Which is better: An Apartment or an Independent House?
The jury is still out when it comes to deciding between a flat and an independent house. Both have their unique advantages, but often, the home buyer’s preference dictates the decision. With home loan interest rates bordering in the affordable range, it is feasible to apply for a home loan and go for either of the two options.
By looking at the points of difference, we can understand which can be a better option for us: an apartment or an independent house.
|Basis of Difference||Apartment||Independent House|
||The payment process is streamlined as the builder supervises all the formalities, including electricity connection, labor cost, architect fees, etc. Therefore, the price of the property is often all-inclusive.||The buyer needs to add the stamp duty paid to the government, clearances, electricity connection, raw materials, etc., and the plot’s price. Therefore, the building of an independent house is a series of expenses.|
||When you pay the price of your property and own it, you are getting all the facilities added to it, like security, parking lot, fire safety, etc.||In this case, once you decide to buy the property, you have to arrange for a power backup, water system, security system, and others on your own.|
||Getting the home loan sanctioned is smooth as reputed builders have tie-ups with banks and financial institutions.||It can be a tedious process as the institutions inquire about land ownership and the project cost. Home loans are available, but arranging them involves additional formalities and time.|
||The internal maintenance team looks after the cleanliness, repair, and construction works and is available 24/7.||The buyer needs to make personal efforts regularly for the overall maintenance of the house.|
||It is easier to trust the builders if they have the goodwill and track record of project deliveries and quality of work.||There are chances of land disputes and permission-related issues as there are fewer sources of collecting information regarding the seller of an independent house.|
||Residing in a society helps in getting connected with people from different walks of life.||It is suited for those who constantly crave to be away from the crowd and need personal space.|
||It is much easier to sell the property because there is a ready buy/sell market for apartments.||Reselling the property can require additional effort as an independent house is unique for any prospective buyer.|
Good research work is required before you choose either of the two options. If you go for a home loan, checking a home loan EMI calculator is also essential to find out if your dream home is affordable.