5 Challenges with Buying A Home Post-Covid 19 Era
5 Challenges with Buying A Home Post-Covid 19 Era

5 Challenges with Buying A Home Post-Covid 19 Era

5 Challenges with Buying A Home Post-Covid 19 Era

Although the pandemic now seems like a time so far away, it developed new challenges in the real estate sector.

The real estate industry has no doubt evolved significantly as a result of the pandemic. This evolution has caused new challenges in the purchase of real estate. As a potential home-owner it is important for you to understand these problems and the steps you can take to solve them. Some of the problems are highlighted in this article with a conclusion on the practical steps to take to avoid them

Man and woman standing on opposite sides of ‘Post Covid Life’ Placard

1. Heightened Use of Technology: One of the greatest impact the Covid-19 pandemic has had across various industries is the increased reliance on technology to conduct activities. While using technology might seem progressive and less-stressful, the risks of adopting technology while buying real property
exposes you to higher risks. In a country like Nigeria where there is a rampant percentage of real-estate fraud, potential buyers live in a constant fear of getting defrauded. Thus, you may feel sluggish to physically check the property you want to acquire. This may occur even after the virtual home tour with augmented or virtual Reality and video-conferencing platforms.


2. A preference for property in less condensed areas:

Man walking his dog on the streets

It is no news that the most affected areas during the COVID-19 outbreak were the populated areas with more human interactions. Typically, as someone scared that there might be another pandemic in future or the COVID-19 pandemic may re-engineer itself and evolve, you would naturally not prefer to buy your home in a populated area. In an era where remote working and hybrid working conditions have become the new normal; there is no pressure to live in the buzzling part of the city due to workplace proximity. However, the problem with buying homes in the outskirt of the city or congested places is the lack of development in these places. Sometimes, you might be unable to access basic amenities and infrastructure such as good roads, health care and education unless you drive hours to the congested areas. As a potential homeowner, this is a likely problem to be faced. However, our product – Sheba estate takes care of this. It is a less condensed area with good infrastructures and amenities.

3. A significant increase in the price of real estate property: The COVID-19 pandemic ushered in a new era of rapid development in the real-estate sector. People recognized the sector as sustainable and tangible. This led to an increase in demand for real-estate properties. This increased demand caused a market shift and real-estate owners began to increase the value of their homes. Asides from this, the sector also witnessed capital appreciation which caused property prices to rise exponentially. As a result of this, the value of houses grew as much as 100% and this has caused a significant increase in price. This is the reason it is important to start early with real estate investments. Investors that had properties before the COVID-19 era are enjoying amazing ROI post-COVID.

4. There has been an influx of less qualified professionals in the industry: The bloom of real estate in the COVID-19 era coupled with the unemployment rate have made jobs in real estate attractive. A lot of real estate firms were set up during the pandemic, new architects, agents and developers emerged. These players operating the real estate industry post-pandemic have constituted a problem in the real estate industry. Now, you are vulnerable to various problems such as fraud and purchasing defective properties. This is the reason it is important to purchase from credible companies such as Dek Global

5. A search for the perfect home:

A search for the perfect home

The COVID-19 has definitely changed the perception of what constitutes a perfect home in the mind of Nigerians. A preference has switched from aesthetics, location, space etc to a more functional preference. Due to the remote working needs, individuals now have a preference for homes that are not just conducive for living but also perfect for work and relaxation. Thus, the houses have to be compact and available to meet all the needs of the potential buyer. As a buyer, you might face a challenge finding a home that has a comprehensive infrastructure to cater for all your needs. The preference differs based on the nature of the job, a music producer might prefer an in-house studio while a fashion designer might need a large workspace to accommodate various equipment. Either ways, finding a perfect home to accommodate all your needs at your budget might prove a herculean task.

There are various problems arising in Global real estate, some proffered solutions have been discussed in our previous blog post. Click here (add link) to view. At Dek Global, we are solution-oriented and we focus on the solutions to various challenges that you may face. This way, you can have a seamless experience with real estate. We focus on solving the challenges for you, so that you can relax.