Gone are the days when you have to wait until your retirement or late 50s to make a property investment decision. There has been a shift in the buying pattern of real estate. The current scenario has changed with the emergence of millennial buyers having high income and various financial help options available at ease. Purchasing a home is anytime a smart investment in the long run. Millennials have best understood this and are super confident when it comes to closing a residential deal.
Millennial choice of homebuying
Youngsters are constantly looking for homes of utmost comfort. Their choice of home is a reflection of their personalities altogether. Young buyers are more interested in ready to move apartments. They not only prefer a luxury living space but are also looking for a perfect balance of health and the environment. Millennials have shaped the minds of the developers. Developers are constantly pushing themselves to satisfy the millennial taste and deliver the expected lifestyle in their projects.
You can find a plethora of activities in the properties to comfort the millennials like gym, swimming pools, sports space, luxury fittings, and other amenities. Social media influences have impacted the lives of millennials to have a voice about every decision they make daily. Their increasing purchasing power has a natural intent to fit in a social class to add to their lifestyle quotient. Millennial’s smart choices are based on increasing innovation and technology, making them buy smart homes powered by green energy.
Here are a few ways of how young homebuyers make the property purchase:
1. Dual Income families
Dual income nuclear families with both the spouses working make it an affordable buying. Young married couples don’t want to compromise their dream home as they make a perfect duo. Their combined earning sources naturally help them buy their ideal home space amid greenery and infrastructural facilities at a well-connected location.
To get the best career opportunities most of the youth these days move to the top cities of India like Pune, Mumbai, Bangalore, Delhi, and so on. These millennials prefer to make their first investment in residential properties. These youngsters belong from the service and IT industry which pays them heavy. They prefer to invest in the properties in Tier-II as well as Tier III cities to get secured returns. It’s also convenient for them to pay EMIs than paying rent while they have made up their mind to settle in a particular city.
3. Selection of a clean and modern space
Modern architecture and apartment designs are in trend as it amuses the new generation. Nobody is willing to waste time in renovation and to get away from the cluttered rooms. Most of the buyers these days are having hectic working shifts and wouldn’t prefer additional burden. Avoiding a cluttered decision, they are looking for the ultimate choice to comfort their families and match their aspirations of a dream living.
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4. Smart offer
Once the buyer has already made their mind to buy a particular property, they are naturally inclined to make an offer. Before negotiating, it’s better to get a tentative idea of the exact offer to put up. Being a young buyer, you are naturally a first time home buyer, so cracking a real estate deal might seem challenging to you. If you are unable to get a heck of the deal, you can always seek help from a real estate agent or your relatives.
5. Smart closing
Once the offer you’ve made is accepted by the seller, the actual closing procedure begins. Before signing the official contract of the home, the transaction goes through all the documents which are required. Make sure you understand all the legal clauses related to this deal. The registration procedure also requires a lot of paperwork. To make the process easy, do not hesitate to spend a little extra to get legal help. Avoid any little mistake as you are just one step away from your elevated lifestyle.
6. Home loans and Tax benefits
The prime target of banks and financial institutions are the millennials these days, as no doubt, they are the ideal customers for a home loan. Tax benefits under Section 80 and 24 are for the repayment of home loans. Section 80 C allows the principal repayment of home loan up to 1.5 lacs. While section 24 provides tax deduction up to 2 lacs for the repayment of interest on home loans in a financial year. All the home loan and tax benefits have encouraged the home buyers to be confident about the property purchase.
In the bottom line
The Indian real estate will continue to shape according to the younger minds and cater to smart living. So if homebuying is in your plans, start shaping your future today. For more interesting articles visit our real estate blog.