Notes

Apartment Vs Independent House: Which One Is Better?


Mortgage: In the event you are purchasing the property by having a home loan, it is simpler to get the loan for a flat than an independent property. Lending banks often prepare a listing of sanctioned projects where a buyer can very quickly get his loan approved. However, banks sanction loans for independent properties only after strict scrutiny of borrowers. The lending is difficult in the case of independent properties also due to the share of unaccounted cash component. Moreover, it's difficult to ascertain the value of an unbiased house (Buying a condo on Ferdows Boulevard)خرید آپارتمان در بلوار فردوس.

Just in case you plan to buy a story, know about the fact that banks in India provide only 60-70 per cent of the total plot value. You will have to arrange the remaining portion of the amount, including that for the stamp duty and registration charges. However, banks do provide construction loan over and above this amount.

If buying an under-construction property: Say, you choose to get a house which is under construction. You will find challenges. However, the difficulties reduce drastically whenever you purchase a condo project. In case you plan to buy a plan and then build the house property about it, it will be a long, cumbersome and tiring task available to make the property. However, here you'd have the benefit of building the property within a specified amount of time. Compared, in a condo project, you will be at the developer's mercy -- whether he wishes to accomplish the project on time. Cash crunch, poor economic scenario, rising cost of raw materials and labour, and poor sales sometimes hit developers' revenues, leading to construction delays.

Maintenance cost: Your work doesn't end here. Once you start living in your own house, the property needs constant efforts for maintenance, cleanliness and construction & repair. However, it has been observed that the expense of maintaining an unbiased house is significantly more than that needed for an apartment property, as the maintenance is taken care by the society's RWA in a condo project. Due to the pooled resources in a residential complex, the price of services reduces drastically. These services take less time than that required in an independent property just like a bungalow.

Saleability: Among all the asset classes, property as a resource class takes more time to resell. And the task may develop into a Herculean one when it is an unbiased property. Industry estimates suggest that apartments are now more in demand. Even Tier-II cities are witnessing such developments. Developers are now actually bringing apartment projects with a variety of plotted developments. If you decide to sell your property at a later stage, it would be easier to sell an apartment. Within apartments, two-bedroom and three-bedroom apartments are the absolute most in demand.

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