Home buying, like most other businesses, will never be the same as before the Coronavirus pandemic. Industry research reports indicate that home ownership is likely to assume a more important role in the aftermath of the global health emergency with the value of a property being assessed in a different manner altogether. Let us find out what buyers in the post-Coronavirus world are likely to prefer in terms of home buying and what is likely to become obsolete, because of this health crisis that has left a deep impact on the human psyche and the way people perceive heath and security.
Ready-to-move-in projects to find favour
Project delays often made buyers wary of under-construction projects much before the Coronavirus’ impact on real estate. At the same time, under-construction properties found favour among buyers, because of the lower ticket size involved. However, they are much less likely to find many takers now. The pandemic has made investors realise the dire need to have a house of their own and have it immediately. Even if the buyer has to delay the purchase by a couple of years, because of the higher ticket size involved in ready-to-move-in projects, they are more likely to choose this option now. Nevertheless, developers have become aware of this and are incorporating changes in their strategies. From their sell and build method, builders are now gearing up to adopt the build and sell method.
Home buyers may seek bigger homes, post COVID-19
In a world where remote working is fast becoming the norm, there is no over-emphasising the fact that larger homes would see an increase in demand. A buyer will now need a home that will not only be a perfect place to unwind and relax but a place equally perfect to work from home during COVID-19.
In pursuit of large spaces, buyers are likely to choose areas that allow them the luxury of owning bigger homes at lower costs. Thus, the fringe areas or city’s suburbs will come into picture. If poor infrastructure was the bane of these areas earlier and hindered their growth in the past, that is likely to change now. However, housing projects that lie in far-flung areas of the city and where delivery of essentials is a problem, will still lose out.
Major concerns of home buyers in a post-Coronavirus world
There would be several other big and small concerns when a buyer selects property now:
- In most housing projects, network connectivity is an issue. With most work done using the mobile phone, projects that do not provide proper network connectivity, will be unpopular.
See also: Design ideas for home office
- Residents will check the developer’s track record, to find how efficiently they dealt with the virus infection across their projects.
- Since health has become a primary concern, projects that provide medical facilities within the premises, or close by, will be more popular.
- Owing to the phased lockdowns, many people were left stranded within their homes without any assistance. This was a particularly dreadful situation for the elderly. While selecting their homes, buyers are also likely to select a project that may offer in-house assistance in terms of cooking, cleaning, medical attention and other daily chores.
- While the size of the house will continue to be important, open spaces and greenery will also gain more importance among buyers now.
- Amenities working against the concept of social distancing (for example, swimming pools, community gyms, etc.) may lose out in the post-pandemic world.
FAQ
How can developers cater to the demand for ready-to-move-in homes in a post-COVID-19 world?
Developers have started focusing on the feasibility of the build and sell model, in place of the sell and build method.
Which amenities will be less important after COVID-19?
Amenities like swimming pools and community gyms are likely to find fewer takers after COVID-19.
Which amenities will home buyers seek more after the Coronavirus pandemic?
Home buyers are likely to prefer properties that offer more space/rooms, as well as common amenities that provide room for social distancing.