4 reasons why the years 2022-23 will be ideal for first-time homebuyers

 Most real estate experts would agree that Coronavirus only delayed potential investors' home-buying decisions rather than completely suppressing them. Most first-time homebuyers simply postponed the purchase and waited for the pandemic to pass. Despite the fact that the Coronavirus has posed significant challenges to the entire real estate industry, the property market has recovered and will undoubtedly be a rewarding year for first-time homebuyers. Here's why the year will be beneficial to them.

Real Estate at Reasonable Prices Despite expectations of a steep price increase, the emergence of the omicron virus and the Russia-Ukraine conflict have once again destabilised the global investment scenario, and the price increase is likely to be postponed until the end of the year. Even though property prices have risen in some areas, they remain reasonable and keep the property market affordable for first-time homebuyers.

Because the real estate industry has been unable to achieve the desired sales numbers in recent years, pent-up inventory and a desire to clear housing stocks are preventing prices from rising. What better time than the present to purchase a home for the first time?

Read More: https://www.thehansindia.com/business/4-reasons-why-2022-23-will-be-the-best-for-first-time-homebuyers-733531

Beautiful ROI Opportunities

Real estate investment is a financial and emotional commitment. Regardless, If the property is purchased for the purpose of living in the short term, the element of return on investment and price appreciation is always on the investors' minds. With appealing and affordable real estate prices, first-time investors are not passing up this opportunity. It's worth mentioning the thriving Tier II and Tier III cities. Rather than investing in megacities, property buyers are actively looking for opportunities in smaller cities. Because investment in these cities is very affordable, the potential return on investment is attracting investors from all over.



Furthermore, real estate experts predict that real estate prices will rise by more than 30% by the end of the year. Money invested in real estate today will grow into a rent-generating asset tomorrow. There is no better time to invest than this year.

Other Instruments' Returns Are Declining

With a coronavirus pandemic in the background and numerous global conflicts, traditional investment instruments' returns are steadily declining. Historically, investors would place their excess funds in Fixed Deposits (FD), Gold, and Post Office savings schemes. However, the meagre annual returns of 4-5 percent have discouraged investors from investing in traditional instruments and instead looking to the property market. On the one hand, it creates a solid asset for the investor while also ensuring a handsome return over time.

With a plethora of options ranging from plots, commercial real estate, independent villas, small flats and villas, and others, as well as their easy availability on popular real estate portals, investing in property has never been easier for first-time investors.

Read More: https://constructionbusinesstoday.com/news/year-2022-will-bring-great-opportunities-for-indian-real-estate-dr-atul-goel/

Government Prompt

The Indian government is committed to achieving the goal of 'Housing for All' by 2024. The government is attempting to make housing as affordable as possible through flagship programmes such as the Pradhan Mantri Awas Yojana (PMAY) and affordable rental housing schemes. The Pradhan Mantri Awas Yojana (Gramin) was extended until 2024 in the most recent budget. This demonstrates a consistent commitment to the affordable housing segment.

First-time homebuyers benefit from schemes such as the Credit Linked Subsidy Scheme (CLSS), which provides a substantial subsidy for the purchase of a home. This subsidy is classified based on the applicant's income and provides ownership benefits to female family members. The subsidy is applied to the home loan used to purchase the house.

To summarise, there is no better year to invest in the property market than this one, with an advantageous investment environment, justified property prices, Government support, and an abundance of ready inventory.

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