Real Estate & Finance

Apartment or Individual House – Which One Should You Buy?

The population of our country is exploding, and the immediate effect of this is distinctly visible on the real estate industry. Demand for flats and independent houses for sale in Bangalore, Pune, Mumbai and other metros of India is rocketing by the day. This has led to the construction of smart and modern housing complexes such as Shapoorji Pallonji Parkwest in Bangalore – six of its phases are under construction, and one more is to start soon. And each tower has 18 floors in it.

In a similar trend, the demand for individual houses is also witnessing a massive surge. This is because owning an independent house is often easier and it provides very high returns in the long run. Also, an independent house has the scope of ample modification and significant extension.

In case you’re confused about whether you should buy an apartment of a separate house, here are few aspects which you should consider to make a smart choice:

->Cost Components

The cost of an independent is much higher than the cost of buying an apartment. Cost comparison can help you in deciding which is a better choice for you. The price of an independent house is inclusive of the cost of the building/structure and the value of the land on which it stands.

However, in the case of apartments, you may incur post maintenance costs which is generally obligatory and can be very high. For independent houses, this cost is relatively lower and more like a choice.

->Amenities and Facilities

Most of the residential projects offer amenities like 24×7 power back up, security, gym, banquet hall, park, swimming pool, playing arena etc. Some large projects also include conveniences like groceries, pharmacies, ATMs. On the other hand, even if the basic conveniences are available in the vicinity of independent houses, amenities like the gym, swimming pool etc. might be missing or not readily available.

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->Freedom of Construction

Within the prescribed limits of the concerned authorities, the plan and development of an independent house can be carried out at the absolute discretion of the owner. Or on the flip side, the owner can reserve or delay the construction of a particular part or piece of the house. Whereas, in the case of apartments, only minor and internal modifications are feasible.

->Safe and Secure Residence

One of the major causes behind the rising popularity of apartments is the presence of a robust security system, which in general is found to be absent in the case of independent houses. Both apartments and independent houses have their own set of advantages and disadvantages. The decision to choose between the two usually depends upon the buyer’s ability to invest, his/her needs and preferences.

Apartment or independent house – whichever fits into your necessities and bents, there is a huge demand for independent houses as its ownership can fetch you very good returns in future.You can fund your property ownership with home loans from Bajaj Finserv Homes & Loans up to Rs. 10 crores. You will also get in property-search assistance, topup loans and several other executive services.

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