Trends in the Residential Property Market You Must Not Ignore
No matter who you are, where you come from, or what you do, you probably want to buy a residence. What isn’t always the same is what kind of place you are looking for, how much you are willing to pay for it, and why.
With this in mind, let us dive into four of the most important residential property trends today.
A City Escape
In simple terms, the phrase “the best of both worlds” details two very different things that complement each other to perfection, providing benefits that could not come about if they were separate. For dessert-lovers worldwide, 1996 was a year that will forever be remembered as the time giant multinational corporation Mars Incorporated first introduced the Snickers ice cream bar. Combining smooth caramel, natural vanilla extract, a fair share of mouth-watering nuts, and creamy peanut butter ice cream, it defined the well-known expression in the most exquisite way.
When it comes to real estate, we are currently experiencing a similar trend. Today’s residential properties are located at the heart of bustling metropolises but with the advantages of living in the countryside. With the use of excavators, loaders, compact tractors, and other Bobcat industrial machines for close-quarters projects, construction companies are bringing multifunctional, natural oases to the city. For homeowners, it is an opportunity to enjoy the dual benefits of a prime location and the feeling of peace and serenity that only comes with living in the suburbs.
Everything at Your Fingertips
One of the many consequences of the COVID-19 global pandemic is the growing need for social distancing and isolation. Among other things, this represents wearing the requisite protective gear and going outside as little as possible. The less contact we have with one another, the lower the chances of being infected by the virus or passing it on to somebody else.
Yet, men and women of all walks of life still need to buy their groceries, go to the doctor, take their kids to school, and relieve stress through entertainment. They cannot stay inside their houses and apartments all day long and simply order everything online.
With a clear understanding of this new reality, the residential projects of 2020 and 2021 have come up with a solution to these and other similar issues. And that is the inclusion of supermarkets, beauty and medical clinics, small shopping malls, ATMs, and various restaurants in their facilities. In many cases, all you have to do is go down the elevator, walk for a few minutes, and you can find anything you need.
Flexibility in Financing
Traditionally speaking, there are two ways to pay for a house. The first one is to purchase the entire property outright. If you have the necessary financial resources to do so, this is the best course of action to take as you will not be incurring any interest and will probably get a discount. The second is to look into one of the many mortgage options available. Based on the job you have, how long you’ve been working, your age, and marital status, the initial monetary amount may vary and the length of the loan.
Still, in both cases, there is money to be paid initially, at least until very recently. But things change, especially when cities and countries experience the kind of socio-political and economic environment we currently face. Today, banks, financial institutions, the government, and private lenders are offering their clientele property payment options that start at zero. What this means is that even if you don’t have any money, you can still purchase a home and slowly pay for it with your income.
One With the Times
If there is one thing that defines millennials as it pertains to a family is that the vast majority of them do not want to get married. Instead of settling down and having kids, they are more interested in maximizing their lives as independent human beings and focusing on their own desires, needs, and expectations. As such, residential real estate companies and construction enterprises have altered their strategies accordingly.
No matter what area of town you are interested in, in all likelihood, you will find a long list of one-bedroom and studio units of various shapes and sizes, all with a single person in mind. In some instances, the entire building only has apartments for one-person households, or a minimum of zero to 80 percent of them are catered to this specific market.
We have taken a closer look at four of the biggest trends in residential real estate. In a world filled with uncertainty, seclusion, and the growing need for convenience and accessibility, they are bound to remain constant for many years to come.