As a homeowner or renter, it is wise to keep a keen eye on the type of developments that are happening in your neighbourhood. You should prepare yourself for imminent changes if you wake up one early morning to the sound of construction workers constructing a new condominium. Just like other developments such as roads and commercial buildings, a new condominium in your area has both positive and negative impacts. Assessing the impact of the development helps you develop ways of taking advantage of these condos.
Here are three positive things you should expect from the development.
• Economic Benefits
Once the construction kicks off, it creates an economic boom in the area. The families that will occupy the condo will provide additional income for local businesses and shops. They will also provide revenue for the local government in addition to filling in gaps in vacancies within the area. As long as the condo will be, the community should be ready to enjoy recurring income with the government enjoying a revenue income each year. Additionally, the local businesses should be ready to make more money than they are currently making. That might result in an increase in salaries and wages for their employees.
“A new condo project may create as many as 500 jobs for the local residents who will work on the construction” – says Parham, a representative from Condo Channel. When there is more than one condo coming up, the development can be one of the largest job creators in a region. Some of the job fields created includes law, architecture, electricians, and plumbing among others.
• Development of Social Amenities
Once a new development comes up in area, amenities such as roads tend to come up with the aim of improving the transportation network within the community. The overall benefit is that moving in, out, and around the neighborhood becomes easy. Development of roads also plays a big part in economic as it reduces the time spent moving around the area, which means less gas is used.
Furthermore, the rate of vehicle depreciation that results from driving on bad roads will reduce. That is a plus to the residents of the new condo and the community as well. In short, a new condo development leads to improvement in infrastructure in areas surrounding the development.
• Home-ownership is Easy
An economic depression in the recent past led to a drop in the cost of home-ownership. Condos are some of the most affordable homes you can get today. Therefore, becoming a homeowner in an area where a condominium development comes is easier now than it was in the past. Take up a condo as soon as the development is complete. Remember, the setup of the condos lowers the overall cost of construction and therefore, the prices of the condos are low. If you have been looking for a cheap single family home, then the new condo development in your region might be the solution.
Regardless of the bad reputation in the construction industry, condo development has an overall positive impact on the community at large. Moreover, as long as the contractors carry out proper planning, then it becomes easy to avoid some of the cons associated with condo development.