Money is no bar for millennials when it comes to their dream home post COVID-19
As the first wave of Covid-19 subsided, the real estate market saw a tsunami of property ownership. From apartments to houses, from bungalows to residential plots, the millennial generation is now the prime clientele who are leaving no stone unturned to purchase their own house.
They are well researched, know exactly what they want and they are not shying away from spending big bucks for the dream home. While several millennials have been property owners for a while, the rush of sales among first-time homeowners is at its highest since the pandemic. There are several factors that have contributed to this growing trend of premium property ownership among millennials.
The safety of home lies in ownership
As the pandemic and lockdown hit, in many places renters were forced to pack up in a rush and move, some even back to their hometown, or with parents. This led to a feeling of uncertainty and loss, as they had to leave the place they had called home. Living with family has also been stressful, as they were used to their ways, experienced independence and that all of that changed. Even finding a new place has been almost impossible as people are skeptical about the spread of the disease. This has given millennials the necessary push to break free from the hassle of renting and find a place to call home.
Need for a place that nurtures
Young people are now spending more time at home as several offices have currently shifted to work from home schedule. Even those who still have to go out for work have nowhere to hang out as all the fun places are closed down. This has created a mindset where millennials are becoming more aware of the place they live in, learning to love it and mold it their own way. They want their home to be a place that comforts and nurtures. Thus, the need for their own property where they can spread there wings and enjoy their creative freedom is seeing an upward trend.
My house my rules
Millennials are adults living independently, and hence, they are no longer happy to follow the rules and restrictions that landlords impose on tenants, especially young professionals. Evening curfews, regulation on guests, not allowing pets and often, undue interference are suffocating this generation, which has amplified with the isolation of the pandemic. At this juncture, home ownership seems like the next logical step into adulthood. They are going all the way to ensure that they find themselves a perfect dream home, a place they can decorate their way, have tons of plants, or a home suitable to bring in a furry friend.
Asset value of real estate
The millennials have been in the workforce for a while now and as they have reached a basic level of financial solvency, they are now getting into investment and financial planning. Covid-19 pandemic has affected the economy immensely and an impact of that has been a major plunge in property prices. Young professionals are seeing that as an opportunity to invest in real estate, which will forever, be a valued asset. Opportunities don’t come knocking at the door often and hence, a place of one’s own, and that too at a much lower price, is an offer no millennial can refuse. Even those who already own a house are seeking to upgrade to better place, or even buying property just for its investment value.
Long hours of being home and isolation in this pandemic have served as strong reminder of the value property ownership. Thus, the millennial generation is ready to purchase their own house, a place that can be their safe space and sanctuary, and money is no bar when it comes to a perfect home!
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
