New York Times’ best-selling author, Grant Cardone, had once written, “Real estate is real, and it’s always a good idea to put your money in real assets.” Indeed! Real estate has always been a good tool for investment. Properties, rightly chosen, always appreciate in value and are capable of providing continuous cash flow.
The current pandemic has added another angle to property buying. With people going into panic mode, there were hordes of news items on how people, especially health workers, were evicted from their rental homes in the short notice by the property owners. It was scary! These incidents reiterated another fact that it is always better to have a home of your own than staying in a rental property. Come what may, your home would always offer you the security you look for.
So, to put things in the right perspective, it is always better to buy than rent. The question that comes next is whether this is the right time to plunge yourself into property buying. Frankly speaking, yes. If you had been aspiring to buy a home for yourself and was not sure about your affordability, maybe now is the time to weigh your options.
Let us explore the why’s and how’s now.
1. As mentioned already, the ongoing uncertain situation is responsible for jeopardizing the sense of security among all. Several reports have suggested that a major chunk of people have realized the importance of owning a physical asset. With work from home and school from home being the order of the day, it is better to have a home of your own. This may not yield immediate returns in financial terms. It is more about securing your and your family’s life. And, once invested, the right property is always going to give you good returns in course of time.
2. With the economy touching low, stock markets not performing well, and fixed income interest rates nosediving, residential properties are the safest options to invest in now. Properties are always expected to perform better than any other asset in this time of uncertainty.
3. The home-loan rates have gone down and made home buying conducive. This is the perfect time to take a home loan, as you would end up paying less in EMIs than before.
4. The recent declaration by the Government of stamp duties getting lessened is also going to lessen your expenditure on buying home.
5. There are several interesting schemes offered by the sellers now and you can think of buying a home in a gated community with good features and amenities.
We suggest that you take advantage of the current scenario, in which, property rates, stamp duty values, and home loan rates…all are at rock-bottom. This is the perfect time for you to invest in a property, which you can call home now and use as an investment later.