as the cost differs a lot as per the situation.

Save for a down payment.

Amid this COVID 19 outbreak, property purchasing prospects have been increased, thanks to RBI’s revival in interest rates. Still, you need to save a substantial amount as a down payment.

Shop for a mortgage

Look for a reliable mortgage for buying a property, suitable to your needs and affordable at the pocket with the rate of interest so to make the procedure smooth.

Hire a real estate agent

If you hire a real estate agent for property buying, then half of your stress gets vanished. A certified real estate agent handles everything from searching, negotiation, documentation and other formalities. They make the whole procedure effortless. They can refer you to other professionals like contractors, home inspectors, appraisers and title companies.

See multiple homes

You can search for various options online. Websites are offering free advertisements of different types of properties; choose one as per your choice.

Get a home inspection.

As you know, the home inspection is not possible during coronavirus outbreak. So your real estate agent will handle this. He will show and share every minor detail online.

Negotiate repairs and credits

If you find any repairing work to be done, ask for the seller to either do the repairs or give you credit at closing.

Secure financing

After getting loan approval, secure financing, and other details to ensure no hiccups. Or let your real estate agent handle everything adeptly for which he would be charging a petite amount.

Close on your house

With the final walk-through and the closing agent, you get the green light to close everything. It’s time to make it official and close on your home.

Nothing can give a sense of security than your own house. This is the reason, even after so many hurdles, people try buying a property of their own in India to fight back even the extreme situations like coronavirus.