The current wave of pandemic, in which we all are entangled, has taken us in its clutches and we are struggling to come out of it. The challenges were grave initially and subsided now but no one knows how long this situation will prevail. So we are learning to live with the crisis and the lifestyle we are adapting is the new normal. A paradigm shift is noticed in our lifestyles as well as in various other fields including the preferences of home buyers.
1.Sense of Ownership is on Rise
After facing the cruel pandemic, and with job losses and salary cuts, people who were living in rented houses realized that one should own a house to save oneself from the unseen disasters. Millennial generation also enjoyed life in rented houses before pandemic but they too had tasted the bitterness of the pandemic. Earlier they felt that they would be hooked to a place if they own a house whereas they want to be free to move to other cities for growth prospects. But this pandemic brought a paradigm shift in their thoughts. They understood the value of an own house when paying rents was difficult in case of job loss or salary cut which was very common if the first lockdown. This gave rise to the desire of owning a house and in the post pandemic period, the sense of ownership is on the rise.
2.Demand For Healthy Homes
Humankind is slowly withdrawing itself into close doors and becoming indoors. Even activities which used to be performed in the open, like health activities, shopping etc. have become indoors. Most of us refrain from going out and prefer online shopping. In such situations when we are staying indoors with the family, we need to maintain our health. Healthy life becomes a challenge when many are stuffed indoors under one roof. We breathe the same air which is moving around inside the house. The fright of virus has taught us to breathe fresh and quality air to keep our lungs healthy. In small houses and indoors, the chances of contamination will be more. Therefore came a paradigm shift in the preferences of home buyers. They realized that the home should be in open areas and spacious where they could get quality air which would impart a healthy lifestyle. Home buyers wanted healthy homes, means which are airy, well-lit and spacious so that they can maintain social distancing if required and breathe quality air to keep the lungs strong. Cleanliness, social distancing, healthy lifestyle and sanitization have become the priority of life.
3.Work From Home has Fuelled the Urge
In the present situation, distance doesn’t count. Home buyers are not much concerned about the commute timings or the distance of schools from their homes. Earlier we all preferred to stay in the vicinity of our workplaces and educational institutions of our children. Here is another paradigm shift in the preferences of home buyers. Now with work from home as the new norm, most of the professionals are working from home. Even the kids are attending online classes. This situation paved way to move away from the chaos and the congestion of city life to areas which are on the fringes. Suburban areas are gaining traction due to their affordable prices and spacious houses. So the home buyers prefer to move to suburbs where well developed infrastructure is available.
4.Home Decors to Incorporate New Norms
Home décor also demands a change. Supporting the new norms, developers have to incorporate, work from home spaces and also a corner for the online classes of kids. These spaces need to be with a door that could be closed during working hours so as to keep away from family distractions as well as to have privacy and quietness during meetings and calls, be those audio or video. Contactless technology should also be introduced especially for those areas which are most used, by all the residents of the building, like elevators, buttons of elevators, common doors, common area of amenities etc. Homes also can become smart homes where the innovations can come into play with Home Automation.
5.Paradigm Shift in Home Buyer Preferences
There is a paradigm shift in the preferences of home buyers. The concept of home ownership has gained prominence post pandemic for various reasons. People have accepted the fact that a home is the only place which could protect them from this treacherous virus and keep them safe and secure. Even those who were comfortable in rented houses, rather they preferred rented houses, now favour to own a house. Home buyers prefer peripheral locations as those are affordable and spacious. Distance from workplace also doesn’t count now because a large mass is working from home. Even the children are not going to school. So, that also gives liberty to purchase a house anywhere because online classes can be attended from anywhere.
Real estate sector has always shown resilience and bounced back before other industries in times of crisis. With the new norm, the developers are also planning to have a paradigm shift in their projects and create ventures as per the preferences of home buyers. Owning a physical asset in real estate has become more essential than ever. A home is not only a shelter but it is a safe and secure place for future. Home buyers have become far-sighted. We all know that this pandemic may continue for some more time and we all have to live with the new norm. Hence, the home buyers are thinking of the future life with the pandemic hovering around and planning to own a house that could fulfil all their necessities with the new norms. In present conditions, the meaning of a home has changed. Earlier people dreamt of owning a house to fulfil their desires and offer them shelter. Later generations added comforts and luxuries in the form of amenities and gated communities. Now, post pandemic, the essentials of new norm are also added to the preferences.
We humans are very good in adapting ourselves to any environment. These changes which we have brought in our lifestyles may remain for long, hence they are considered to be the new norms of life. We all prefer healthy and clean surroundings. Developers are on the path of creating projects that would support the preferences of home buyers. They will have to welcome this paradigm shift in the preferences of home buyers and work as per the demand and needs of the masses.
Written by Nikhil Gattu
