Why Go For Affordable Homes?

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Published: 08th May 2020
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You are probably reading this article because you are looking for a home to buy or that you may be looking for a second home for investment or other purposes. Having dealt with multitude of people who've been looking for homes I have found that the first buy (at least) should be an Affordable Home.

OK. What do I mean by an affordable home? An affordable home is a home that is available at lower rates than the prevailing market rates, yes, may be due to its location or government sponsored schemes or high inventory, lesser sales, etc. And there is nothing wrong in it. World across, every country, offers affordable homes for different sections of the society. Like, in Delhi, DDA auctions flats from time to time to which lakhs of people apply for. These homes are available at much lower price and appreciate faster.

The advantages of going for an affordable home are:

You buy around same amount of space as your friend at lower cost
Developers charge a premium to their based upon the location of their projects, the brand value of the developer and showing a promising future. Your friend may have a premium flat of about the same carpet area as your affordable home but, think, he is paying for the brand value and NOT value of home.

They appreciate faster
Developers may be selling affordable homes due to the distance between the center of the city and the project but think about the rate and pace at which cities are growing. Take for instance the case of Delhi; few years ago Jasola was considered to be the end point in the capital where one could take home but today Delhi is crossing its city limits everyday. What is beyond city limit today can tomorrow be in the city.

Good returns
Since affordable homes have nice value for money, they tend to give good returns over investments. Your friend could be living in a premium apartment that does not give returns but an affordable home is bound to give HUGE returns for sure.

Simple living
Living in such a home would mean that you are living a simple living, you are not living an extravagant life where you don't look after the value for money of the items you buy. I could remember a quote by Warren Buffett this time - Someone is sitting in the shade today because someone planted a tree a long time ago.

All in all, typical benefits include Providing housing for the local workforce, Revitalizing distressed areas, Directing economic benefits to the local community, such as increased jobs & sales taxes and Promoting economic and social integration while building community. While we discuss these benefits we must not forget affordable housing involves important social and civic values as well.

If you are looking for budget homes in Noida, consider buying affordable 2 bhk and 3 bhk homes by KVD Wind Park (by K V Developers) in Greater Noida West. KVD Wind Park is a project by KVD Developers who have diversified businesses in India.

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