How Does Architecture Respond To The Needs Of Affordable Housing?

Affordable housing is a crucial aspect of modern times, particularly in big cities where the real estate market is thriving. While finding a home of your own in a metropolitan city holds the promise of better job opportunities and a glamorous lifestyle, the high cost of living can make it difficult to afford a decent place to live. This is where affordable housing comes in, and there are several factors you should consider while finalizing your decision.

Below, we have discussed some of the essential factors you should keep in mind for affordable housing along with a detailed explanation.

Location Factors

1. Accessibility

Accessibility is the first and foremost factor to consider when selecting affordable housing. Your workplace, grocery stores, hospitals, and schools should be within walking or commuting distance from your home. You must check the availability of public transportation in the area and the frequency of buses, trains, and cabs. A well-connected locality will reduce your transportation costs, and you won't have to worry about getting around without a car.

2. Safety and Security

Safety and security are some of the most critical criteria you must keep in mind before moving into any locality. While selecting affordable housing, you need to check the crime rate in the area and review the building's security features like CCTV surveillance, security guards, and gated entry. The presence of a police station nearby can also play a crucial role in your decision-making process.

3. Neighborhood and Community

When moving into affordable housing, it's crucial to consider the quality of the neighborhood and the community you'll be living in. Check if the area is clean and tidy, has well-maintained parks and gardens, and good street lighting. If you're a social person who enjoys interacting with your neighbors, you may want to check out community centers and clubs that host events and activities regularly in the locality.

4. Amenities and Facilities

Amenities and facilities like 24-hour electricity, uninterrupted water supply, and timely garbage collection services are essential when choosing affordable housing. You may also want to check if there are parks, shopping malls, restaurants, or hospitals in the vicinity that can cater to your lifestyle needs.

Property Factors

1. Floor Area

The floor area or the total carpet area of the house plays an imperative role in determining the affordability of housing. You must choose a home that has a well-planned layout, a spacious living room and bedroom, well-ventilated area and practical storage spaces. A smaller carpet area will end up making your home feel cramped and cluttered, while a larger one may increase your living costs. Therefore, it's essential to choose the carpet area that best matches your lifestyle needs while also keeping your budget in mind.

2. Property Age and Condition

You must also consider the age and condition of the property while choosing affordable housing. Newly constructed homes may be more expensive, and older homes may require more maintenance. You must inspect the plumbing, electrical work, and other fixtures in the home to avoid spending more in the long run. Avoid any homes with severe structural issues or repairs that may cost you more money in the long run.

3. Legalities

Checking the legalities of affordable housing is extremely crucial to ensure you don't run into any legal troubles. You must check the title deed of the property, the necessary approvals from local authorities like Municipal Corporation, and any pending litigations involving the property. You don't want to invest in a property that lands you into legal hassles in the future.

4. Builder Reputation

The reputation of the builder is another critical factor to consider when selecting affordable housing. You must verify the credibility of the builder and check their past projects to see how many have been delivered on time and with high-quality work. You may also want to check if there are any complaints filed against the builder in the past. A reputable builder with a proven track record will ensure timely delivery of a high-quality home.

Financing Factors

1. Down Payment

The down payment for an affordable housing loan determines the amount of money you have to pay upfront to secure the loan. You must research various banks and financial institutions offering affordable home loans and choose the one that best matches your financial needs and capabilities. It's also essential to note that a higher down payment may prove to be a better investment in the long run as it reduces your overall interest rates and loan tenure.

2. Interest Rates and Loan Tenure

The interest rates and loan tenure determine the amount you'll have to repay the bank for the loan you've secured. It's essential to compare interest rates from various banks and choose the one with the lowest rate. It's also essential to keep in mind that a longer loan tenure may seem more affordable, but in the long run, will lead to higher interest rates and costs.

3. Your Credit Score

Your credit score plays an integral role in securing an affordable housing loan. You must have a steady source of income and clear credit records to secure the best deals on housing loans. A good credit score also helps you negotiate the interest rates and loan tenure with the bank or financial institution.

FAQs

1. Is affordable housing affordable for everyone?

While affordable housing aims to cater to households with lower incomes, the definition of affordability varies from person to person. Affordable housing is meant to provide adequate shelter to families within their means.

2. How is the price of affordable housing determined?

The price of affordable housing is decided based on several factors such as location, carpet area, age and condition of the property, builder reputation, etc.

3. Why is affordable housing important?

Affordable housing is essential to ensure that everyone has access to a decent home within their means. With increasing urbanization, affordable housing can help create sustainable and inclusive cities.

4. Can I get a loan for affordable housing even with a low credit score?

While a good credit score helps you secure better deals for affordable housing loans, some banks and financial institutions may offer loans despite a low credit score. However, you may be subjected to higher interest rates and strict loan repayment terms.

5. Can a non-salaried person secure an affordable housing loan?

Yes, a non-salaried person like a self-employed individual or businessman can also secure an affordable housing loan provided they have proof of income and comply with the necessary documentation required by the bank or financial institution.

Affordable housing is an essential aspect of modern times, and it's crucial to consider several factors while making your decision. Always remember to consider the location, property factors, financing factors, and legalities while selecting affordable housing.

We hope this article has been informative and helped you gain a better understanding of affordable housing.

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