Jasz
VIP Contributor
The purpose of urban renewal in real estate is to create a better environment for living. Urban renewal projects can be done in several ways, such as by building new homes or by renovating existing houses that are in poor condition. Urban renewal is not just limited to housing; it may also include the renovation of businesses or even entire neighborhoods. This type of project typically requires some sort of financial assistance from the government because it requires large sums of money and resources.
Urban Renewal Benefits
The benefits of urban renewal may include:
Improved living conditions – Urban renewal often creates safer, healthier and more comfortable living conditions for residents, who live in better housing than they did before their neighborhood was renovated. For example, if an area has poor-quality housing and lacks amenities such as parks or grocery stores, then urban renewal can remedy these problems by replacing old buildings with new ones that have modern amenities like air conditioning, heating and electricity.
Increased property values – If you live in a high-rise apartment building that has been recently renovated, then chances are good that your building's property value has increased since its renovation took place. This increase in value will likely result in higher rent payments from tenants who want to live in this newly improved area and enjoy its amenities.
Urban Renewal Benefits
The benefits of urban renewal may include:
Improved living conditions – Urban renewal often creates safer, healthier and more comfortable living conditions for residents, who live in better housing than they did before their neighborhood was renovated. For example, if an area has poor-quality housing and lacks amenities such as parks or grocery stores, then urban renewal can remedy these problems by replacing old buildings with new ones that have modern amenities like air conditioning, heating and electricity.
Increased property values – If you live in a high-rise apartment building that has been recently renovated, then chances are good that your building's property value has increased since its renovation took place. This increase in value will likely result in higher rent payments from tenants who want to live in this newly improved area and enjoy its amenities.
