Planning to start your own family but need a new house to stay? You can choose readymade housing developments, or you can begin home improvement projects on your house. Home improvement projects require a lot of time when it comes to construction.
What Are the Advantages of Housing Developments?
- Premium Erosion: Rather than investing in an under-construction project or bringing in new changes in your existing house, it is better to buy readymade flats in housing developments. It is a much more viable option. It is cost-effective, and if you decide to buy a readymade condo, then you can choose different types of bungalows constructed by reputed housing developments. Not only apartments, but you can also even find small homes at an affordable rate. Today, most of the housing developments can offer you different sizes of apartments starting from one bedroom flat to three bedrooms. So, you can choose anyone according to your requirements.
- Save on The Rent: If you decide to buy an apartment in a readymade housing development, then you can save money that would have been wasted on rent. There is always an option for you to rent it out, in case you are not interested in living there. Even if you want to invest in the real estate market, then choosing flats in housing developments can be a suitable option for you because you can easily buy few apartments at less cost and rent them out to earn a monthly amount.
- Delay in Financial Transactions: When under construction apartments in housing developments are handed over after a long time to the buyers, it can have several implications. The buyer also misses the chance to get a chance to avail of tax benefits if he fails to take possession of the property within five years of applying and availing the home loan. But today, most of the housing developments can handover their flats within a deadline, and if they fail to do so, then they can pay your extra interest on your booking money.
Why Are Housing Developments Important?
Housing developments are groups of houses or apartments that can accommodate a lot of families. Each housing development is looked after by one management. Here are some of the reasons why housing development is essential:
- In low-income families, it plays crucial roles as it provides cheap housing and helps in improving their quality of life. Moreover, they can rent it out to others, if they are not living there, and through this process, they can earn more money.
- You can live in a community, and you can avail various facilities provided by the housing developments such as a community hall, playground, swimming pool, in-campus market areas, and gym or clubhouse. If you have children, they can play with the neighbors and will never feel lonely.
- The infrastructure of the new housing development provides a lot of facilities, such as a gym, library, swimming pool, and much more. You do not have to step out of your housing development to gain access to such facilities anymore.
- Building your own house or renovating your old house can be a tiring process. Not only does it make a hole in your pocket, but you need to spend a lot of time and effort into it. It is not the case with apartments in housing development as they are readymade and can be used easily.
The particular Housing development is looked after by one management, and thus, you do not have to worry about maintenance. All the families will pay the maintenance fee, and therefore, it will be less of a burden to you. Moreover, you do not have to worry about security as housing development management will take care of it.