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Multi 'Millennial' Wants

Saturday, October 06, 2018

Millennials’ home buying trends and what they should keep in mind before investing

By Manju Yagnik, Vice Chairperson, Nahar Group

Millennials today are getting more and more discerning in their lifestyle choices due to their global exposures and owning a home of their own, stands very high on their priority list. As per recent industry reports, millennials who comprise of one-fourth of the total workforce in Asia Pacific are prominent source of spending power, as well as dedicated investors, but are the kind who are not given to high risk. Hence holding a conservative nature on their hard-earned money, they seek value for money in their investment avenues. This attitude reflects clearly in their choice of homes, which is why most of them prefer to deal with renowned developers who are adequately capitalized and have a proven track record for consistent quality and reliability along with timely delivery of projects.

Another well defining characteristic of the Indian millennial is their high level of tech savviness. With an abundance of content on the internet going viral and influencing the mindset of the customers on real time basis, the process of home buying amongst today’s consumers has changed drastically. They are conscious buyers and prefer to research thoroughly on the product before buying it. A big decision like investing in a house, where huge amount of money is involved, they leave no stone unturned in finding that quintessential property.

Because of this new change in buying pattern and preferences the real estate industry is also adapting to market themselves digitally and now brands are trying to maintain an active presence on social media and maintaining their websites. Since millennialsextensively research online, realtors also need to fine-tune their search engine marketing techniques.

Buying a house is a long term commitment thus the decision making that goes into home buying process has to be right to make the first-time home buying experience smooth rather than a financial burden.

Key factors that young home buyers should keep in mind to sail across the biggest purchase of their life in the right direction is to evaluate their assets & liabilities to get the clarity on ‘How much can they can afford to spend on a house.’ This makes it easy for them to shortlist the options available in the market as per their choice of location, amenities, configuration and various other factors keeping budget in mind. In the process of exploring the properties, credibility of developer plays a major role in decision making. After in-depth home inspections once the properties are shortlisted, it is crucial to do a thorough research on mortgage options and down payment, it is possible to avail of a loan with the offer of zero down payment as well if credit score of a home buyer is above par, but this convenience also comes with its own terand conditions. For first time homebuyers, having a good credit score is of utmost importance as this is one of the key factors taken into account by banks when they issue loans.

Major mistake that ends up young home buyers into trouble is negligence to factor the total cost of the property. Other major factor which every home buyer should be aware of is to “know their rights”, introduction of RERA has created the legal groundwork to make the sector consumer-centric by providing transparency and improve disclosures, and hence the end user has easy access to property-related data and information, creating a transparent interface.

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