Real estate investment typically carries bright investment prospects. Although a property investment may include a plot, an apartment, a villa or even commercial property, plots in chennai are the favorite investment arena for many. Be it just a small or large plots, the benefits of investing in plots are multifold. Here, we discuss five reasons for investing in plots.
1. Affordable Plots Are High In Demand
There is always a market for affordable housing. Low area plots are often more in demand than a villa or an independent house, especially for the young, migrating crowd. Add to this the fact that plots are generally more affordable and also provide easy living.
2. Tax Depreciation Is Faster For Plots
Investing in an plot project can help you save money on the taxation front. If you’re the owner of an plot project, you can easily write off depreciation, mortgage interest, and capital expenses every taxable year. If you took a mortgage on your property, then you can claim tax deduction for it in the same year. This will also cover any associated costs that came with the process of taking the loan.
Since the depreciation period of apartment buildings is less than that of commercial properties, the tax benefits of investing in plots are relatively higher.
3. Plots Are More Urban
The demand for small suburban houses is dwindling with more and more people willing to settle down closer to, or inside, the city. As the average age of a home buyer is consistently reducing, plots that are compact and provide an urban atmosphere are being preferred over houses. These days, a young buyer wants to live near malls, restaurants, and metro stations, and usually plots cater to this market of end-users.
4. Smaller Homes Are More In Demand
With the concept of nuclear families now becoming slightly unpopular, plots are now more in demand than other properties. You would be hard pressed to sell a large sprawling house to someone who is just looking to buy a small home for three.
5. The Low Maintenance Appeal Of Plots
Most of the maintenance work in the plots in chennai is taken care by an in-house maintenance staff. Residents don’t have to worry about trimming down the lawn, washing the parking lots, beautifying the garden, cleaning the common spaces, and other similar chores. In some complexes, there is a team for cleaning the apartments and doing laundry as well. Sometimes, all you need to do is pay a maintenance fee and all of the work is done for you.