September 2018

 

What are the needs of children that buyers need to consider before finalising a house purchase and does this have an impact on property prices? We examine

People often do not pay heed to the children’s requirements, when they buy a home. As children usually spend more time at home than their parents, property owners and buyers should ensure that the home fulfils their requirements. Moreover, the house should also be able to meet the child’s changing needs, as they grow and mature.

“There are many good reasons why children should be an important consideration, while buying a home. Everything that transpires within a family, directly or indirectly involves its children. Even young couples, who do not yet have children, will still consider this as an important factor, while choosing a residential property,” maintains Kishor Pate, CMD of Amit Enterprises Housing Ltd. In a country like India, where emotional ties are strong, it is common for people to make significant investments, based on the present and future needs of our children.

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Things to consider, as per children’s requirements

Experts suggest that buyers on a conservative budget, should focus on connectivity, rather than location. One should invest in a location that is well- connected and not in a location that is centrally located. Builders are also recognising the importance that children’s needs play, in property transactions and are therefore, coming up with projects that cater their requirements.

“While buying a home, the factors that need to be considered, depend on the various phases of life – a new born child, a teenager and an adult,”

“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 being available. Today, people also look at connectivity to nearby amusement parks, theatres, pubs, malls and food outlets,”

Children’s requirements and its impact on property costs

Nevertheless, the availability of good schools, colleges, green spaces, connectivity, hospitals, malls, etc., will add to the cost of property, points out Rishi. “As the comfort and convenience that a particular location offers increases, so does the price. It all boils down to what kind of a budget you are working with,”

However, a home is essentially a family-oriented property and should not cost more because it is children-friendly. If certain developers want to charge a premium for specific children-oriented features or services, there should be a clear and visible justification and its price should be comparable to any other property, with similar lifestyle amenities.

Also read: Home financing options for NRI buyers

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Source: housing.com