The government of every country has a duty to provide cheap houses to its nation. There is an international crisis in the world which result dramatically increases in the prices of the real estate properties in the shape of houses, plots, retail shops and big buildings. This rapid increase in price gives major impact on lower salary people as it is difficult to buy a house at cheap price or at an affordable price. Even better standard people also not able to buy big houses because of inflation.
The cheap houses can only purchase when the economy of a country is strong and powerful. Lower income persons not able to afford to buy a house or even a small flat. If we talk about Asian countries, here prices are increasing very fast, so it is difficult for the individual to find cheap houses for their requirement. In these countries the poverty level is increased very fast. In Pakistan, the situation now disaster for the middle class person. We hope that government should take steps in order to provide cheap houses for the needy people.
Now we have discussed about the responsibility of the government to provide cheap houses in the above paragraph. There are some circumstances or assumptions to get a cheap house on a limited budget. This will be discussed in the given paragraph.
Factors to get cheap house
- Mortgage house
- By public auction
- More Supply than demand
- Government Schemes
Many of times the owner of the house mortgage the property in order to get funds for business or other purpose. If he did not able to pay the fee due to some problem, then the value of mortgage property down to market value which is less than the current value of the property. By this way the buyer can able to buy a cheap house.
By public auction
The government sale, houses on auction. In this way the higher bigger can buy a house. Many of times the property sale at a higher price than originally, but in same cases buyer has a luck to buy cheap houses on these auctions.
More Supply than demand
Well, this is the assumption, when less people show interest in buying the houses than prices of these houses starts decreasing and a buyer can able to buy cheap houses.
The government of every country offers schemes to low salaried person to buy a house at an affordable price as possible. These types of schemes are only for lower income people. The government required identity cards and other documents in order to grant houses to need people.
Well, these are circumstances in which an individual may buy the dream house. There are issues and crisis, which make it difficult for the poor people. The crisis includes inflation, more interest of buying the houses, more demand than supply, more unemployment in a country and so on. Government works hard to try to overcome these crisis, which may destroy the economy badly.