In the ongoing period of lockdown, slowdown in economic activities, plummeting economic growth and weakening sentiments would you be considered out-of-your-mind if you have Property-in-your-Mind?
Come to think of it, future has always been anyone’s guess. There are always unknown variables, unforeseen twists & turns & numerous known exogenous factors totally out of our hand. We are surely going through challenging times, but with adequate precaution, care & discipline, this too shall pass.
Someone said that sometimes there is nothing you can do but let it rain & wait for the sunshine. But remember, that’s only sometimes. Most of the time, you can either wear a raincoat to step out or enjoy the moment by devouring some pakodas with ginger tea☺. Whether the current situation falls in the category of ‘sometimes’ or ‘most of the time’ is more to do with our perception, thoughts & response to the external stimuli.
Although, at present, we may be surrounded by various uncertainties (job prospects, salary increments, profit growth, etc. etc.), but in the midst of all these, let’s look for the silver lining……
TIME…the LUXURY of ample TIME…. isn’t it ? lots & lots of QUALITY TIME to..…
…spend with family (do daily chores together, have meals together, play board games together, exercise together. Basically create memories together☺)
…pen down your & your family’s property investment goals (discuss your family’s near-to-medium-term housing requirements, real estate investment plans, building a source of regular rental income, etc.)
…make plan to achieve the goals (financial planning, market research)
George Bernard Shaw once said, “Few people think more than two or three times a year. I have made an international reputation for myself by thinking once or twice a week.”
So true,isn’t it? So, let’s put on our THINKING HATS ☺
Try it. It may just give a sense of purpose to the entire family during this lockdown & this convergence of focused positive energy of all the family members may lead to unimaginable results.
Few more important factors worth considering –
- Cost of funding is very low currently
- Banks/Financial Institutions would be looking for business opportunities
- Higher Probability of getting attractively priced deals (demand is low & sentiments are not too sanguine. You may be able to negotiate favorable terms with Builders/Property owners. Remember the age old adage- Buy when others are selling & sell when others are buying!)
- Due to lockdown, project completions will surely get delayed, implying that you would get more time to make the full payment for an under-construction project (a further staggered payment schedule)
- Real Estate, as an asset class, has always proven its mettle over long term.
“Real estate will prove to be the perfect asset class in terms of both, regular income as also capital value appreciation,” says Hiranandani, President of ASSOCHAM and Co-Founder and Managing Director, Hiranandani Group.
With no price appreciation over the last 3-4 years (impacted by RERA, GST, demonetization, etc), real estate has already seen enough time correction. If the economy bounces from the ongoing pandemic quicker-than-anticipated, then real estate sector should also see a surge in demand. If this happens, then do not miss the bus. Be prepared.
If I have been able to convince you enough to sit with your family & discuss about your property requirements/ investment plans, then do the following-
It has been rightly said that the two most powerful warriors are Patience & Time (Leo Tolstoy, War & Peace). So, be patient & make best use of the available time to gradually move towards your near-to-medium-to-long-term property goals.
Stay Indoors. Stay Safe. Always remember – Difficult roads often lead to beautiful destinations.
Neha Agrawal – Co-Founder, OPENMINDS
firstname.lastname@example.org | +91 9820402693 | www.openminds.co.in