5 Tips for Buying a Villa During Covid Times
The pandemic has affected almost all aspects of life, businesses and industries. Many dreams had to be put on hold during these difficult times when job security and a need to have access to ready funds became a major challenge.
With the country cautiously opening up and businesses heading towards a slow recovery, this is the best time to buy a villa in Bangalore, for those who had put their homebuying plans on hold. Here are some tips on buying a villa during the pandemic:
Current Market Scenario
During this recovery phase, the prices of homes are still correcting, making this the ideal time to buy a villa. Banks are also offering home loans at an all-time-low interest rate now. Add to this several tax benefits and you get three great reasons to buy a villa during this temporary phase.
Stable Income
With the economy going through a rough patch, you should first assess your earnings and financial goals before committing to buy a home. Ensure that you also have contingency funds in place worth 10-12 months of EMIs, to avoid straining your resources. Having said that, this is also the best time to buy a villa as developers are throwing in great discounts to invite investors.
Locality
As always, the locality is a key element for homebuyers. You should do a thorough study of the existing infrastructure, proximity to transport hubs, hospitals, educational institutions, shopping destinations and future developmental plans in the locality’s neighborhood. Eventually, these will affect the investment gains on your property over the years.
Developer’s Credentials
Ensure that you are investing your hard-earned savings in a credible project by cross-checking their previous projects, quality of materials used and track record of timely deliveries. Opt for builders with good reputations.
Transparent Deals
Before signing the sale deed, you will need to scour through it for hidden clauses. Get the Occupation Certificate and Completion certificate upon project completion and check that all mentioned features are included.
For those on the lookout, check out the luxurious 3 &4BHK ‘Under the Sun’ villas nestled within a 30-acre fruit orchard in Devahalli, northern Bangalore. Strategically located 5.5km from the international airport flyover and 2km from NH7, it’s easily accessible by key IT parks, malls and educational institutions too.