Traditional large joint families are increasingly getting out numbered in India by nuclear families. The radical rise of nuclear family is influencing many factors of life these days, and one of the main is property buying decisions and the considerations they make. Since the family is going smaller in size, the requirements are also changing accordingly. Let’s check out what are the considerations the nuclear family takes or should take into account before purchasing a property.
1. Flats and apartments- Yes, Indian nuclear families prefer flats and apartments rather than big sprawling house. One of the main reason for the choice is maintenance. Also the maintenance cost of a big house is not always possible to be borne by a nuclear family as there are hardly one to two earning members at the most. Compact and space-efficient properties are both cheaper to buy and maintain as well.
2. Facilities around- Since nuclear family have lesser number of people, having the facilities nearby is convenient to save time and balance professional-personal life. Most of the people look for properties closer to the workplace to minimize the travelling time and also be available in short distance for any emergency at home.
3. Resale value- Resale value is another important factor to be considered before purchasing a property. Many a times, nuclear family decides to move to more upscale places as their finances improves and therefore sell out the older one. So to remain profitable in any such occasion, it is important to understand and evaluate the resale value of the property well in advance.
4. Kid-friendly environment- Indian parents are more careful in taking care of their child’s need and upbringing than that of their own convenience and luxuries. Therefore a good locality is of prime importance. Also more nearby the child-related facilities are like school, daycare, activity class, the more chances the property will be shortlisted.
Evaluate your needs and make wise decision in terms of purchasing property.
Stay tuned, we will be back with more interesting blogs.