[ecis2016.org] With the growth of the nuclear family system, the home buying needs of Indians have evolved significantly. We discuss some key points that a home buyer should consider, especially if one lives in a nuclear family.
With the rise of nuclear families that mainly comprise husband and wife with their children, the joint family system has been disappearing quite rapidly in India. Urbanisation, economic growth and cultural shifts are some major reasons attributed to this change. As a result, the demand for residential properties has also increased with the growing trend of nuclear families, where people aspire for an independent and quality lifestyle. The needs of a nuclear family are markedly different from that of a joint family. For instance, a compact and well-planned house, ensuring optimum utilisation of space, is one major factor influencing home buying decisions among nuclear households. Besides space, there are various other factors that a home buyer in a modern nuclear family should consider when buying a home.
What should a nuclear family look for when buying a home?
Accessibility to workplace and social infrastructure
Proximity to offices, schools and colleges is one essential point that cannot be ignored, particularly in busy cities where commuting may take long hours. So, opting for a house near one’s workplace will ensure that one saves travel time and transportation costs. Moreover, easy access to shops and medical facilities in the neighbourhood provides convenience for young families.
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Compact and space-efficient residential properties rightly meet the housing needs of a home buyer. Hence, well-designed apartments are the first choice for a modern home buyer living in a nuclear family. In most cities, many developers are coming up with optimally sized apartments to cater to this evolving trend.
Prospects of upgrades in future
The possibility to upgrade to a more spacious home in a new location in the future is always on the minds of several homeowners. Therefore, a nuclear family should think about future grades when investing in a residential property. When buying a property, it is wise to consider whether it will have scope in the resale market.
Most young working couples, while going out for work, are often concerned about the safety of their children or elderly parents at home. It is why one should check for the availability of state-of-the-art security systems like CCTV when investing in a housing project. Investing in a contemporary housing project will also enable a healthy and secure environment, especially for one’s children, as these properties are equipped with amenities like a dedicated playground, park, etc.
How to decide the right apartment size for your family?
When selecting the right size of an apartment, one’s current needs and financial strength are certainly the major factors that should be taken into consideration. A 2 BHK or 3 BHK home is ideally the preferred choice for many nuclear families, especially those heading towards mid-career where one is financially stable and have dependent children to take care of.
Young couples, where the wife and husband are earning members, need to consider certain things when choosing a house and applying for a home loan. While looking at their finances, they should also think about their housing needs in the future, especially if they intend to have children. Further, there are some families who prefer more privacy than those who like having a lot of people over, which can influence one’s choice for a specific apartment size. India is also witnessing the growth of a new category of ultra-independent young individuals who prefer to remain single. Opting for a large house does not make sense for such individuals unless they happen to be in a high pay bracket.
Which type of family is called a joint family?
A joint family or an extended family is one where more than one generation resides together in the same household. It comprises grandparents, parents, children, and their families.
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