For all of us buying a home is the most challenging task however, if everything worked the way it should then it gives a sense of accomplishment and joy as well. The homebuying decision entirely depends upon the needs of the individual and the price of the property. Finance is the major aspect of home buying and is the deciding factor for whether the dream is fulfilled or not.
There is already a lot of supply in the residential market and a lot of them are ready for possession. This is the reason why the developers are not very certain about starting up with new projects not before the existing projects are sold out. The same is the reason why the developers are trying to attract buyers with exciting deals and offers. Buyers should be well aware of the value of the property they are looking to buy. At first, the decision should solely rely on the real price of the home. The offers and deals are just plain attractions and don’t add up to the real value of the home.
The price of the home is the major deciding factor for the working class home buyers. However, looking for cheap options is just delusional as the quality of the property determines the value of the property. The important factors that define the quality of a property are:
- Brand value of the builder
- Facilities and amenities
Location determines the value of the property. It means that homes at central locations are more costly as they offer great access to the important parts of the city. Being close to your workspace is essential as it will save a lot of time allowing for a well balanced professional and personal life. These centralized locations offer vast options for jobs with good growth prospects. This makes living in these locations very appealing from the buyer’s point of view and expensive from a real estate pricing standpoint.
The brand value of the developer plays a very important role. Centralized locations attract all kinds of developers – who specialize in providing a luxury living to those who specialize in constricted cubicle sized homes. For Indians, buying a home is not just an expense for the asset but one that performs critical functions of offering comfort and security. Branded developers make these functions as a part of their standard value offering.
The stress of urban life on us demands more comfort and easy living. So looking for a property with enough amenities like clubhouse and children play area is what a buyer would expect. However, properties, even without such luxuries can attract buyers due to the low prices narrowing down the options to a more feasible level.
With many government plans and initiatives such as Pradhan Mantri Awas Yojna (PMAY) for buying a house and RERA (Real Estate Regulations Act) to protect the home buyers from any mishappenings in the real estate market and the initiatives by HomeCapital, the housing activity has seen significant growth in the major cities. However, the changing trends in the real estate market have led to adapt to different psychology of the home buyers.