So you have finally pooled all your resources and ready to take the plunge of fulfilling the great Indian dream i.e. buying a house. But now you are confused. Where do you invest? The swanky ready to move apartment in electronic city phase 2 with the super-cool amenities or that independent house which reminds you of your grandparent’s place where you used to go for the summer holidays. Tough decision indeed! Let us give you a quick break-down to help you choose what fits you the best.
It is quite common knowledge that no independent house offers the range of amenities that today’s modern-day apartments offer. Facilities like a robust security system or rainwater harvesting measures are hard to come by and require considerable investment and effort on the individual’s part if he/she wants to set them up on their own. Apartment complexes like Mahendra Aarna have equipped themselves with a variety of sports courts, auditoriums, gardens, swimming pool, etc. which would cost a fortune to set up for an individual.
Most importantly,in apartments, you would have vital services like the plumber, carpenter and laundry at your beck and call unlike in an independent house where you will have to make several calls before someone turns up.
Buying a flat and independent house is not the same as a ready to move apartment in electronic city would cost a lot lesser than an independent house in the same area and the loan is also easier to procure for a flat. If we are to look at it from the point of a resale, you will have to understand that selling a flat is much easier than an independent house owing to the affordability and high demand.
The appreciation of a flat is more in accordance with its initial investment when compared to an independent house. In the case of an independent house, though the value of the plot increases, the property’s value decreases due to the usage for which regular investment needs to be done for its upkeep.
The cost of maintaining an independent house is definitely higher than an apartment as in apartments like Mahendra Aarna, the maintenance is taken care of by the RWA through the pooled resources thus leading to a huge difference in the costs.
Building an independent house right from scratch is not easy as one would need to get several permissions, constantly monitor the project and complete several legal formalities which is not the case in properties like Mahendra Aarna.
To conclude, whether you want to go for a ready to move flat in electronic city phase 2 or a fancy independent house you would need to think of your needs, the amount of money that you are willing to invest and your liabilities. If you are seeking a house for personal usage or have a joint-family, an independent house is an option in terms of the flexibility that it offers but for working couples who belong to nuclear families or elderly people, a flat is the best choice. Also, if you are planning on resale or regular rental returns, a flat is the best option solely based on the fact that it has a much higher demand than any independent house.