Sign in

Factors Apart From Finances That Can Impact Your Decision To Buy a House

Harshit Jain
Factors Apart From Finances That Can Impact Your Decision To Buy a House

Your house is much more than just a piece of property that you had purchased - it is an investment of a lifetime. The desire of owning one’s own home is universal; whether it be an urban apartment or a sprawling suburban villa or a cozy home for the entire family, we all dream of buying one at some point in our lives. From a 1, 2, or 3 BHK flat in Mumbai or a larger configuration of 4 BHK in cities like Bengaluru, any kind of property investment requires financial readiness.

In large part, home buying decisions are driven by the financial capacity of each individual and their willingness to pledge a huge sum of money; however, there are other factors influencing home purchase decisions as well. 

Yes, Money Matters…but So Do Many Other Things When You Are Buying Property:

Societal Expectations and Social Media Influence.

Societal pressure is primarily influenced by socio-economic expectations, and nowadays, the impact of social media too. As for young homebuyers, social media offers them an easier way to research home buying and stay informed about the housing market. Social media is the lifeblood of the millennial generation. Social media has such a strong impact on the present generation that it has become an essential part of their decision-making process.

The Market Reputation of the Developer.

When selecting a property, the image of the realty brand is pivotal. The reputation of the builder plays a significant role in the buying behavior of a customer in the real estate industry. It is always beneficial to have a positive image and to increase sales and revenue. When it comes to buyers, safety always comes down to on-time delivery, litigation-free property, sanctioned approvals, quality, and good customer service. Buyers might therefore resist choosing the brand if it has a bad reputation on these counts.

To Release the Burden of Peer Pressure.

In a society where members exert pressure on each other, peer pressure is a social phenomenon in which pressure is exerted upon a person's behavior, though not necessarily in a negative manner. Young people are starting to plan their finances early in life so as to make the property investment of their dreams as soon as they can. While this is not a compulsion in every case, for some individuals it could also be due to peer pressure. Furthermore, peer pressure is influencing the new generation to make important decisions, such as wanting to own a home as soon as possible rather than living in a rental unit for an extended period of time.

Leading the Lifestyle You Deserve.

The choices you make about purchasing a house are determined by your lifestyle. You might want to play sports every day if you pursue them as a hobby or for fitness. You would therefore be attracted to apartments with tennis courts, squash courts, basketball courts, etc. Likewise, it is important to choose a house that will be suitable for hosting social gatherings if you prefer to socialize more often. Thus, a house must be functional and intelligent enough to serve both the purpose and the utility of its occupants. So, if you're looking for a 2 BHK flat in Mulund or anywhere else, see if the apartment building can cater effectively to your lifestyle demands. 

Whether You Are Buying the House To Live in It, or Purely for Investment Purposes.

There are many meanings associated with the entire process of buying a house, whether it is a 1 BHK in Powai or a larger home at a different location. Investing in a safe future may be an emotional experience for some people, but for others, it is a long-term investment. Return on investment becomes the priority when a real estate decision is made solely for investment reasons. Buyers are influenced by neighborhoods and brands that fetch a high resale or rental value.

An investment in a house is not just a calculative one, but also an emotional one. Your home is the place where you find solace; it is a place where memories of a lifetime are made. Make sure to weigh in all the factors adequately before you come to a final decision regarding your property purchase.

Harshit Jain
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more