Compact homes are in trend!
Redefining India’s Cityscape with this key residential feature!
We all have one common goal in life, rather a desire. A desire to have our own house. Everyone in their lifetime wants to have a house of their own and hence a lot of emotional values are attached to it. This one reason suffices to justify that we all want a good quality home, if not a luxury. But we have a common misconception that luxury can’t be affordable. On the contrary, one doesn’t have to compromise on the standard of living while buying a house. Thus, the concept of compact homes arise. Let’s get into the nitty-gritty of the compact homes and how it is changing India’s real estate industry.
Everybody wants to live in luxury, isn’t it? Would you believe if somebody tells you that buying a luxury home can save you money? This is true; now you can enjoy all the luxuries of the world and still save some money! Research indicates that more than 80% of the families are nuclear. As because you are living in nuclear family, large space is not something in your priority list. You don’t need to spend your hard-earned money on those extra useless spaces instead opt for compact home which can make room for other investment/expenses. Compact homes are easy to manage for small nuclear family, yet large enough to accommodate the future of your children.
Homes across India are becoming more compact as developers are resizing apartment to target buyers who want to invest in luxury & state-of-the-art amenities rather than extra unutilized space. Many developers are coming up with 3bhk luxurious apartments in Hyderabad with right-price and the right size to suit the home buyers’ requirements.
Compact homes – Design to fit, not cut to fit
Value of money is a key factor in home buying decisions. Today buyers think in terms of amenities, facilities, not area of the apartment. So developers have to come up with the plans that fit the needs without having a major change in all the plans or facilities.
Home sizes are becoming more customers centric across price segments, including the luxury space. Space efficiency is key and compact two-bedroom and 2, 2.5 bedroom homes are in demand. Compact home offers the same facility and amenities that big brand houses do. But when it comes to mortgage and saving money, compact homes give you many more benefits compared to those extra spacious houses!
Super Reasons for buying compact homes from a financial point of view:
Buy a compact home, reduce tenures, save money:
- Income from a job is not always guaranteed. We can see that clearly with layoffs and redundancies in the current depressed economy. Having no more mortgage or a smaller mortgage limits your exposure towards debt. Prepare for uncertainty.
- If your life is on average 60-80 years, and you spend 20 years as a child, 30 years, at least, working to pay off your loan that only leaves you 10-30 years to enjoy your life debt free. Get more time to complete that bucket list of yours.
- The savings in monthly EMIs alone are enough to make you want to start building your own small house. Smaller house plans take a large step towards reducing the cost of your monthly utility bills. More money for that extra desire.
How down-size home loan can increase your family value:
- When adults need to work full-time, have multiple jobs and take on some overtime to keep the house, family time is limited. Small houses give you the flexibility to invest more into your family while still managing to keep the bank happy.
- Financial strain causes relationships to fracture, or even disintegrate entirely. Changing to a smaller house and debt levels can change your relationship in a way that you never imagined a bank could be a part of!
- Need a holiday once or twice a year? You might need to wait a little while longer as you still need to pay down the debt. Smaller homes shorten the time span of the loan and reduce your payments giving you more holiday and relaxation time. That’s reason enough all by itself for anyone to downsize their home and mortgage!
- It happens all the time – chronic health problems can disable a family’s income earning potential. A series of bad health in your family may mean you need to stay home as a caregiver but the bank still needs their money. No choice but to work and pay up or you’re out! Go small or tiny loan amount and your family’s health take the front seat to a greater degree.
So, efficient space utilization and ample lifestyle amenities are shaping today’s real estate industry in India. Without curtailing the standard of living, real estate developers are giving value for money to the consumers. Compact homes are here to stay, so thus the world-class amenities and specifications. One such project is Hillcrest by Pacifica – Taking into consideration the housing needs of different sections of the society, Hillcrest, upcoming luxurious apartments in Hyderabad, offers a blend of 2, 3 and 4 BHK flats which will be available in simple as well as luxurious formats. Hillcrest is recognized as “Upcoming Premium Mid Segment Homes” by Times Realty Icons 2017.