Home Buyers Sentiment & Expectations in the Post COVID Era
The coronavirus has created a huge impact on home buying behaviour and consumer expectations. As the nation announced lockdown and social distancing measures to contain the spread of the infection, customer sentiment is pessimistic and uncertain due to the impact created by these measures. According to the survey conducted by Magicbricks, one among three potential home buyers wants to drop or keep hold onto their home buying decision. However, 67% of buyers are planning to buy a home with a reduced budget or delay.
Besides the buying decision, buyers’ expectations concerning buying a home have changed a lot after the pandemic. Now, ready-to-move-in homes are in demand. According to the Magicbricks survey, 84% of buyers would like to invest in ready-to-move-in properties. Another study conducted by Anarock Property Consultant reveals that ready-to-move-in homes have become the preferred choice of buyers post-pandemic.
Read more to learn what kind of homes is preferred post-COVID and how the pandemic has impacted buyer behaviour.
People Have Changed Their Expectations About the Future
Living in densely populated areas has lost its appeal post-pandemic. A majority of buyers consider investing in a less populous area. The desire for privacy, space, and control over allowing and restricting the visitors in one’s home is becoming stronger now, making single-family or individual homes a perfect choice post-pandemic.
Buyers consider single-family homes a more flexible type of living arrangement. You can live the way you want and enjoy the outdoor space freely with your family. If you are investing in a property post-pandemic, consider these points:
· Determine how long you are going to stay in your new home. If it is less than five years, invest in a property where you can build value.
· Determine your budget.
· Find a place that meets your needs and budget.
· Finding the right neighborhood and locality is also getting more importance post-pandemic.
· Make sure of your financing, whether you are going to use your savings or take a loan.
During Lockdown, Majority of the Workforce Has Been Forced to Work from Home
Most companies have asked their employees to work from home to survive their business while being able to comply with the social distancing and self-quarantine measures to contain the spread of infection. Due to this, people have made a few changes in their homes to accommodate this new normal. However, some people have faced lack-of-space issues. As a result, the demand for spacious homes increases, especially in big cities like Mumbai, Bangalore, and Chennai. Buyers may want to buy 3BHK homes, and villa-based homes in the future.
How Will Buyers’ Expectations Change Post COVID-19?
The pandemic has contained us in a particular zone. People have been at home for almost five months to follow social-distancing norms and infection control measures to contain the spread of the virus. People who are staying in an independent home or home without in-house or nearby amenities might have missed a lot of recreation activities like a walk around the garden, playing with kids in the park, meditation, workouts, and more. In contrast, people who are staying in the apartments might have enjoyed all these activities even during the pandemic and lockdown. Therefore, after the pandemic, buyers might want to buy a home in an apartment that is affordable, easy to maintain, and close proximity to a lot of facilities.
Buying a home in an apartment has a lot of benefits, including:
. Location – Apartments are usually located in closer proximity to the city center, restaurants, bus stations, shopping complexes, divine places, etc.
. Well-Maintained Space – Apartments offer in-house maintenance and hospitality services, helping buyers enjoy clean and well-maintained space.
. 24/7 Security – Safety becomes a major priority, so buyers might prefer an apartment-type house that offers 24/7 security.
. Kids’ Safety – Kids can play within the community that features a garden and play area. They can be safe while playing.
. More Facilities – An apartment contains facilities such as a gym, pool, provisional store, park, and more, allowing buyers to enjoy all these while staying safe.
Project Amenities Post COVID-19
Besides a swimming pool and spa, buyers’ list of preferred amenities contains grocery stores, hospitals, and medical shops. Also, they want to have more open spaces that feature a park, gym, small garden area, or football or badminton court. They are ready to spend extra if they get features and facilities that preserve their lives.
Buyers may expect these features in apartments post-pandemic:
· Yoga studio
· Workout zones
· Multiple entry and exit points
· Rooftop gardens
Buyers may expect to invest in localities that contain:
· High upkeep standards
· Open spaces
· Close-by medical facilities
· Lower pollution levels
· Lower population density
Post COVID-19 Demand for Spacious Homes
Stepping out of their homes and hanging out with friends was an integral part of millennials’ lives. Also, the absence of open space, such as a courtyard, lawn, or balcony within the home was never a problem. However, now, people’s lifestyle has changed a lot during the pandemic. Due to the restrictions imposed, they are staying in their home most of the time in a day. To accommodate this new normal, they will look for homes in apartments that feature an open space to relax and rejuvenate.
Looking for apartments that have all these amenities? Contact us for more details.