What do homebuyers prefer? – Top 6 emerging trends.
September 25th, 2020
Real estate has remained one of the most preferred asset classes. A shift in consumer preference has been witnessed specially during the pandemic including the work from home scenario. Homebuyers have become more observant and making informed decisions on their investments as the pandemic has stressed the importance of owning a one’s own home.
The government’s effort towards affordable housing policies and reduced home loan interest rates make it a perfect window for homebuyers to take advantage of. Homebuyers preference will now be on the lookout for townships on the periphery of larger cities, ready-to-move-in (RTM) homes, provision of a study room, co-working spaces, and amenities within the property.
- Prefer RTM homes– The real estate and the construction activities are getting back on track slowly and steadily, however, more investors will prefer homes over under-construction homes to eliminate the biggest risk of project delay.
- Avoiding crowded areas- Investing in properties in crowded areas will not be the preferred choice among prospective homebuyers anymore. The demand for townships on the periphery of urban hubs, offering a much better quality of life will be more prevalent. Developers are already offering facilities such as grocery stores, laundry, gym, etc. within the complex, which is eliminating the need of making frequent trips to the market.
- Study/office space- With work from home (WFH) taking the front seat, developers are incorporating a designated study/ office space in their design plans. This room will be an addition to the existing 2bhk or 3bhk floor plans. The study room will focus on providing good lighting and a good WIFI connection. Multi-use furniture will also allow for efficient space allocation.
- Preference for eco-friendly properties– Better surroundings offer a better quality of life. With homebuyers focusing on reducing water and energy consumption, the demand for green amenities is on the rise. Developers should incorporate solar panels, rainwater harvesting, waste management, etc. into their projects. With people spending majority of their time indoors, providing larger balcony spaces with more greenery would also be beneficial and this would in-turn help increase the green areas as well.
- Co-working Spaces- To take a break from the confined space within their 4 walls, homeowners would like to work from different places within the property. Co-Working spaces in areas such as the clubhouse will provide homeowners an opportunity to maintain social distancing as well as have an alternate location to work from.
- Need for Automation- To put the homeowner’s mind at ease, automated doors and voice recognition elevators & lights are considered will eliminate the use of touch and will help maintain proper hygiene and sanitation standards throughout the property.
The residential market is expected to expand sizably and will continue to grow in the coming year including co-living spaces, student housing, senior living.
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