Modern Homebuyers' Wishlist: What Are the Must-Haves?

In the ever-evolving world of real estate, prospective homebuyers face a myriad of factors that influence their decisions. In the backdrop of upward pressure on property prices and interest rates, it comes as no surprise that buyers are turning to enticing incentives and additional amenities to secure their dream homes. Our recent consumer sentiment survey has shed light on two significant trends that are shaping the property market: the allure of financial incentives and the preference for ready-to-move-in homes.

Financial Incentives Take Centre Stage

In the present situation where property prices and interest rates seem to be perpetually on the rise, it is no wonder that potential homebuyers are increasingly drawn to financial incentives that can ease the burden of homeownership.

Stamp duty and Goods and Services Tax (GST) waivers have emerged as the top driving factors for those looking to buy a home in the next six months.

Stamp duty waivers, in particular, hold much value for a home buyer owing to their potential to significantly reduce the overall cost of purchasing a property. These waivers vary by region and can sometimes result in substantial savings. For instance, the lowering of stamp duty during the pandemic in Maharashtra, applicable from August 2020 till March 2021, had sparked a surge in residential property sales, positively influencing homebuyer decisions and property registrations. This, in turn, had boosted job creation, increased tax revenue, and played a pivotal role in the state’s economic recovery.

GST waivers, on the other hand, provide a more uniform benefit, as they apply nationwide. Together, these incentives create a compelling financial case for prospective buyers, making homeownership more accessible. Additionally, flexible payment plans have become a game-changer in the real estate market as the option to spread out payments over an extended period offers a lifeline to many aspiring homeowners.

Ready-To-Move-In Homes and Gated Communities Preferred

While financial incentives undoubtedly play a crucial role in the decision-making process, property type and amenities are also pivotal factors that shape the preferences of modern homebuyers.

Our survey reveals that ready-to-move-in homes have been wish-listed as the ideal choice for many. These properties are preferred as they eliminate the uncertainty and waiting associated with under-construction projects, allowing buyers to settle into their new abode almost immediately.

Gated communities, too, have captured the attention of potential homebuyers. These secure, well-maintained enclaves offer a sense of community and safety that is highly sought after in today’s world. The added amenities within these communities, such as parks, fitness centres, and swimming pools, provide a holistic living experience that extends beyond the confines of one’s home.

Additionally, buyers are increasingly swayed by the lure of freebies and add-ons.

A modular kitchen, for instance, has emerged as a crucial factor in the decision-making process as it can save buyers time and money in the long run. Woodwork is another essential add-on for homebuyers. Whether it is custom cabinets or fitted wardrobes, the convenience of having these elements in place when moving in can be a deciding factor. These additions not only enhance the functionality of the space but also contribute to the overall aesthetics of the home.

Thus, it is discernible that homebuying sentiments are evolving in response to the prevailing economic conditions and the changing preferences of buyers. Financial incentives and type of properties, along with value-added amenities, are shaping the residential real estate market in exciting new ways. As buyers continue to seek the perfect combination of financial incentives and lifestyle enhancements, the real estate industry will need to adapt and innovate to meet these evolving demands.

Was this article useful?