National and local governments have, time and again, come up with various schemes to provide an affordable and dignified living space to medium and low-income families. Whether it is urban migrants or the plethora of industrial laborers, they form an integral part of the community.
Catering to the migrant workers and individuals belonging to the hospitality sector, health and education, is the government’s responsibility. The district also shares a duty to help the workforce population get a shelter and stay close to their job location.
Affordable housing comes as a rescue for individuals belonging to this section.
• In recent times, affordable housing has witnessed a rise in demand because of various government schemes and sectoral growth.
• The housing and land assets offer appreciation, making them a secure investment option.
• Hence, most individuals convert their hotels into residential estates to procure more profit.
- Result of governmental initiatives
Affordable housing has gained immense support in the western world since 2021. Some extensions were also underway through funding to benefit the individuals associated with this sector. Several subsidies and grants were underway for hotel owners and property landlords to encourage them to start these affordable housing projects.
Hence, Maxwell Drever speculates that it tried to revitalize the economy and the real estate sector. By providing those with tax relief, governments tried to introduce flexibility in the supply of affordable housing segments.
- Leverage high-value and low-cost assets
Various national governments have tried to limit the sale price of houses under this segment of affordable housing. These schemes allow homebuyers and investors to purchase estates at a lower price. Hence, they try to ensure that the supply of affordable housing gets elevated through price appreciation.
- High demand but less supply
In the plethora of stigmas and misconceptions about affordable housing, there is a myth that communities with these residential units may not opt for investment in this sector. The reality is very different from this perspective. Investment in the modern affordable residential unit is attractive, vast, and diverse. It helps build quality housing and provides easy returns for those investing in this sector.
As previously discussed, Maxwell Drever holds that affordable housing allows investors and homebuyers to invest in different projects that can furnish a high profit.
- Affordable housing can change the society
Streamlined the economy and drove the economy away from luxury properties towards rental apartments. Hotel owners must plan and fruitfully execute their blueprint to end the hunt. They must work with professionals to ensure that their residential units are appropriately located and attractive at the same time. Hotel transformation is a serious step that requires profound changes.
You do not have to introduce a swimming pool or other luxury elements. You only have to provide the workforce population with an open and vast space with every basic amenity. Also, you must see that your property adheres to the local rules and building construction protocols. You cannot take a chance when working in the sector.