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What Is The New Buyer Equation While Considering A Property?
Bricks and mortar is being considered a more suitable choice as it is insulated from daily swings in value and has a scope for steady capital appreciation in future.
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While the repercussions of the ongoing pandemic are yet to be fully understood, the economy is facing a slump but one investment that continues to remain attractive owing to low risk is Real Estate. Bricks and mortar is being considered a more suitable choice as it is insulated from daily swings in value and has a scope for steady capital appreciation in the future. As the owner of a property, you stand to benefit from any rise in its value when selling, from rental income and of course from the utility you get from using it yourself.
One thing that has remained constant is the cultural attractiveness for property ownership in India. But the onset of the pandemic has changed the purchase process, as it has changed the way we work, travel and manage finances.
Buyers are re-considering pre-crisis priorities as below while making the big decision towards keeping up with the ‘New Normal’.
Purchasing power: At the moment the market is divided between two kinds of people. Those who have been working remotely and saving a large amount from travel and leisure expenses. While those who have been vastly affected by the pandemic and realize the importance of investment especially owning a home. To cater to both these groups, developers are creating buying options such as budget homes, discounts, loan options etc.
Evolving property markets: The primary change is the way we look for a property. More young professionals can work from home now, cutting out the need to live close to the office. They are willing to buy larger, more comfortable houses in their hometowns and suburbs of metropolitans. Thus, tier-2 and 3 cities and suburban areas are emerging as new markets. The younger audience enjoys the company of a well-researched developer, who understands the priority and shows them homes that fit well not only with the budget but also in terms of amenities.
The new amenities: Wellness real estate is gaining prominence as the choice of amenities is changing. Property is one of the most important assets, and in the current situation, it is vital that investment towards health and wellbeing is focused upon. There is a rising appeal towards green buildings with community gardens, indoor ventilation, sufficient water and lighting, farmers markets, wellness centers, and spas.
The well-informed buyer: Buying a property involves a large investment. COVID-19 has brought forth a consumer that is more thoughtful and selective in their decision making. Priorities are changing to include transparency and customer experience on the top. Hence, it is important to get all the facts and processes before you embark on the journey of purchasing your own property amid the pandemic. For example the Sale Agreement of the property. One of the most important things, it contains the property's description, contact details of seller and buyer, the negotiated price, payment terms, transfer of property title, stamp duty, and sale deed.
Technology and its adaptation: Social distancing has led to a push for developing more and more contactless technologies. Virtual tours that were just an alternative previously are becoming a substitute for visiting property in-person. Brokers are effectively assisting consumers with the same. They are simplifying the seemingly complex purchasing process and help narrow down options.
But there are some other processes that continue to remain physical. The most important one is signing the sales agreement. After carefully checking details such as negotiated price, payment terms, transfer of property title, and stamp duty, the agreement is signed in presence of concerned parties.
In closing, although the market is changing and so are expectations, the value of buying property remains the same. Pandemic has, in fact, taught buyers to not settle for a place that isn’t up to par with their personal expectations. Even if the plan is to rent out or sell the property in the near future, having the assurance of safety and well-being in the meantime is a perk that holds value in itself.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.