Scouting for a dream home is nevertheless an adventure, isn’t it? And when we embark on that adventure, the first and foremost thing that we prioritize is location.
A trendy neighborhood, 10 minutes ride to the office, crème de la crème of schools and hospitals nearby and gleaming shopping arcades just a stone throw away- these are factors homebuyers crave while exploring their abodes.
While location is key to the value of a property, the equations have changed of late. Post-pandemic, the classic real estate mantra, “location, location, location” has gone up in smoke. This motto isn’t driving homebuyers anymore.
The course of the pandemic has completely altered the tenets of homebuying; thanks to the increased adoption of work-from-home initiatives, wholehearted focus on health & well-being, unwillingness to travel long distances to work and desire to stay in a verdant, open and safe environment away from the pollution and frills of the city.
Many people are asking themselves questions…how feasible it is to live near the office and pay a ginormous amount of rent when you are working from home and your kids are attending school online! Is the location I am paying for worth the price?
Deals, Deals, Deals-the new mantra of homebuyers
Homebuyers in post-covid times want to experience freedom from the cooped-up life in cities. They don’t want to be trapped in the restrictions of city life with strict social distancing measures and tight apartment protocols. Hence, homebuyers across the nation are swapping city life for great outdoors and are scouring for good deals in non-urban areas.
For homebuyers now, what matters more is what is more cost-effective…what most can you get out of the money! With home loan rates hitting rock bottom, tax reliefs doled out by the government, getting a good deal has become easier than before. This has opened a world of opportunity for homebuyers who are thronging online real estate portals to buy homes that are spacious and situated in an environment conducive to living.
More space for less price
Working professionals jaded by working in their small apartments, bereft of any office space have dropped the bombshell that they are looking for larger homes to breathe free and glide through office work without feeling suffocated; also while keeping an eye on the price tag.
Demand for larger homes has doubled post-pandemic, but there aren’t enough homes in the cities that can match the price brackets of homebuyers. Hence the demand is gradually shifting to the suburbs and peripheral locations where homebuyers can get bigger homes within their budget.
Homebuyers are opting for 2.5-3BHK configurations, no matter the location. The peripheral areas have satiated their expectations and homebuyers are looking at spacious homes as a secure investment looking at the current situation.
Safety on top priority
It’s not just an increase in employed people inside a house that warrants a bigger space for work privacy in terms of office calls and concentration. Homebuyers are on a hunt for bigger homes that come with open, green spaces, and have a great social and civic infrastructure. After a hard day at the office, homebuyers want to unwind and enjoy the fresh air, without worrying about pollution and the pandemic.
Standalone homes are in great demand and are the safest bet in this pandemic situation. These homes come with integrated recreational and garden spaces that are conducive to a healthy lifestyle at a time when we are confined to a home environment most of the time.
Looking at how the demand for home architecture has changed and where this clamor is heading, real estate developers have upped their mojo too. A lot of realtors are coming up with homes that are functional and come with the right mix of amenities for health and wellness that tally with the tastes and preferences of homebuyers.
While HNIs are going for larger spaces within the city limits, millennials and young professionals are considering projects that fit their budgets and are situated in extended locations of the cities. In all, the change in location preference and work-from-home norms have pushed millennials to buy homes and ditch their rented accommodations for good.
