Want to buy a house during covid times For investment or self-use
                     Want to buy a house during covid 
times? For investment or self-
use?
Kishore Reddy writes articles on 
Real Estate and Construction at 
EIPL Infra.
Each one of us has a desire to own a house, a place that may satisfy the needs 
and provide a comfortable ambience to us and our family. A perfect home gives 
one an opportunity to express one’s expectations and live a lifestyle that one has 
always envisaged for oneself. If you Want to buy a house during covid times or not 
this article will clearly walk you through.
1. Importance of owning a home
2. How has COVID affected real estate
3. buying a house be considered right now
4. How has the pandemic proved profitable
5. Lower home prices
6. Drop in property prices
7. Ready to move in or under construction home?
8. Right time to buy a home
1. Importance of owning a home during COVID
There is no place like home. It is a very special place as home is the physical 
embodiment of the people who reside in it. Selection of a right house is very 
important as it is a multi-year-commitment. If we don’t the pick a right one then we 
will have to face the music and live with this incorrect choice for a long time. 
Because buying or selling a property is not a cakewalk.
2. How has COVID affected real estate
As human life and business are slowly emerging from the lock-down, it is a grave 
moment for life and business including the Real Estate. How does this situation 
influence in buying a house? The aftermath of Covid 19 has a dreadful look. Many 
sectors are adversely affected by Covid 19 and the Real Estate Sector also couldn’t 
protect itself from its blaze. It has also shown signs of its damage though not 
drastic.
3. Buying a house be considered right now
Does it really make sense to buy a house at this crucial moment? Before finalizing 
to purchase a house, it is necessary to decide if it is for investment or self-use? 
Purchasing a house as an investment in real estate in this post pandemic period is 
not advisable. On the contrary it is a great time to buy a house for self-use. Prior to 
the purchase you will have to reflect on a few realities and then come to a 
significant conclusion. You need to cover an extra mile to get a house of your 
dreams.
4. How has the pandemic proved profitable
There is no place like home. Buying a home is usually a challenging task and this 
challenge becomes more grueling in this present global economic crisis that is 
prevailing due to Covid 19 pandemic. But it seems that now is the perfect time to 
buy Real Estate, a house for self-use. Let’s take a moment to understand how the 
pandemic can become profitable to our purchase in the shadow of this crisis.
5. Lower home prices
Real estate had done fairly well in the past economic shocks but in this pandemic, 
resale values can feel the heat. Today, prices of the apartments are lower than the 
prices they had purchased a few years ago. So the stress or fear could be seen in 
the resale segment. Panic has been created among the sellers due to the Covid 
pandemic but this can be the right time for the buyers. Those who can afford and 
are looking out to own a dwelling can get benefited. ‘Home is where the heart is’.
6. Drop in property prices
Salary cuts and job losses are the woes of the pandemic. Those with bulky loan 
commitments may not be able to service EMIs. Unemployment and job insecurity 
contributes to a huge drop in the prices of property. Though a three months 
moratorium is offered by the RBI to all borrowers, there is a little hope of things 
getting back to normal in the coming months. Hence there is a possibility that a lot 
of such possessed properties may enter the market. These types of properties 
usually get auctioned to recover the outstanding loan amount, given by banks or 
lenders. But such properties will usually be adorned with legal disputes or unpaid 
bills or loans against them. In such cases the buyer will get the responsibility of 
clearing all the dues. So if you are planning to purchase a home, it is better to avoid 
such properties. So if you Want to buy a house during covid times this is the perfect 
time for you to invest. 
Though they may come to you at lower rates, you will be responsible to clear off all 
those dues that automatically become a part of the house which you would 
purchase. With all those unpaid bills, the house may cost you more than its real 
rate by the time you get its possession.
7. Ready to move in or under construction home?
It is better to go for a ready to move in property rather than taking a risk of an under 
construction one or an auctioned one. One should not block money in incomplete 
projects. Due to less availability of labour and delays in supply of material, the 
under construction sites may take a longer time than promised. As per various 
experts, the recent developments can lower the rates of the properties in near 
future. Hence there is a likelihood of getting your home for lesser rates. Even the 
demand for ready to move in houses is rising higher. Affordability is hit severely in 
this pandemic due to job losses and pay cuts.
8. Right time to buy a home
Each one waits for a favourable time to own a residential property- and now is the 
exact time. With weak demand and over supply, the prices have indeed come 
down. Opportunities don’t knock at everyone’s door and if it knocks then one should 
grab it to the fullest. The Corona pandemic has given one such chance to 
everyone. If you don’t have any job insecurity and if you are financially stable, then 
this is the right time for you to own a house for self-use. If you find a home that is 
ideal for you or it is that house which you have dreamt often and you are also 
getting it for your dream price, then go for the deal right now, even in this crucial 
time. You can definitely take advantage of the situation. You can negotiate hard 
and get good deals. If you plan to spend more than five years in this house then the 
deal might sound good. This is not a time to spend beyond your means and hope 
for the best. Refrain from overspending. 
Purchase a house for self-use only if your job and income are steady and not likely 
to get affected very soon. Many people  Want to buy a house during covid times but 
they are afraid to make the investment, because they do not have proper 
knowledge of real estate. We have given you full knowledge of investment benefits 
during this covid.
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