Among the list of various industries, the Real Estate sector is one of the most promising fields for investment. Buying a property gives you a means of a future investment option even though you might think of moving out after some time. It is very much possible to rent out your house after you move out and get a source of regular income. So it is suggested that you should start saving early to finance buying your desired home.
A question still stands- What are the needs of the buyer? The most important aspect of real estate developers is to tap into the buyer’s requirements. Among a large list of necessities, some of them are finance, affordability, location, amenities, etc. Right now, due to unsold inventory, the developers are in constant turmoil with emptying the inventory and resulting in the availability of affordable housing.
The developers are trying to attract buyers using various offers along with the property which seems nice but in the long run, it doesn’t add any value to the property. Although it may seem that the real estate market is somewhat deep in the mud, we can definitely count on it to rise back. As the trends of the market change, the needs and demands change as well. It is expected that the Real Estate Sector will rise up to $1 trillion by 2030 contributing more than 13 per cent to the GDP of our country.
The need for living space is supposed to increase in the years to come due to the increment of nuclear families, growth in urbanization, rising income levels and more. The growth in urbanization and opportunities are attracting more people towards the cities and satisfying every housing need is going to be an involved challenge. The government has initiated housing plans such as PMAY or ‘Pradhan Mantri Awas Yojna’ and Housing For All in order to fulfil as many needs as possible.
Our government has been concerned about the real estate industry. In August 2015, 100 Smart Cities projects were approved by the government. Similarly, PMAY has reached a mark of 25.69 million homes up to May 2019 out of which 8.09 million houses are approved. There are many initiatives from the government available to the public however, there are some initiatives that are held by private organizations but are still dedicated towards the homebuyers.
As we all know that buying a home is a dream that everyone wishes to fulfil, however, the major hurdle that is faced by the buyers is the down payment for the home. In order to help people complete their dreams, organizations such as HomeCapital is providing up to half of the down payment requirement with their Down Payment Assistance Program.
The conclusion is that with the help from the government and private organizations buying a home is no more a concern for the common man. However, as a buyer, it is important to know about the market pitfalls and for that, it is important to research the market thoroughly. There are multiple guides available on the internet that helps the first time buyers to avoid the most common mistakes while home buying and become a proud owner in no time.