All You Need To Know About What Are Home Buyers In Hyderabad Looking For After COVID 19?
Having interacted with many potential home buyers over the last one year. We have been able to list down factors that home buyers are looking for in their apartment.
The list of expectations and reasons comprise of:
- good location in terms of accessibility to social infrastructure
- more space, more amenities and better facilities at an affordable price point
- better ventilation, more light, good architecture and Vastu compliant
- exclusive spaces to exercise, socialise and stay-connected, especially during difficult times
- wider spaces for entry and exit in common areas considering social distancing norms
- more spacious lifts to secure social distancing factors
- work from home areas in the home
- return on investment by owning a property
- psychological need to own a home more than ever before
Affordability or Budget, as usual, is always an important aspect that’s always been a priority. With uncertainties like the COVID pandemic, the ability to pay the EMIs also comes under question. The way people looked at budget has also changed. Some are willing to take more home loans, others want to play it more cautious and save more for the rainy day. The danger of uncertainties on job front plays both ways- it could motivate a person to save or invest in property, or even make them reluctant or cautious.
- All You Need To Know About What Are Home Buyers In Hyderabad Looking For After COVID 19?
- Is buying a new home a priority now?
- Views shared by Ms. Tasneem, Operations Manager in ITeS industry, Age: 36years
- Views shared by Mr. Venkat Reddy, Marketing Head in a MNC, Age: 32 years
- Views shared by Mr. Srivatsa, IT Engineer, Age: 41 years
- Views shared by Mr. Vijay Bhasker, General Manager in an Engineering Company, Age: 53 years
- Views shared by Mr. Pranav Mehta, Banking professional, Age: 31 years
Is buying a new home a priority now?
During our interaction with those who were willing to explore buying a home, we realised that COVID and the uncertainties that came along with it actually made some home buyers consider OWNING A HOME as a priority item. Some of the home buyers who would otherwise not have come forward to buying a home were in fact motivated to explore home options for themselves.
On the psychological front, people seem to be ready and consciously realising the need to own a home! COVID 19 has put a strain on the minds as well as the financials, but it has also opened up peoples’ inclinations towards owning the roof under their heads.
Some people are even expressing their desire to own a second outside of the city. Those living in the cities in apartments, and having the financial capability are seriously considering having more spacious living spaces out of the city limits, or even moving to areas with a low density living.
Overall, the pandemic has certainly changed a lot on the home buyers’ expectation. It has also gone to show that human beings are necessarily social beings. The desire to own a home, and the keenness to be with family has only grown with the pandemic. The stress the pandemic has put on people is finding expression in more spacious homes that bring the families together, and give you more air to breathe!
In this article we shall share the gist of interviews taken with the potential home buyers the team has interacted with since March 2020 through March 2021.
Views shared by Ms. Tasneem, Operations Manager in ITeS industry, Age: 36years
“We are currently living in a rented apartment in Secunderabad in a standalone building. While we have the reasonably good interaction with the 20 plus families residing in the building, we feel that there is always a difference between a ‘resident owner’, and a ‘resident on rent’. After pandemic, I am clearly looking for a 3 bhk for my family. We are 4 people living in the house- my husband, both my in-laws and myself.
After lockdown, my husband and I had to work from home, and we had to create space in our bedroom. We had to buy office type chairs and one long table so that we could work. This was uncomfortable especially when we had to take calls. Plus, at times both I and my husband ended up disturbing one another. Working from home poses certain challenges, and we went through them all.
Plus, there is always a distraction by way of in-laws being in the house. Plus, you find it difficult when you are coordinating things on the phone or attending conference calls. Working from home for a couple in the same room is difficult. Plus, with in-laws at home, balancing home tasks and office work became very awkward.
With this experience, what we are looking at is:
- A good spacious 3bhk plus study-cum-office room that’s about 1500 to 1600 sft area
- We want a work from home room or a study room, which is a must
- The master bedroom needs to be made in such a way that a work from home workstation can be accommodated easily. This way, one person can work from the study room, and the other from the bedroom
- The place needs to be spacious, so that even during lockdown, you have some area inside the apartment to move around
- Have all the modern amenities like clubhouse, gym, swimming pool, open gardens, play-spaces”
Views shared by Mr. Venkat Reddy, Marketing Head in a MNC, Age: 32 years
“I live with my wife, and my parent visit us from my home town Warangal every now and then. I am currently living in a rented space that’s 2bhk. The rented place I live in has a great location, close to my place of work, and close to where my wife works as a teacher in Alwal. I find the current place a bit suffocating. The stairs, and even the corridors are not spacious enough. With COVID, we need to have spaces that allow for social distancing. Plus, while getting into our apartment located on 2nd floor, we have to pass through the stairs where we invariably brush shoulders with others moving up and down. Although, we have two lifts in our current apartment, it’s very stuffy. The rooms also lack privacy. When we stand in the kitchen, we can be seen by our neighbours. Plus, I would like to invest in a home now. Don’t want to continue living in a rented apartment that’s not ours.
