Millennials are changing the real estate landscape with their modern thinking, ideologies and forward processes. With a haven of information available at their fingertips and increasing accessibility to data, the millennials are capable of making their decisions, faster, smarter and with better clarity than ever before.
Millennials also move beyond thinking of homes as a traditional 4-wall set-up, but consider their homes as a reflection of their values.
Considering the dynamic environment in which the millennials are making their home purchase decisions, they have a more pragmatic approach to home buying and make financially sound decisions.
Here’s how the millennials are changing the real estate market one step at a time:
Home furnishing essentials:
Following 2023, home buyers have 2 key considerations in mind before buying a home: Flexible workspaces and sustainable features. With remote work becoming an integral part of our lives, there is an increased focus on having a home that offers a dedicated workspace for an uninterrupted and seamless working experience.
Millennials and consequently companies have also started placing increasing importance on having a sustainable home with technological advancements such as smart thermostats, solar panels for renewable energy, and water-saving technologies as an attempt to be more environmentally conscious.
Community and society:
Millennials consider their societal status of utmost importance and are therefore instrumental in changing the way they choose their home. Several societal and communal factors affect their decisions to choose their preferred home including the neighbourhood they live in, the communities they live with and the living arrangements offered in such spaces.
Ownership:
For the older generations, owning a house of their own was a strong indicator of their financial strength and wealth which made them choose home ownership over rental set-ups. However, the current scenario of increasing home ownership costs in urban areas has made them reconsider this notion.
Millennials therefore approach home buying with a more strategic outlook that involves evaluating their financial goals and investing their finances only if they are assured of any tangible benefits associated with home ownership,
With the entire real estate market is influenced by the evolving demands of millennial homeowners, the Shapoorji Pallonji Real Estate group constantly works towards providing homes that cater to their consumers’ demands.
See all the new projects by Shapoorji Pallonji Real Estate Group to know more: https://shapoorjirealestate.com/.
