Price, connectivity influence first-time home-buyers
The experience of buying a house for the first time is almost the same with every individual. Price and connectivity over location are the top two buying considerations, for first time home-buyers.
Most of the buyers set out to buy a home with the average budget of up to Rs. 40 lakh. But since the major cities have a limited supply of Rs. 40 lakh homes and?more in?the Rs 75 lakh range, it creates a demand-supply mismatch.
Also, connectivity is a key criteria as the buyers often look for homes far from the core city where the prices are much higher. The growing prices are forcing home-buyers, to move into homes smaller than they want.
The biggest challenge for the first-time home buyers, as said by Pankaj Kapoor, chief executive of Liases Foras, is that what they want they can’t afford and what they are getting is too far away. The reality is far from the aspirational aspects associated with such buyers.
To read more real estate news:
How to buy or sell a house on loan
Affordable houses are no more affordable to buyers
Source: Livemint
Budget, Buyers, buying a house, Connectivity, demand-supply, first-time home buyers, key criteria, Liases Foras, Major Cities, price, prices
