How COVID-19 is Impacting the Choices of Homebuyers?

COVID-19 pandemic and its aftermath have brought about significant changes in the national and global economy. The impact of this pandemic has altered the tendencies of the aspiring homebuyers as well. However, the buying intent has remained fairly stable. Homebuying during COVID 19 is now dependent upon a variety of reasons concerned with the changing lifestyle and buying behaviour.

Impact of the changing lifestyle during the pandemic:

Interested homebuyers have situation-specific demands while buying a home during a pandemic. The way of life in the cities is changing. It is bearing an impact on the considerations to choose the residential properties too.

The lockdowns may have ended, but people are still preferring to stay safe by staying at home. The WFH situation is expected to continue for a while.

So, the changing priorities influence real estate investment decisions during COVID-19, apart from the actual concept of an ideal home. It is interesting to know about the impact of the pandemic on the property buyers’ choices.

Changing choices of homebuyers during the pandemic:

Market surveys have brought to light the following factors as crucial changes in the homebuyers’ tendencies:

• Growing demand for ready-to-move-in homes:

  The growing preference for ready-possession properties amongst buyers has been observed as a crucial change in the tendency for home buying during COVID-19. A lot of working professionals faced issues related to rents during the pandemic. They have, therefore, realised the importance of owning a home due to the security and convenience it offers during such unpredictable times. There has been a significant rise in the inquiries for ready-to-move-in homes which further solidifies the intent.

• Preference for larger homes:

  After spending extended hours working from home, most professionals and entrepreneurs have realised the importance of owning a spacious home. Larger homes offer the much-needed freedom for utilising the space for work and for leisure, without having to compromise on either. Furthermore, there’s also a significant rise in the searches for homes in gated communities or townships.

• Other significant changes in the choices:

  The decision of investment in real estate during COVID-19 relies on some other crucial factors like:

  • Reliable internet network connectivity for uninterrupted work from home
  • Proximity to places of everyday conveniences like grocery stores, supermarkets and in some cases hospitals
  • Existence of ample greenery around with open spaces and considerably larger balconies
  • Amenities complementing social distancing like jogging tracks, natural trails, and walking zones.

Wrapping-up:

Homebuyers’ preferences while buying a home during COVID-19 are changing. Considering the factors discussed in this article, if you narrow down your search for your next home, the properties developed by Mahindra Lifespaces would be ideal to be your next home.

Mahindra Lifepsaces offers a range of ready-to-move-in properties in Gurgaon, Pune, Nagpur, Bengaluru, and Chennai. Get ready for the post-COVID era in a safe, secure, healthy, luxurious, well-connected, and a suitable home meeting your priorities. A safe and fulfilled lifestyle awaits you at Mahindra Lifespaces.