Over the last few years, there has been a paradigm shift in home buying patterns in India. From newspaper ads to online real estate portals, from actual site visits to virtual live tours of a property – a lot has changed over the years.
Further, those days are also gone when it was largely a man’s domain to buy property. We no longer live in an era when women waited to get married to buy a home as today’s independent and strong women want to create their own wealth and widen their investment portfolio.
Cashing on this, real estate developers are also actively targeting women home buyers by offering special offers or in some cases, exclusive towers for single women homebuyers in a project.
We analysed our proprietary data that brought forth several breakthrough insights in home buying patterns of Indian women homebuyers. Here’s a snapshot.
Majority of women are buying property for self-use
The majority of women buyers on our site are looking to buy property for self-use. This could be attributed to the special benefits provided to women homebuyers. Certainly, women have ventured beyond their traditional domestic roles. From attaining high levels of education to securing high-paying jobs, the growth trajectory for women has been much more pronounced. Interestingly, a small percentage of women are also planning to invest in real estate to diversify their investment portfolio.
48% women begin their home buying journey online
A closer look at RoofandFloor’s proprietary data suggests that out of the total prospective homebuyers searching for properties on our portal, there is a good mix of men and women. While men lead the show, interestingly, women are not far behind.
This growing popularity of online portals can be largely attributed to the ease and comfort that one gets along with a jackpot of usable information. For instance, RoofandFloor’s TruePrice® feature can help you estimate the actual costs involved in buying a home, which is significantly higher than the advertised price. These portals also come decked with options to compare properties that save both time and effort. A few of these also provide virtual tours.
Women of 25-35 age-group are more tech-savvy
A study in 2013 by search giant Google stated that more than half of the real estate purchase decisions in India today is influenced by Internet research. While this number would have changed now, the inferences stand true even today.
This can also be correlated with the average age of prospective buyers looking for homes online. Nearly 40% women fall in the age bracket of 25-34, followed by women aged between 35-44 years.
Benefits such as lower home loan interest rates, lower stamp duty (some states), and tax benefits have encouraged young women to take the bold step.
To encourage women ownership of property among the lower strata of the society, Narendra Modi’s cherished Housing for All Mission has also made it mandatory for women to be either co-owners or sole owners of the affordable homes.
So, if you have decided to take that bold step in high heels, here are a few tips that might come handy.
- Plan your budget wisely keeping the current and upcoming expenditure in mind. Taking a stock of your finances is imperative.
- Research is the key to grab a great deal on your dream home. Multiple rounds of due diligence will help you shortlist a credible developer as well as a good lender.
- Don’t forget to negotiate. Remember to negotiate not bargain!
- And if you are new in this game, expert advice is always recommended.
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