Recent times have seen frequent changes in wants and demands in the housing and accommodation sector, it is pertinent that we appreciate the tastes of consumers in order to be informed on consumer trends.
Housing, residential choices is explained based on home buyers’ statistics; in this item, household composition, their income, current house situations, economic status and technological advancement.
To begin with, consumers need to understand the housing features of their desired houses. Are the houses furnished with the features that suite their wants? Let us solve this rhetoric of house features.
Such features include building qualities, like, exterior and interior designs, influence the before mentioned consumers determines their preference. Scholars for instance, would prefer good ventilation and features like French windows;
The nature of the buyer/tenants job matters much. A musician or any artiste for instance shall need space for his instruments or tools. As a constructor, would you have put this to concern?
Commercially, in buildings meant for offices, we recently developed the aspects of smart offices. This is a trend that has transitioned the office space. Modern day consumers desire offices equipped with extras like entryways for people living with disabilities, a cafeteria and some to the extent of having amenities like a gym in the office.
Secondly, the environment of housing area is imperative and comprises of several key factors to the eyes of customers such as the condition of the neighborhood, physical appearance of the area and neighboring, density of housing, wooded area or tree coverage, slope or topography of the land, eye-catching views, open space, non-residential uses in the area, vacant sites, traffic noise, level of owner-occupation in neighborhood, level of education in neighborhood, level of income in neighborhood, security from crime, quality of schools, religious composition of neighborhood (Adair et al., 1996). Past studies also found that these environmental factors were important determinants of household’s residential purchase decision.
Environmental also involves legal factors. Planning permissions can affect the style of housing that shall either appease the potential developers or repel them.
Another important and recently a rising factor is the brand developer. A Brand Developer is an agency or individual tasked with the responsibility of maintaining constancy in terms of quality, value and trust in the consumer. Its key role is to create a positive perception in the consumer’s mind.
A developer brand is regarded as important consideration made by a house buyer. Who is in charge of marketing and brokerage of the houses? How popular and prioritized are they to the consumer? Study has shown that property purchasers are brand conscious in relation to the property developers. Furthermore, they ranked developers based on the brand personality and they emphasized on trend, professionalism and investment as the top 3 priorities in the property brand. In addition, a developer image does have a strong influence on house purchase intention.
Lastly, the financial ability of the consumer. Financial status has been defined in relation to house buying as combination of house price, mortgage loans, income and terms of repayment. More so, this definition refers to mortgage availability, terms of purchase, house price, assessment value of property, opportunity for quick appreciation, and waiting period.
The financial of house has much influence on how consumers make their house choice. The financial consideration especially house price has a very strong influence on house purchase intention. Covered under this includes the resale value, location, extra costs like stamp duty, repairs, furnishings, etc.
Have a choosy day, won’t you!
The Author is an ICT consultant, Innovator, Creative writer and a Digital Marketing help hand at CaptainTeknics Solutions