Millennials And Real Estate, Everything That You Need To Know!
In this article, we take a look at how does the gen next approach the real estate market. What they do and what they don’t do and why their wisdom prevails over the generation before them.
Proper Eye For Property
The youth of today give importance to experiences in life more than anything else. They are not only practicing socially responsible investing patterns but also take into consideration environmental factors before buying property. The fact remains that millennials have only recently taken a proper interest in India’s real estate market.
It is only after thorough research and outweighing of all the pros and cons do they buy a house. Before actually visiting a site in person they prefer to check it out on the swanky mobile phones in 3D!
The most important things they look for in a house are amenities, state-of-the-art-technology, proximity to important places like schools and hospitals and connectivity to the rest of the city. When it comes to buying a house, they don’t mind shelling in more bucks if they know they are getting the value for their money. Before taking the final plunge, they make sure they seek advice from a highly experienced and trustworthy advisor.
Foreign Land Beckons
Due to a drastic difference in lifestyles of millennials and their parents and families, they prefer to move out. Either they go abroad or to another city in India so that they get their space and independence. The ones who especially choose to live in another country hand over the entire gamut of property managing, buying and selling responsibility to their parents.
The challenges of liquidity, legal issues, red-tapism and corruption in the country is what makes them not want to come back. They prefer to sell off old land via their family and make sure the cash is transferred to them.
Millennials believe in short-term but beneficial investments. They are certain and rightly so that financial assets like stocks and bonds give them more stability, flexibility and power to plan their life properly in a steady manner. Saving beyond 5-7 years is a big no-no.
It can be concluded that ease of management of investment, control and easy accessibility is what drives millennials towards real estate.
Financial assets take precedence over physical assets anyway. They are highly cautious and do not invest in anything that even remotely smells of a risk.