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Apartment Vs. Independent Dwelling: Which Is A Better Option For You?

July 9 2019

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The first thing that crops up in your mind when it comes to buying a home is buying one at a wonderful location. But there is more to buying a home than just the location, although it is a very important aspect. Say, you are in search of a residential property in Keshav Nagar, Pune, you are aware that it is a great location but what about the ticket size? Would you be fine living in a house that is situated at a brilliant location but is not spacious enough for your family? We believe not! Selecting a great location would definitely give you better appreciation on your investment. So, depending on their preferences, some opt for an apartment while others prefer independent dwellings such as villas and row houses. However, due to the residential real estate rates skyrocketing in the metropolitan and cosmopolitan cities, people are compelled to look for apartments such as Gera’s Misty Waters rather than independent houses. Villa homes and row houses surely come at a price but there are some stark differences between the two that helps people choose the type of home they’d rather live in. Let’s take a look at some.

Amenities

In an apartment society, external amenities such as parking space, power backup, security, water management and fire safety is taken care of at the time of construction itself. So, when you buy an apartment these amenities are part of the price you pay at the time of purchase. On the other hand, an independent property such as a villa needs some extra effort and cost to set up these services. And this cost is an estimated 2-3 percent of the total property value. Therefore, to save the cost of setting up some of these services, many homebuyers prefer to buy an apartment over a villa.

Mortgage

Usually when you think of buying a home, opting for a loan is a given. Now, in such a case where you are settling for an apartment, getting a home loan sanctioned is much easier than in the case of an independent dwelling. Banks often have a list of sanctioned projects where a homebuyer can get his loan approved. In the case of independent properties, granting a home loan is difficult because there is the issue of the unaccounted cash that needs to be addressed. Additionally, it is quite difficult to ascertain the value of an independent abode.

Maintenance Cost

Maintenance cost is one aspect that comes into play only after you buy the home. But it is just as important to consider before you buy a home. Every property including a housing property needs maintenance, cleanliness, and repair. In this regard, maintaining an independent house incurs more cost than maintaining an apartment. The maintenance of an apartment society is taken care of the by the Residents’ Welfare Association of every housing property. Therefore, the costs reduce drastically and you have someone else taking care of all the maintenance services. The case is the quite opposite if you own an independent bungalow.

Ideally, before you decide to buy a property, a thorough groundwork is necessary and must be done so you don’t have any regrets later. So, if an apartment is what you eventually settle for, it is essential that you find the best that there is, in the city you think of buying it in. In Pune, especially in Keshav Nagar, Gera’s Misty Waters steals the show with the river views, iPad controlled home automation, and much more.


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