With property investment now being viewed differently, real estate developers are armed with in-demand features
The island city might have become the epicentre of the pandemic, but the outbreak has upended housing supply and consumer demand for evolved features and superior amenities for the better. The global pandemic that has totally altered the way we live and function has also compelled homeowners to re-evaluate how they use their space. As people shelter themselves at home to escape the pandemic and its threats, residencies have been transmuted into multi-purpose spaces doubling up as workstations, schools and gyms. In consideration to these colossal lifestyle alterations, home renovations like major overhauls, cosmetic improvements, and upgradation of features have soared.
The way our work and lifestyles have been transformed by the pandemic could linger even as we step into the new normal. The evolved and conscious consumers have altered priorities from now on pertaining to wellness, technology, and socialisation. Hence right from material selections, layouts, and amenities, the post-pandemic residential spaces could look diverse from their conventional counterparts. These amendments have prompted developers to reconsider the future of homes and in doing so they have been re-evaluating the current in-unit aesthetics and in-demand amenities.
Being into an extended home isolation phase, we might have fallen in love with our spaces even more and began appreciating the features we never may have utilised until now. Homeowners have comprehended that once they enter the post-pandemic world, their spaces will have to be designed to match their evolved lifestyles and tastes. They have realised that space demands some remodelling, a bit more freed up space, and futuristic amenities.
Below mentioned are some manageable home upgrades that will appeal to buyers in the post-pandemic world.
Wellness features grab the spotlight: Having spent prolonged intervals at home with little access to rejuvenation implies the requisite for more spaces at homes that inhabitants can utilise for relaxation, workout, and meditation. Homes that boast features like outdoor areas with huge patios, outdoor kitchens and bar areas, fire pits, and pools may gain supremacy. Buyers have understood the importance of investing in homes that offer community gardens, outdoor wellness gardens, vertical lattices, water walls, decks, balconies, courtyards, or landscapes to uphold physical and mental well-being. Spaces that include massage rooms and yoga or dance studios may also increase in demand. Green backyards with outdoor tennis or sports courts may offer a seamless escape while ensuring residents practice social distancing within the comfort of their homes.
A tech-forward lifestyle: Millennial buyers prefer investing in tech-forward homes with automation that enables them to regulate lighting, window shades, and doors remotely from their smartphones. Futuristic concepts like outfitting the entire homes with iPads will add to a seamless living experience. Other innovative features that will appeal to young investors include IoT-enabled residential spaces limiting human contact, spaces with live-streaming security cameras, sensors, energy-saving technology, and touch-free automated modules. Moreover, since many young buyers are now working remotely, accommodating these features has increasingly become a priority for developers.
Leisure upgradations within spaces: With recreational facilities like restaurants, fitness centres and theatres operating at limited capacity, homeowners have been prioritising upgrades that will facilitate them to enjoy recreational activities at home. This can be done by setting aside space within bedrooms for home gyms and home offices or opting for homes having a deck that includes both spa and library. Similarly having an outdoor space lends an opportunity to be detached from home life, which is what most inhabitants now prefer.
Space has become the primary amenity: With homes becoming the sole space for all activities, residents have started understanding the benefit of having optimal space utilisation and sprawling convertible spaces that can accommodate multiple areas. Homes would perhaps grow in square footage, owing to a new crop of buyers seeking extra space to unfold all aspects of their lives in their abodes. The work-from-home and remote education culture have also changed the paradigm for most buyers who are looking for discrete spaces to satisfy these new-age requirements.
Consumer mindsets have been rapidly changing, and this trend is quite apparent in the residential segment. With homebuyers viewing property investment very differently, real estate developers are armed with the most in-demand home features appeasing to buyers in the Covid world.
The author is Director - Marketing, Sheth Creators
DISCLAIMER: Views expressed are the author’s own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.