Vision of Life; by Sanjay: Key to Your Home in 2020 !

“It’s only after you’ve stepped outside your comfort zone that you begin to change, grow, and transform.”… Roy T. Bennett

Bennett was elected chairman of the Ohio Republican Party (USA) in 1988, and remained until 2009.Bennett qualified as a Certified Public Accountant and an attorney specializing in tax and business law. And while we enter in to yet another year, it’s his above words which the real estate industry should understand & more than that adopt is what I will say. As it’s more than four years now every one of real estate industry is still asking (read wondering) where the things are heading in nutshell when the sales will start rolling. And joke is if that’s what builders & other allied fraternities such as vendors as well contractors related to the real estate are asking the end users i.e. the clients or say home buyers are still stuck up with the question where & how to buy the home they are looking for! Actually never there was such confused phase in real estate where everyone is waiting for each other’s move i.e. if the builders are waiting for clients to book flat which he has or is building & has great offers (by builders purview) then the client is waiting for the builder to reduce prices further or see the project in full ready form so as he can move in immediately after the agreement!

This last part is the most significant change real estate has seen in last four decades is what I feel & that is no one is in the comfort zone any more, neither the builder nor the buyer. Yet in compare to all other cities I will say still Pune is yet in much better (not comfort) zone where at least you can breathe for some air! Means, here the homes are in demand as buyers are in the market & has money to buy, now only thing the builder has to do is identify the buyer & his needs & deliver the product accordingly. Well I will say builders job is easier than the buyer & I know many eyebrows are going to be raised with my this remark about real estate but then the builder builds any project (read as homes) to make some money & has a strategy for the same as well most importantly he has say to launch or stall the project at his will (read as comfort) but what about the end user i.e. flat buyer, has he (or she) such privilege when it comes to home as a product? Answer is big No, as why you are buying a home is the first question I ask to every home buyer coming to me. Many will say, what the joke, for living, is the simple answer, isn’t it? But then most of the times simplest things are most difficult to achieve & this is said by great philosophers, not me saying so!

Let me explain situation of the home buyers in market, its same like in any big mall during shopping festival, you have a limited budget (major criteria) & you have unlimited options, best time to get confused. As you are not sure what you want to buy exactly with your budget, at one outlet you see something which is in your budget & you liked it but you are afraid than next outlet may be offering better deal & you will lose on it if you buy here. At the same time you are afraid for this aspect also that you go ahead to check another outlet then if the deal there is not as good as this outlet’s then by the time your turn back this opportunity will be lost! Well, what you do at such times, my experience is most of the time you take no decision & comes back without buying anything, the same is scene with real estate named mall! And then as a buyer no more home is the only front which is worrying you, your job security, your kid’s education fees, your car’s EMI, your family vacation trips, your weekend outings, your general shopping, all such things are there to keep your pocket busy & sometimes you have to keep home as second priority as indeed it’s a costliest product of all your needs. And now you know the mega sale is on in real estate mall, so you know you can afford to wait but do mind real estate differs from all other products on one front & that is land is limited which is raw material for real estate & this means choice is not as big as other commodities only if you know why you are buying a home in first place. For e.g. if you have a job in Hinjewadi IT park (a suburb in West of Pune) then even if there are hundreds of options on Wagholi/ kharadi (an East side Subarb of Pune), will you end up buying home there just because its within your pocket & ready possession too, to avoid project delay types hurdles! No, is the answer as to commute to & from between East to West of Pune now day’s takes nearly four hours of your day, means you get to spend just sleeping time at your home! With, due respect to Metro which is yet to see day-light to run for two or three more years with full efficiency, the traffic scene is only going to be worst looking at our other public transport options (read as our attitude towards it). And then also the Metro will have to be well equipped with connecting infra like bus service once you are getting out on some station. So commuting from work to home, from kids school to home as well commuting for our daily needs will be a major factor for choosing a home, which many people forgets!

And then comes the specification & amenities part which adds on more confusion in selecting a home. My clear logic is when I buy a Mercedes car then I don’t buy it just for its nice upholstery or side mirrors or the Hi-Fi music system it has neither I buy it as a status symbol, I buy a Merc because it’s a good car & for its performance & comfort as well safety it assures me at that price & I can afford to buy the Merc is also important, same way a home is not different than a Merc! I buy a home for comfort, coziness, convenience, safety & all these factors are very individual as well has nothing to do with swimming pool, gym, children’s play area or jogging track which are accessories of the home & they are not home. That doesn’t mean all these things are useless, it means they are important but for that first make your definition of comfort, coziness because if a home is in your budget with giving you market as well schools in nearby premise & reducing your travel time to your work place by few hours then that is your comfort & coziness, isn’t it! But if the same home is available with all such accessories & ready to move in & in your budget then definitely go for it as then it has covered all the criteria of your definition for comfort, coziness & safety without burdening your pocket! And along with this it’s very much important who is the maker of the product we call home as I buy a Merc because it’s backed up by best of the after sale service too. Well, Toyotas, BMWs & Hondas (as well others) please don’t get offended I am using Merc as symbol, to explain real estate clients, how we should judge a product, that’s all. And again unlike any other product in real estate post possession (read as delivery or handing over) many things are involved & they are not just engineering aspects but legal too, such as society formation & title i.e. ownership transfer of your home. And all these aspects also counts for your comfort & coziness & safety because even if you get a home in your budget (which you think) with all best comfort providing amenities but it doesn’t get transferred on your name for a while or if the home has some civil works maintenance issues post possession such as water proofing or electric repairs & the product maker (read as builder) turns a blind eye towards your repairs, then will your be comfortable & at peace? Ask yourself this question while you make your definition of comfort is what I will suggest.

Lastly, about a big debate over comparison between renting a flat & buying one; well, no harm in renting a flat especially if you are not able to define your ideal home. But then comparing own home & rental is like Ola/ Uber service vs. buying your own vehicle, it’s that simple. I myself use Uber many a times but not all the time as there have been incidences of these services causing agony to my mind as well to my pocket! Yes, in dilemma about your career as well priorities, you can rent a home for a while but can you settle forever in a rental home with peace of mind; well, you only have to answer it! Apart from all the above factors your home is your best asset also, a status which no other commodity can enjoy is a fact which even financial wizards also accepts. Except gold, every other commodity loses its value with time but not homes (well most homes) & that’s true if you have made a right definition of your home & then only has bought it!

For the builders looking at year 2020, I will say stick to basics, as the wise old men has advised, maturity is in knowing what we cannot do than what we can do! Do proper planning of what you are going to build & how & once you start the project see that you build it through till end. One thing I have realized with real estate is no more even the unfinished or half projects will give you money; it’s only the completed projects that can generate some money for you & you are here to make money, I presume & in present times you can make money in real estate only if you make it in right way! At the same time stay connected to your clients, vendors, contractors as well to your team members by every means on personal level as these indeed are tough times & as a captain how you handle these times is what going to decide mental state of all these segments!

So, go ahead dear home buyers, welcome the New Year with a clear vision & open mind, just do remember the coming year is a 2020, with lots of entertaining offers for your home but buying an home is like a Test Match which will be testing your patience, temperament but once you master it, the home will be with you forever in all respects!

Sanjay Deshpande

Sanjeevani Dev.

Please view my sharing about real estate in Pune at U-Tube link below..

https://youtu.be/al0NZ-7Zhq0

Please do visit my blogs to know about our philosophy at Sanjeevani ! (Click the links below)

http://visonoflife.blogspot.com/2018/08/pune-city-no-1.html