Condominium or Independent House – What’s your choice?
Calling something your own feel special. When it is your own home, the feeling becomes exceptional. In this era where rents are skyrocketing, buying a home is always a lucrative investment.
What is the first thing that comes to our mind when we look for a home? Location. It is that one perennial mandate one looks for while searching for a convenient housing option. A locality close to the hospital and marketplace, well-connected to city centres and safe. Besides easy accessibility, location helps homeowners get a better capital appreciation in the future.
Most home-buyers nowadays prefer gated communities over independent houses. For the wide array of amenities and added benefits that come with it. However, there are some who enjoy privacy. They look for a quiet independent life in a world they can build as per their wish. Thus, giving rise to the question, which one is better – an apartment or an independent house?
Each property has its share of benefits and shortcomings. While one offers security and builds a community, the other provides autonomy and privacy.
So, let’s look into the ABCs that one needs to keep in mind while planning for real estate investments.
A for Amenities
Apartments come with added value. Parking space, power back-up, fire safety mechanism and most important of all, safety. Independent property on the other hand would require an extra cost. The house owner would have to set up a small power backup system himself. Unlike apartments with Residents’ Welfare Associations that takes care of security and other issues, the independent property owners have to tackle the problems themselves.
B for Bank Sanctions and Home Loans
If you are taking a home loan, it is easier to get bank sanctions on apartments. While for independent properties buyers face strict scrutiny from the lenders. In the case of apartments and condominiums, builders have tie-ups with various banks that make the process hassle-free. The loan processing on independent houses is cumbersome as it is difficult to ascertain the value of the independent property.
C for Capital Appreciation
The capital appreciation of houses is not as high as apartments. This is due to the initial capital investment that includes the cost of the plot, the stamp duty paid to the government, and labour costs for construction and renovations. This is the same reason it is difficult to sell an independent house. Apartments, on the other hand, are always in demand and are easy to sell or rent out.
Nevertheless, in the end, buying a home comes down to the preference, budget and taste. If you are looking for convenience that comes with a quintessential lifestyle, you look for the amenities as well as the location. Like Ambuja Neotia’s latest project Urvisha~The Condoville in New Town that connects life and lifestyle seamlessly. If you looking for a luxury cocoon, there is Utalika Luxury ~The Condoville, strategically located off E. M. Bypass.