How property buying decisions change after marriage or having kids?

Property buying is impacted by many factors and one such is the stage of life at which you are in. A property bought when you are in your twenties need not fit the lifestyle aspirations that you may have and able to achieve in your late thirties. Additionally, the kind of financial security you have built around you will influence your choice of properties. In this guide, we talk about change in property decisions seen after marriage and having kids. 

How financial consideration changes?

Finance is the one factor that makes or breaks the house buying deal. Before marriage, a person may have lesser salary component but he may have a higher risk appetite and flexible budget. This changes once a person is married, where the expenses are shared.  He has an option of joint loans, tax rebates etc. In this also, risks can be taken as there is a backup in the form of spouse. However, with kids, the focus shifts to stability and this in turn results in reduced risk appetite. But, the good news is that there is a growth in the career and hence one is able to take the leap of faith and make property investments that are more convenient and lifestyle oriented rather than being mere necessity.  

What are the common property buying preferences before marriage?

Before marriage, the property buying preference completely depicts the individual’s lifestyle and choices. Also, with an early career, property choices are mostly focused on affordable housing. The two decisive criteria around this time is proximity to work and a good social life, if the person is looking at buying a property for self-use. These are mostly studio apartments or 1 BHK or a 1RK, right at the city centre. In case the person is looking at only investment purposes, then a property on the periphery is often the choice- that also smaller units- 1 BHK or 1.5 BHK. 

How marriage influences property choices?

Marriage has a strong influence on property choices because now two people are involved in making decisions that is compatible to their lifestyle and choices. 

• Location: With two people involved, location plays a crucial deciding factor and couples generally tend to move to a location closer to their places of work. If the financials don’t set for locations closer to work place, areas that have excellent connectivity are the next choice, even if they are a little far from the place of work. 
• Joint financial planning: After marriage, a joint ownership of property is very common. Two people come together to buy a property by combining their incomes, managing EMIs and leveraging the tax benefits.
• Configuration: A long term perspective of an expanded family is taken into consideration while buying a property after marriage. With two people and expected guests, there is an upgrade in configuration from what they would have preferred before. For instance, a person with a 1RK in urban city centre may look at an upgrade of a spacious 1 BHK. 
• Single building vs gated community: Single building is mostly chosen over gated communities as the maintenance for these buildings are far less than gated communities. 

How having kids changes buying decisions?

• Location: Location gets the biggest priority when buying a property after the kids are part of the family. Their convenience becomes paramount with people looking at investing houses which are near schools, huge parks etc. and are also very safe. Parents would not want children to travel long hours to reach school and are ready to take the hit on commuting. 

• Space: With children as part of the family, most people opt for a 2.5 BHK or a 3BHK as any space available is welcome. 

• Safe environment: While this comes to play after marriage itself, after children are born, safety becomes paramount. 

• Amenities: With respect to convenience, people opt for gated communities that have a host of child friendly amenities. Many gated communities offer convenience such as child care centres, clinic, café, etc. in the complex.

According to Murali, a resident of Nerul, “After my marriage, we shifted to a 2 BHK apartment in Kharghar that I had bought before marriage. Being a single building without amenities it helped us because the society maintenance was less- we paid around Rs 2,800 per month. After our kids were born, in their early years we stayed here because of familiarity. However, we shifted out of the complex and moved towards Nerul once the children grew up and started going to school because there school was in Nerul. We chose to move into a gated complex because of the security, cleanliness and availability of all amenities in the same complex. In ournew house, which is a 3BHK, we pay Rs 18,000 per month as maintenance- which is almost six times the previous one. However, the convenience is unmatched.  We have play park, swimming class, badminton class, tennis, gym, tuitions, art class etc. in the same complex which is very helpful as the children can be independent, there is no outside commute involved and we get lot of time in hand.”

Housing.com POV

There is a significant evolution in property buying decisions in different stages of life from being a single person to marriage and having kids. At each stage, the financial outlook also changes- while as singles, one is open to taking any risk, as parents the aim is to reduce the risk appetite.