Mukund Deogaonkar is a versatile professional with expertise in sales, marketing, new business creation, and entrepreneurship. Specializing in oil, lubricants, renewable energy, prop-tech, and consumer durables, he excels in transforming technologies into innovative products and services within these industries.
As human, we encounter many different living environments along the way, but we don't refer to them all as "home". Well, there are reasons. Beyond the practicality of owning a shelter, home is an emotion, the emotion of calling a place of your own, and making its walls witnesses countless familial tales. And, this emotion is not around for just decades or centuries but goes back to the beginning of civilization.
This is why; buying a home is not only a significant financial decision but holds various implications. In this following article Mukund Deogaonkar, Director at Planet Smart City, shares valuable insight on transformative journey of smart homes in India. Let’s read through.
What influences a purchaser's choice when they are picking a new property?
Buying a home is one of the biggest investments and decisions that people make in their lives. It entails carefully considering various factors impacting homebuyers’ long-term financial and personal well-being. Whether someone is buying for first-time or an experienced homeowner looking to upgrade, there are several factors to consider when making this significant decision. Let’s discuss the top 5 factors-
Location: Location is crucial as it affects daily life, convenience, and future resale value. Properties in desirable locations with easy access to public transport, schools, hospitals, shops, restaurants and entertainment precincts are more likely to attract buyers than those in remote or isolated areas.
Infrastructure: Infrastructure ensures a comfortable living environment and impacts the property's long-term value. Today, many buyers are concerned about the quality of the home’s construction, including the materials used, energy efficiency, and durability. Indeed, homes with updated kitchens, bathrooms, outdoor entertaining areas, and swimming pools are highly desirable among the new-age buyers.
Space: Space of a home addresses the practical aspects of the home, meeting the buyer's immediate and potential future needs. And moving forward with this young population, spacious rooms for growing family, a big backyard for furry friends (a growing culture in the society), and an additional room for the things we are passionate about (such as painting, gym, dance and more) is something majority of home-hunts looks for.
Affordability: In the home-hunt, finding the idle one is just 10 percent success. The crusial point begins here after, paying the bills. As buying a home is a long term investment, homebuyers must prioritize affordability to find a home that fits their desired features and location in their committed budget.
Community: Community plays a crucial role while choosing a home as it shapes our daily life and well-being. A supportive community provides a sense of belonging, safety, and social connections, enhancing overall quality of life. Shared values and amenities contribute to a fulfilling living experience.
"As Indians, today we are part of "Smart India, Smarter Homes," a transformative journey where cutting-edge technologies seamlessly blend with the fabric of our living spaces."
How has technology enabled access to demographic information and community reviews by helping Potential buyers to make informed decision about neighborhoods?
In the dynamic world of real estate, technology in the form of demographic information and community reviews has transformed the way properties are bought and sold. With revolutionizing access to information, technology is avidly empowering potential buyers to make informed decisions about neighborhoods. Today, many online platforms and apps are out there engaged in aggregating data, providing users with detailed insights into factors like crime rates, school quality, amenities, and local services. Additionally, user-generated reviews offer firsthand experiences, giving prospective buyers a comprehensive view of the community. Indeed, this democratization of information allows individuals to consider various factors before making housing decisions, contributing to safer, informed and personalized choices.
"Democratization of information allows individuals to consider various factors before making housing decisions, contributing to safer, informed and personalized choices."
Describe the influence of smart home features.
As Indians, today we are part of "Smart India, Smarter Homes," a transformative journey where cutting-edge technologies seamlessly blend with the fabric of our living spaces. The term ‘Smart Homes’ refers to the utilization of interconnected devices and technology to enhance comfort, security, and efficiency. These devices, like thermostats, lights, and appliances, can be controlled remotely through smartphones or voice commands. Sensors and automation enable intelligent responses to changing conditions, optimizing energy use and improving overall convenience. Integration with virtual assistants, such as Amazon Alexa or Google Assistant, allows users to manage various functions effortlessly. Smart homes also enhance security through connected cameras and alarms, providing real-time monitoring. With smart homes, the ultimate idea is to create a seamless and responsive living environment that adapts to user preferences, ultimately streamlining daily tasks and enhancing the quality of life. Indeed, smart home equipment made life easier and smarter for people but it is time to be more focused on the surrounding of the home in terms of creating a solid community. Because, the concept is not only about fostering smart homes but smart community, where all resources (electricity, water, waste) and most importantly safety is optimized very clearly for the residents who live in there.
In what distinct ways has technology transformed the real estate market, including its impact on the property search process?
Undoubtedly, COVID has helped mankind to unleash the digital era, which is continuously revolutionizing the lifestyle of mankind around the world in every possible way. Today, literally every industry is bowing down to this digital culture and sailing faster with integrating digital technologies. And, one of those front runners is Real estate, thriving using this digital opportunity. Generally, the genuine buyers belong to a structured work culture or business which implies to a busy or tight schedule of the person. In this scenario, visiting every promising property physically is nearly impossible. However, realestate made it possible by going digital. Nowadays, most of the developers started putting the property online with more details and the entire process of buying of a house suddenly became a cake-walk. From access to information and virtual property tours to predictive analytics and secure online transactions, digitalization has empowered buyers each way possible. In essence, digitalization has made the entire process very transparent for both the buyer and seller by making the information democratized through many digital means so that the choice making become a lot easier and safer.
Conclusion
In the dynamic realm of modern real estate, technology has profoundly shifted the power dynamics in favor of educated buyers searching for their dream properties. As technology continues to evolve, the real estate market will likely see even more innovations that further enhance the buyer’s experience and provide them with the knowledge they need to make confident decisions.
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