Every home holds within in special moments and memories. For a house to turn into a home, you need the perfect combination of love and attention. The view and feel of a house can be very different depending on your location. If you are outside, a house can feel like nothing more than a box of concrete but once you walk in and are welcomed with the breeze of peace, you know that you are home.
The estimated size of the industry in 2018 was over $7 billion 1, and YoY growth was above 5% in 2017. Unfortunately, due to Covid-19, all the real estate businesses have shown a rapid decrease in terms of their activities and ventures. It might seem like a daunting time to explore the world of real estate and the property market but if you think like that there may be a long wait. A home is essential for a living being in this world and it is a basic need. If you are on the lookout for housing services and are in need of some guidance, then rest assured because we’ve got you covered.
Below are 4 significant hurdles that real estate businesses might face and the precautions that should be taken to overcome these problems. Let’s dive into it further.
The shortage of skilled and educated workers has only worsened with the spread of the Corona virus. As they try to keep themselves intact and stay home, pressures increase on certain individuals.
Also, suppliers of the raw materials such as sand, pestle, mortar, etc. are unable to deliver their supplies at a proper time due to restrictions and precautions. Furthermore, almost all the suppliers seemed to raise their cost per unit of raw materials and freight cost.
The construction scenario in Bangladesh is very much a homely environment, where in which workers sit very closely to each and also work like that. Thus, it begs the question that is it possible to maintain social distancing in construction? In order to ensure safety, the building owners need to hire people who will check the health condition of people and encourage people to maintain proper social distancing in order to avoid a spreading among workers.
The real estate business owners should also offer a paid leave if someone gets sick during the work. They should provide a “hazard pay” – bonus for all employees for risking their lives each moment as they work. All these activities will result in heightening the cost of construction of the building. These additional costs will not disappoint the real estate business owners because it will help them to increase their brand value in front of their customers as well as attain loyal employees.
Covid-19 not only took away many lives but always took away jobs and the incomes many individuals. Due to this, people residing in larger more lavish apartments are looking for smaller places in order to cut down costs. Moreover, it may not come as a surprise that many building owners are not getting paid rent properly either. People are having a difficult time paying off their rents on a monthly basis and so they are either skipping the payments or paying half of the original fees.
A lot of people are notifying their landlord about shifting their houses. This creates pressure on the real estate businesses to build up small to medium-sized apartments to respond to the sudden increased demand. Moreover, real estate agents also need to match up their speed to the demand for the search of small apartments in order to fill up the gaps.
The pandemic has promoted the online culture among people. Boutique houses and clothing stores are adapting themselves with this change and are implementing the work from home culture. This change in the working culture made business owners think about their own investments in stores and boutique buildings. Thus, they are now trying to run their businesses smoothly by using online platforms. This results in lower need for shop and office spaces in order to lessen fixed costs.
Even so, a lot of customers still do not have strong faith in the online clothing stores as they cannot touch, feel, and see their desired items properly. This is the sole reason for which many online stores have been converted to physical stores. The modern trend couldn’t beat the traditional belief of people.
Due to Covid 19, foreign investments and coworkers are no longer being able to carry out their operations in Bangladesh. The whole supply chain is in a big halt due to the lack of outsourcing of many significant raw materials, equipment, and laborers. The foreign projects have been slowed down. China is an integral part of the supply chain of many Asian countries but now countries are finding ways to shift their businesses from China.
You may still question yourself about whether or not it is the right time for housing, and the answer to that is still floating. As there is actually no right time to look for housing. If you have sufficient finance saved up then try not to wait for the right day because you can build your permanent residence and secure the future of your family right now. Life is short, we have no idea what will happen next. so don’t waste your time worrying about getting rid of fixed costs and rental fees. If you are struggling with a big apartment, then simply contact an agency they will help you find your appropriate house within your budget. They will also take care of your special needs and customize the house the way you want.
Hurry up and contact redroots.com to get back your peace of mind. Don’t wait for tomorrow because tomorrow never comes!