Your home is for keeps; ensure that you buy a property that offers safety, a holistic lifestyle, and peace of mind over the years
For some years now, the realty sector has been seeing a shift towards buyers purchasing homes for end-use, and certainly, with the pandemic, this trend has gained greater traction. “Self-use continues to be the primary reason while investor interest increases in certain markets,” says the September 2021 Homebuyer Preference Survey 2021: The COVID-19 Impact by JLL in association with RoofandFloor. “Everyone was forced to spend an inordinate amount of time in the comfort of their homes during the rigorous lockdown, which has led many to re-evaluate their preferences and cherish the sense of security that comes with having a roof over their heads that they can call their own.”
In such a scenario, buyers are not only looking for larger homes but are also placing greater emphasis on the layout of apartments, balconies, and the availability of work-from-home space, among other things.
What is also interesting – and certainly Supreme Universal has seen this, particularly with the new projects, Supreme Elenor at Chembur and Supreme Melange at Dadar in Mumbai – is a greater focus on health amenities. With more people confined to their homes for longer periods, fresh air, sunlight and good ventilation have become priorities.
Facilities such as gardens, gyms, swimming pools and jogging tracks have always added to the value of a property, but in a post-pandemic world, they have become more important than ever before – and with good reason. While many homebuyers do not wish to compromise on their fitness goals, increasingly, it is becoming difficult to step out of the house to meet such needs. As The Economic Times pointed out on September 14, 2020, “A home experience is no more about the inner look and feel alone but also how the project is planned, developed and maintained. The pandemic has definitely highlighted the importance of owning a home but also increased the demand to be in developments that provide amenities for holistic living…”
Property pundits have also noticed that homebuyers are willing to pay a premium for such amenities, especially from branded developers. A few months ago, Housing.com quoted a Track2Realty online study as saying: “With India reeling under the impact of the COVID-19 second wave, consumers are clearly looking for ‘gold standards’ in the housing market with reputed brands. This is true even for under-construction projects by reputed brands that command a premium, as these are more preferred over ready-to-move-in homes by smaller developers.” The report added that more than half of Indian home buyers – 54% – did not mind paying up to 20% premium for properties by established brands. The Track2Realty survey of 4,000 respondents was conducted between April 1 and April 30, 2021, but Supreme Universal believes that the trend is for the long term.
So why do homebuyers believe that it is worth their while to pay extra when they could get something that costs less? The fact is that buying a property is usually one of the biggest decisions that a person takes in life – one that requires a financial commitment that will continue for years.
Under these circumstances, it is always wise to take a long-term view of the value of the purchase. The home one buys, will, after all, dictate not just your own lifestyle, but that of your loved ones – the available space, the aesthetics, the amenities, the area can make fundamental differences to the family. A Grade A property from a branded developer may cost a little more initially, but this more than pays for itself over the long term because of its better construction quality and lower repair and maintenance costs over the years. Plus, you can rest assured of timely delivery, rather than having to wait for years before being able to move in. Any compromises at the initial stage could prove far more expensive in the long run.
Some crucial questions to ask while buying a property:
1.What is the developer’s track record? Is the company known for timely delivery, safety and quality construction that requires minimal maintenance?
2.Does the design of the project ensure efficient and maximum use of the available space, both within the apartment and in the common areas?
3.What lifestyle amenities does the project offer to enhance and protect the health of all family members?
4.Is the developer offering a furnished home that will cut down on interior costs after the property is purchased?
5.Does the developer go out of the way to build long-term relationships with customers and ensure that complaints, if any, are taken care of?
6.Does the property have positive vibes? Will it offer me, and my family members, peace of mind and a safe refuge from the outside world?