- How Much Money Is Needed To Invest In Rental Property?
- Should A Real Estate Investor Get An Agent’s License?
- 5 Big Factors That Affect The Costs Of Renovating Your Home
- SIBOR Hike – What You Can Do With Your Current Loan
- 6 Basic Don’ts Of Real Estate Negotiation Tactics
- Will New Condo Relaunches Trigger The Great Property Sale We Have All Been Waiting For?
- 10 Proximity Amenities That Add Value To Real Estate
- How To Get Personal Loans More Easily With Good Credit
Cluster development is a type of site planning where a grouping of residential units are built very close to each other in small lots, and common areas where residents share with one another.
Such types of development allow people to purchase property at more affordable prices since their homes are smaller than regular sized homes of that type.
This is made possible from the sharing of common areas for the use of residents.
For example, a land area might be able to accommodate 10 regular sized houses. But with cluster development, 18 are squeezed into it as all residents would share parking facilities instead of having their own driveway.
Residents might have to share common walls with neighbors as well.
While this might sound like a compromise, there is a legitimate demand for such real estate. Not for their affordability, but that they serve the needs of home seekers very well.
Many people might find excessive space unnecessary and come with the added responsibility of maintaining them. As cluster housing would have associations that manage the common space, homeowners would not have to take on all the work or repairs and maintenance themselves.