Residential Realty Is Millennials’Preferred Investment Choice
According to latest trends, homebuyers in the age group 26 – 41 years are eagerly looking out to invest in real estate. According to a report, 82% of buyers (age between 22-30 years) and 48% of buyers (age between 31-40 years) were first-time home buyers in 2021. The trend is fast shifting from renting to owning, and factors such as favorable policies, low home loan rates, high returns over other investment avenues, and most importantly the promise of well-being and a secured future, have made residential real estate the most sought-after investment choice of millennials. Family living and well-being: The benefits of owning a home has been driven by the fact that during the pandemic, a lot of restrictions were imposed by the millenials by their landlords. To avoid these issues, they are now keen to seek homes that suit their lifestyle. Also, work-from-home or remote working have aggravated the demand from the young working population, who now look for a bigger space with lot of amenities inside the premises only. If experts are to be believed, the hybrid work policies are here to stay, and more such buyers will actively scout for residential spaces to invest in. Best investment choice: Real estate registered immense resilience in the pandemic and has become the best investment choice for young buyers in volatile market situations. Additionally, properties in good locations with overall connectivity and sound social infrastructure, are seeing good footfall from prospective buyers as they understand the importance of these factors to secure higher returns. The days are gone when the millennial family would compromise on quality of live over budget. Especially for working couples, as they can easily combine their incomes to increase their net worth and invest in their dream homes with no compromise in comfort, wellness, luxury, and security. The low home loan rates and easy payment plans are also making it easier for them. Technology: Technology has become the nucleus of development across all sectors and digitalization has made the real estate buying experience hassle-free and transparent. The advent of smart homes with hi-tech features, automatic temperature, and light-controlled systems, advanced security and surveillance equipment, voice-controlled devices is also attracting young buyers who want to enjoy a comfortable living experience. The desire for personal space: The millenials prefer larger space from the perspective of accommodating personal spaces for the family members without intrusion. Starting from the lower configuration of 2BHK, apt for a nuclear family, the requirement is now for a larger area than what was prevalent in the market. These customers are increasingly looking for larger area within the configuration that suits their requirement. Since the ready-to-move inventory available in the market now, are mostly of the lower room sizes, the millennial couple are opting for under-construction properties, by good developers, who have a legacy of delivery. Even in the affordable segment, the 2.5 BHK, 3.5 BHKs are now being offered by many developers, due to the same reason. However, the intrinsic spaces of the rooms are becoming a deciding factor when it comes to this category of buyers. Moreover, the millennials have traveled the world, which has given them the perspective on more open spaces, services and the importance of a lifestyle, rather than just a home with four walls. More green spaces, recreational and fitness activities, clubhouse with spa, salon, pool, etc. catalyzing the socialization, contributes as the deciding factor for the millennial family, as well.
Tags : Residential Realty Millennials Preferred Investment Choice Ashok Singh Jaunapuria- MD & CEO SS Group lifestyle real estate property housing