Everyone has the desire to own a home. After completing the necessary financial planning and saving, the next decision is whether to purchase an apartment or a standalone house. Most homebuyers prefer apartments due to space constraints and high rates. However, the increase in nuclear families, the upgrade in compact and chic lifestyle, the increase in land cost, and the inter-state migration of the population for jobs all contributed to the practical flourishing of apartment culture in the big cities.
As per the top builders in Chennai apartments are the most popular type of property in Indian cities due to factors such as modern appearance, amenities, in-house maintenance services, and improved security. Apartments customization can be done on a small scale without affecting the basic layout of the apartment.
Those who want the privacy of an independent unit but do not want the hassle of building a home prefer independent houses or villas. Some developers like top builders in Chennai even offer premium units in gated communities with private or communal amenities.
So, let’s dive into the factors Why apartments are the wise choice when compared to independent houses.
- Because the cost of purchasing an independent house is much higher than that of purchasing an apartment, the requirement for a home loan will increase in proportion. It would include the cost of the plot, the stamp duty to be paid to the government, the clearances required from various authorities, etc.
- While an apartment property like apartments for sale in Korattur includes added values such as security, ample parking space, power backup, water systems, and a fire safety mechanism, an independent property requires additional effort to set up these services.
- Banks only sanction loans for independent properties after rigorous scrutiny of borrowers, which takes time and may result in losing the desired property if you buy property from the top builders in Chennai. Apartment loans are readily available because builders have agreements with various banks to make the process easier.
- Independent houses or villas do not have the same capital appreciation as apartments. This is primarily due to the high initial capital required and the low demand compared to flats. But apartments are always in high order and are simple to sell or rent.
- Living in an apartment complex like flats in Ambattur promotes communal harmony and societal living because there is no discrimination based on caste or creed. Members of society from all walks of life are welcomed, lacking in independent house living.
Conclusion
Apartments are the best option for buyers like a modern nuclear family on a budget or seniors looking to spend their retirement in peace. Builders have sensed the demand and are catering to it for all budgets, providing amenities and facilities to attract such buyers. Investors must consider the current trend of what property rents out the most, what kind of expected returns, what the resale value is, and so on. While apartments are easier to find tenants due to high demand, rental yield for independent houses is higher depending on factors such as room size, location, and so on.
