High rentals are a serious cause of worry for many young Indians moving into metropolitan cities.
As much as any youngster is concerned, the unaffordable mortgage deters them from owning a home in the first place. With a less stable and constantly changing lifestyle, they prefer to rent a home near their workplace.
This might be ideal for the short term. But with rising rents in metropolitan cities, a long-term solution is needed. That solution might be starter homes. The reception of young people towards it is highly positive.
The factors that made young Indians change their mindset from tenants to homeowners vary from the rise in disposable income, nuclear family, pandemic related work from home and rapid urbanization.
That has made them buy these homes. As a result, there is a huge market for these affordable, smart homes. For young people who are burdened with debts, such starter homes help them in owning it.
With the development of infrastructure, the distance between suburbs and the workplace is not a constraint. The suburbs are known for two things: urban experience without its disadvantages and affordable housing.
The rise of affordable starter homes with improved infrastructure is attracting more and more people towards it. More than that, it allows for people to bring their nuclear family to these homes, thus helping their mental state.
Earlier young people didn’t trust the real estate field that much. As a result, they were reluctant to invest in real estate. Another factor that repulsed them, is the arduous visit to every property till one reaches satisfactory property.
But with the intervention of acts such as RERA, one can easily differentiate between fraud and good developers. With digital advancements in the field, hunting for the property is not an arduous job as one can select a property at the comfort of one’s home.
As work from home has become a pandemic reality, people have realized the significance of investing in the right home. Not only it is important for them but so it is for their loved ones too, for they spend most of their time with them.
Thus, the right home with the right size and right amenities is necessary for a family.
When it comes to amenities, it should be satisfied as per changing demands, lifestyles and desires. They prefer to live in their condos at reach for facilities in its comforts, and at the same time demand space for community interactions.
The sector is responding by creating private spaces and as a community space for users, along with many other facilities to satisfy their demand.
Real estate is an investment with tangible returns. Which is why it is wise enough to buy a starter home and pay EMI rather than live in a rental and pay rents.
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