What Factors Influence Home Buying?

Learn which factors influence home buying:

Buying a home is the single most important expenditure a family incurs and the fact that it might happen once in their lifetime. Consumer behavior in Indian real estate has changed dramatically in the last 20 years. Most Indians attaches even more importance to this life-changing decision as it involves several social and emotional decisions.

Family influence or related factors play a key role in the decision making process for the homebuyers. Let us analyze how the family and societal factors shape property decisions and how these have evolved over the years.

Sentiment

Buying a house is definitely a place where you will create memories and for some people, there is a strong sense of emotional attachment. But the home needs to have the right price, location, number of rooms, etc. Keep your emotions in check when you have fallen in love with flats in Mumbai that comes above the asking price or less space that you were looking for.

Superstitions

Some cultures discern certain numbers as ‘luckier’ than others. For example, 13 and 4 are commonly equated with bad luck in Western and Asian society respectively. Some people also believe in Vaastu, i.e. positioning of rooms, kitchen, toilets, etc. should be built accordingly.

Perceived value

Superficial things like a room painted in an awful color can make people less likely to buy a house even though fixing it is cheap. Buyers are motivated by added value and getting the most they can from their sellers. Agents solicit psychological need to win by demonstrating as great a value as possible, relative to price. Contemplate offering a gift voucher or covering a gas or electricity bill for the first month.

First impressions

A buyer’s first experience with a home will either leave a good impression or bad. To relinquish a nice impression on buyers, dressing the property for sale in Mumbai and adding small touches like fresh flowers or light, some scented candles, will create a welcoming experience.

Tale of the house

The logical side of a buyer’s brain is proficient at examining numbers, technical specs, history, potential resale value, etc. However, the psychological aspect responds to emotion such as romanticized stories of the home or the good luck given to its previous owners. This is where storytelling is an influential channel in sales and marketing.

General Feedback

Social reviews matters in a business built on relationships and trust, and is key to influence most buying decisions, including buying a home. You can create social proof by asking clients to leave you a review on your social media platforms, or by asking for testimonials that you can place on your website.

Homebuyers don’t just consider buying a property as a general purchase, they are adopting a whole new lifestyle on the acquisition of their dream home. A potential buyer’s choice of builder and location speaks volumes about the lifestyle amenities he prefers or is willing to include in his life. If you are also looking for luxurious flats in Mumbai with all the satisfying factors, contact reputed real estate developers in Mumbai for 2 bhk flats in Vikhroli

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