Youth today prefer to buy a home rather than opt for rented accommodation. The outbreak of the COVID-19 pandemic can be termed as a major reason behind this shift in preference.
Unlike earlier times when millennials mostly rooted for rented accommodation because they were against the very idea of spending a large amount of money on anyone cause, buying a home in today’s times is in many ways considered a safe investment. The property purchased can be used to live in or can be put up on rent or can be sold.
Not only youngsters but a majority of the population now is in favor of risk-free investments. This has led to the heightened demand for developers with the least execution risk even if the property is relatively expensive.
Indeed, the deadly pandemic has seemed to change the mindset as people today prefer to have a home of theirs as the sense of security that physical asset brings is comforting and reassuring. No wonder then that there is a growing tendency of purchasing an affordable house to cover their present needs only.
Moreover, the millennials mostly prefer ready-to-move homes in the affordable and mid-budget segments. This has led to several developers concentrating on similar projects who are also offering special concessions, refund policies, and much more.
Stable property prices, easy availability of loans at economical rates, concessional rates, etc. make the present times just perfect for purchasing a home. No one understands it better than millennials and therefore their interest in preferring homeownership over renting can well be understood.
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