A lot has changed since COVID and the real estate industry is not an exception. In this post, I am going to talk about how it has impacted and changed the real-estate industry.
You may have heard that the prices of houses have gone all-time low (during the recent years) during the pandemic. But with time it is recovering and it is expected to come at the earlier position again anytime soon.
Apart from the prices and demand, a lot of other factors have been changed as well. For example, now more people would like to have a home. During the pandemic everyone was locked, many lost their earning, and then the importance of own home came into the picture.
Let’s talk about different factors on how COVID has changed the real estate industry and eventually you.
#1 Increased safety measure
Safety has become the number one priority for any end user nowadays. Due to the pandemic, people are now focusing more on safety measures. For example, they check the location and the various environmental problems around it. This includes earthquakes, floods, and more. Even if the area is prone to these natural disasters still, the home should be strong enough to handle all such disasters. If you’re also planning to buy a new home, make sure it posses all the safety measures in and out. You can learn more about safety hazards here.
#2 Plan the finance well
The sudden pandemic has changed the way we used to think about liability. So, planning the finance in a good manner is also required. You should never be pressurized due to the mortgage amount and destroy your happiness. Owning a home is a big feeling but should not be at the cost of your current happiness. There are many mortgage calculators available in the market and you can do a quick calculation around it.
Such calculators will help you plan well for the mortgage. For example, if you’re planning to take a mortgage of GBP 180k with an interest rate of 2.29% for 25 years. Then you will have to pay the monthly installment of GBP 788. Think whether this is the comfortable amount you will be able to pay.
#3 Virtual transactions
The virtual marketplace is not new but after the pandemic, this will be getting more users, more transactions, and so more belief in the user community. And so, if you’re a real-estate institution then it’s time to make your real-estate platform tech-savvy and add the features that will give the users the same experience like they are seeing the property physically. You should also enable online payment and a good online experience for the users.
#4 Affordable housing plans
Although this is not new and around many places, this is already in practice. But after the pandemic, the popularity of affordable housing is likely to boom. People now likely to keep more liquid money and so they may not want to invest in heavy property. The reason is obvious as if you want to sell, low-cost homes are likely to be sold easily compared to high-ticket homes. And so, if you are also planning to buy one, don’t miss affordable housing.
This was a brief about how likely real-estate is likely to be changed after this COVID era. A lot has been already changed and a lot is expected. Make yourself prepared for the change.