For the older generations, land played a major role in their wedding dowries and when it came to earning a livelihood through farming. The next generations bought property as an investment, mostly to finance their kids’ education and after that, their wedding. Finally, presenting the millennials. While so far the craze was mostly to look at stocks, shares and options for a quick buck, the pandemic has made them realise the biggest and the most positive investment they can make is in real estate. Why? Simply because, the idea of work-from-home is becoming the new norm and for millennials, an investment in the form of a 2 BHK flat or a 3 BHK flat seems ideal. There are flats for sale in Kochi at affordable prices, though luxury apartments in Kochi may cost more.
These investments are mostly happening in tier-2 cities like Kochi or tier-3 cities because metros are already overcrowded. Any green space is largely absent and pollution at its worst. This shift from metros to smaller cities by Generation Y is mainly due to a shift in commercial establishments. Kochi, once a small town, is now slowly upping its ante, rebranding itself as a tech hub.
The Deloitte Millennial Survey in 2019 stated that 49 per cent of Generation Y wants to own a home immediately. Real estate investments on medium-sized homes have seen a rise in the city – most of them by millennials who want to stop spending on rent. With the WFH culture gathering momentum, they have the added opportunity to be in their respective hometowns too. Some of them are looking up the best builders in Kochi like Mansions which has sent an excellent track record for themselves. Millennials are even buying 2 BHK or 3 BHK flats and giving them out on rent under the care of their parents. There are plenty of flats for sale in Kochi.
New-age buyers are taking a lot of time in deciding on the right kind of property to purchase. While there are plenty of luxury apartments in Ernakulam, millennials are looking especially for ones that are not only personally comfortable for them, but also cover conditions such as easy access to daily amenities, essential recreational hubs and most importantly, fit in and around their budgets. So what are the deciding factors on a millennial’s mind before buying their dream home?
a) ECO-FRIENDLY INVESTORS: Gen Y are more environment-conscious. They believe in sustainable development, look for residential homes designed to save water and energy, and want residences that are built with eco-friendly material. Rainwater harvesting is one such idea that they look out for.
b) TRENDING LIFESTYLE: Covid-19 has blurred the lines between personal and professional life. Gen Y, while working-from-home, also needs to relax at home. Since access beyond the premises is restricted in most apartments, they are looking to buy places that provide recreational activities and relaxing hubs. An apartment that has a badminton court, yoga ground, swimming pool or even a footpath cushioned by a lawn is perfect for the millennial buyer. The Lo’Rise Mansions Pristina 3BHK luxury apartments for sale in Kochi is an ideal option.
c) HIGH-LEVEL COMFORT: A millennial buyer is one who wants everything at a stone’s throw, be it a grocery store or a hospital. They believe that limiting their mode of transport to walking or cycling helps in toning down their carbon footprint. Premium flats in Kochi are at close proximity to places that offer essential services.
d) HOME-CUM-WORKPLACE: With WFH becoming the norm, the new-age buyer is looking for a home that has extra space to convert into a ‘home office’. They want that extra flexibility to get into the mindset of work instead of just working out of their bedrooms.
e) BUDGET-FRIENDLY HOMES: More than individual houses that cost a bomb, millennial buyers want to buy an apartment that meets all of their criteria and comes within their budget. Many such 2 BHK and 3 BHK apartments in Kochi and its suburbs cater to the needs of Generation Y.
As it sinks in that the pandemic has changed life as we know it, and it won’t be long until another might happen, they want to be prepared for it. The best way they deem fit is to invest in real estate properties, by builders like Mansions with a 30 year legacy, that they can call their own and be well-protected not only now but also for their future. After all, real estate investments are for the long term and they appreciate well.
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