Looking for new investments? Confused between budget or luxury accommodation? You have come to the right page then! This post is going to give you a comprehensive understanding about the nitty-gritty of the same.
What is budget home?
Available in lower capital, budget homes are the best option for middle income buyers. The non-prime areas in a city are generally meant for budget homes. For instance, the investors looking for budget homes in Pune would find Wagholi, Moshi, Manjri, Kothrud etc. quite suitable for their requirements. Although, budget or affordable houses do not carve up an array of first-rate specifications like premium homes, still the designs are enough to match up the requirements of the mid income buyers.
What is luxury home?
Luxury homes, on the other hand, are meant to fuss over the demand for top-end amenities. Stunning and superior in many ways, luxury houses are featured with advanced facilities. Well-off property buyers have the same cravings like mid-income buyers, only on some finer scale. While the basic fittings and fixtures can satisfy the budget home buyers, advanced amenities are asked for by the luxury home buyers. In Pune, areas like Viman Nagar, Kalyani Nagar, Koregaon Park etc. are the most preferred locations for luxury accommodation.
Who doesn’t want to live in a palatial home? Who doesn’t want to live a life king size? But, at the same time, you should also act wise, so that no wrong decision is taken from your end. When the budget and mid range projects during the early stages of construction can give you a price benefit, investments in luxury projects, at the same time, can give you a tough time.
Well, there are also a number of things which you should be well-aware of before you go confused yet again. Even if you are thinking of taking rented apartments, there are a number of clauses which you should always interpret in the best manner. Luxury investments may require the investors incur a huge maintenance cost. Researches say that luxury apartment holders have to pay minimum 8 times of the total sq ft as maintenance cost. As for example, if you take a luxury apartment of 2,000 sq ft on rent, you are supposed to pay minimum Rs. 16,000 as its maintenance cost. On the other hand, budget homes don’t render such cost. An ostensible amount can be taken from you in terms of garbage collection, car parking areas, generator etc, which, in turn, compared to luxury accommodations, comes nowhere.
To conclude, although the demand for both the budget and luxury homes has increased to a significant extent, it’s always fairly safe to opt for a comprehensive market analysis before deciding on a particular take.