With this experience, what we want in our home is:
- It may be a 2 o 3 bhk, but we need more space in the stairs and the elevators besides the regular amenities
- The rooms must take care of privacy and Vastu
- We should not have to worry about someone overlooking into our kitchen or living room
- The home need to have at least 2 balconies so that we can spend quality time early morning or late evening
- The place should not be noisy or located too close to the road
All this must come at an affordable price”
Views shared by Mr. Srivatsa, IT Engineer, Age: 41 years
“About ten years ago, I was not very interested in owning a home. I would have just liked to pay the rent, and move on. But after all these years, I feel, I need my own home. I can decorate it, and make it as lavish and comfortable as I want. Plus, I need complete freedom to live and express myself. I don’t want to think twice before making changes to my home. Whether it’s interiors, the kitchen, the bedroom, the living room, or even the walls, I want all of it to be mine.
While we have our home in our hometown as well, I want an apartment since we are going to live our lives here in Hyderabad.
After COVID, I feel that your own home is where you feel safe. You feel you belong there. We have spent so much time indoors in a rented apartment during lockdown. I don’t want to do that if ever a lockdown is imposed, or even otherwise.
I want a home that takes care of my family and my needs. With children growing, I want to be parked in one safe place, and give them a stable place to get educated and build memories. That simply cannot happen in a rented flat.
What I want from my flat is:
- Ease of travel with good roads and connectivity from my home to work place
- Exclusive separate rooms for both my kids and for ourselves- me and my wife
- It has to be a 3 bhk flat that’s big with lots of open spaces, play areas, walking areas especially during pandemic kind of situations
- Lots of greenery where we stay
- Need parking for at least two cars. My visitors also should not have problem parking their cars when they visit me
- The schools, colleges, restaurants, hospitals, chemists, grocery etc. need to be nearby
- The place should have good roads, good gentry, and should feel safe. The security of the apartment has to be the best. No one should be able to enter the home unchecked
- Fire safety and other norms for resident safety should be followed”
“I simply don’t want to live in a rented home anymore! My son is studying abroad, so my wife and I need just a 2bhk in a good locality. I have been paying rent all my life, but now it’s time to own the roof as well as the walls of my home.
What I want from my home:
- To buy a good strong building that’s high on quality from a trustworthy builder
- The home should be made with the highest quality standards. This way it will appreciate in value as well
- I should be able to get possession on time, so that I can move in quickly, and my EMI for home loan can be paid instead of rent
- I am looking at a Rs. 45 to 55 lacs budget for decent quality
- Spacious corridors and lifts considering pandemic
- I need to get all the amenities and facilities with least amount of monthly maintenance
- Power back up is a must
- The place must be close to the market, hospitals, and accessible by road with no broken roads or water logging issues”
Views shared by Mr. Pranav Mehta, Banking professional, Age: 31 years
“I have been living with my parents in a rented home. I got married just before the pandemic. We have been together in very difficult times. Our family stood together, and we were there for each other during the pandemic.
I want to buy a home for myself, so that I can pass it on as a safety gift to my children. I want a place that’s not rented. I also want my own home as a security. Buying a home will be like a forced saving. A situation like COVID can happen anytime. I want to invest and save in my home!
To me, my own home will give me the security and sense of fulfilment that cannot come with a rented apartment.
The pandemic has really brought us together as a family. We spent quality time together. This is why I want to own my own home.
The expectations I have from my dream home are:
- I am looking at a 3 bhk apartment for my family with a separate study/office space that is 100% as per Vastu which my parents are very particular about
- A safe neighbourhood where I can live, work from home when required, and a place where I could see my children growing up in a healthy environment
- All the rooms need to be spacious so that one can move freely, and not feel suffocated
- An apartment that’s in a spacious locality which is not a concrete jungle full of buildings and no trees
- Need to have schools, markets, and all facilities nearby, yet away from pollution
Clearly, the pandemic has opened up the people to a sense of spaciousness, greater social connect, and reinforced the importance of family. The need to own one’s own home also seems to have gotten a fillip. Post COVID, the families clearly seem to be emerging as more resilient and stronger than ever before. Consequently, the importance of living under your own roof has gained an altogether new meaning!
To quote Candace Cameron Bure- “The memories we make with our family is everything”.