Family factors which influence home buying decision
By Evente Clinic
For most of us, buying a home is once in a lifetime event. It involves several social and emotional decisions that can influence the home buying process. It is a very big decision in our lives and hence we don’t want to take any second chance when finalizing our dream home. So how do we get sure?
We check with our friends and family.
Family plays an important role in most of our buying decisions. Our selections are based upon several important considerations, many of them influenced by our families and our roles in them. The influence of family remains on our buying decisions throughout our lives from the time we are kids to the time we become grandparents.
Traditionally, the big decisions in the house were always taken by the male in the family. However, Indian society has seen major changes especially now when most women are working and contributing equally to the household income, equal weightage is given to her decision as well.
Namrata Pandey, MD, Evente Clinic say, ‘The behavior of real estate consumers over the past decade has evolved due to various factors like economic change, education levels, increase in family income, change in values, and the growing number of working women.’
Let us start our discussion with the role of children in decision making. If one is going to buy a home when their children out small, they must take that into consideration. Even young couples, who do not yet have children, should consider this as an important factor. Medical facilities should be readily available, not only for children but also for other members of the family. Everyone will agree on the importance of good educational institutions is available. As a result, almost all the projects are giving importance to these primary needs.
The other factor which influences our home buying decision is our family culture. Are we going to live a nuclear family or a joint family? Lot changes when this dynamic comes into the picture. A joint family would need an independent house with more space to accommodate all the people while a nuclear family can easily make do with a 2BHK apartment or a smaller house.
The other factor is who has a major say in the buying decision. Is it a male or female member of the family? Men tend to make quicker decisions with lesser influence from others. On the other hand, women are more prone to negotiations and try to cater to everybody’s needs which lengthens the process.
Lastly, the number of working individuals in the family. If both the members of the family our working, families tend to go for prime location and can afford a little more luxury.
Let us know your home buying experience. Who influenced you most and how?