Real estate

Highlight Specialty Rooms to Generate Buyer Interest

than_allen_roomIn large cities, space is at a premium. This is especially true in most large Indian cities where high population density compounds matters. An average flat may vary from anywhere between 70 square meters to about 115 square meters. Most builders plan their properties in this size range to make them affordable and attractive to buyers. According to Numbeo, the average price per square meter ranges from Rs. 40,000 to Rs. 79,000 depending on location.

Ordinarily, a low price range would be enough to attract potential buyers, but times have changed. Builders have a glut of properties and it's a buyer's market. Buyers are looking for something that will make these stock properties stand out and builders are vying to pull in these floating customers. To make their properties attractive to customers, builders are now offering rewards in the form of specialty rooms.

What Are Specialty Rooms?

Modern families are usually nuclear families that can normally manage alright in homes around 115 square meters. However, India has a burgeoning middle class that is experiencing an improved quality of life. The GDP is improving, jobs are increasing, and salaries are rising as well. With two earning members and low expenses, nuclear families now have the financial means to upgrade their standard of living. This has raised expectations and first time home-buyers expect something different when they set out to purchase their first home. Builders are providing just that in the form of specialty rooms.

The trend originally started in the US. During the recession, hundreds of homes were foreclosed by banks. Due to the huge number of foreclosures, banks were stuck with a large inventory of homes. To sell these homes quicker, banks hired home stagers. Home stagers essentially carried out a quick surface makeover of the home to make it attractive to a buyer. One of the tricks employed by home stagers is to convert extra rooms and small accessory spaces into ‘specialty rooms.' According to the American Institute of Architects home design trends survey, special function rooms quickly became very popular with small families. As the property market improved, specialty rooms became the norm in houses. These rooms had specific functions, but they were usually small rooms or extra spaces that were converted into attractive, livable, and useful areas.

The trend quickly moved to India. Take for example, the Unitech Group located in the NCR region. The company offers several properties in the Delhi-NCR region. Thanks to creative construction and architect planning, the development group has been able to offer special pantry areas, laundry rooms, house cleaner rooms, and more. Almost every builder in the NCR area is also offering the same features, but the actual size of the rooms may vary. Other specialty rooms you might see include outdoor living areas, storage rooms or mudrooms, an in-law suite with an attached bathroom, and panic rooms. Styled Staged Sold discusses how many of these rooms are gaining popularity, with more and more buyers becoming interested in having some in their houses.

An important fact to remember is that these rooms are usually small and located far away from the central living area. Builders have to use constructive planning to create these areas. For example, extra space under an indoor staircase may be promoted as a kid's playroom, hobby area, or storage space. A large outdoor area may be promoted as an exercise center. The builder may also provide exercise equipment to pull in buyers.

This type of strategic planning ensures that every available unit of space is used up and offered as an attractive perk to a potential buyer. Most builders also hire creative interior designers to plan, stage, and conceptualize these rooms in sample flats for potential buyers. You can then see, or visualize, these rooms much more clearly, and make an informed decision about buying the property

Specialty Rooms: Good or Bad

For homeowners, special features included with a property are always attractive. For example, most builders now offer solar heating and energy efficient fittings to promote a green living experience. These green amenities make properties much more attractive to educated, affluent families. The lure of extra rooms or specialty rooms in a property is also very attractive to buyers. Since space is expensive, getting special rooms at a discounted rate can be the turning point for buyers and sellers.

Conclusion

Builders are trying to cater to market demands. Space is always a premium in large cities and most builders have serious limitations on how much they can expand each individual property. However, by using legal and creative loopholes, they can provide extra rooms, outdoor areas, and special spaces for buyers. For builders, this acts as a benefit that can pull in customers. For buyers, this means more space available that can be utilized for a special reason at an affordable cost.

A post by Kidal D. (3455 Posts)

Kidal D. is author at LeraBlog. The author's views are entirely his/her own and may not reflect the views and opinions of LeraBlog staff.
Chief editor and author at LERAblog, writing useful articles and HOW TOs on various topics. Particularly interested in topics such as Internet, advertising, SEO, web development, and business.

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