Once you have made up your mind to buy a house you always have a question to ask yourself; whether I buy an Apartment or an Independent Villa. Not considering the cost factor, there are several Pros and Cons for either option. The decision to opt out for a house depends on several factors such as;
- Are you buying in a city where you are working and would make sense to settle down?
- The stage of your life i.e. single, married without kids yet, having very young kids, having teens who demands their private room, retired.
- If you have a job which may require you to travel frequently or which would involve transfer from current location every few years or you are likely to look for careers in other cities in the future.
- If ever there is a decision for you to settle back in your hometown after retirement, are there any chances of good return of the apartment once you rent it?
- We cannot come down on any individual decision as every individual have their own experiences but we can surely discuss some pros and cons of each of them:
Apartments have become the first home for majority of new home buyers in large cities.
- One of the key advantages of an apartment is security for your family members in the event when you are traveling or for the expensive house hold goods.
- Availability of convenience stores with the apartment complex helps you to shop for basic essentials / groceries easily.
- Facilities such as power and water backup, uninterrupted supply of cooking gas would help you to live a hassle free life. The scarcity of power and good water is becoming a serious problem in most top cities and the problem isexpected to escalate more in the future.
- Club facilities will provide you access to gym, sports, swimming pool etc which will help you to lead an active and healthy life – a must need in the current high stress environment.
- An apartment which is part of a large development will have a well maintained garden and landscaping as part of the complex. This will provide space for you and your family to take a stroll and relax.
- Apartment complexes have staff that comes to collect payments for usage of utilities such as electricity, water, internet etc which removes any hassle of setting reminders for making payment.
- Services such as plumber, electrician is available on call (from the society) which will help to reduce the stress of maintaining your home.
- If you own an apartment and you get transferred, some societies help the apartment owners in providing contracting services like to rent out the apartment or providing annual maintenance services etc, which will enable you to generate revenue from the asset with limited efforts and also maintain it even in your absence.
- No war of words with neighbor for parking space which has become a daily phenomenon in the larger cities. The parking slots are well defined and allocated in case of flats.
- If you are staying in a city where you don’t have any friends or relatives nearby it’s always better to go for a flat as you can get acquainted to some of the many families in the apartment.
- Limited or no freedom to make modifications to the exteriors your home.
- Very limited space to develop interests such gardening or growing smaller farm animals (societies mostly object to the same).
- If you are a believer in “good walls make good neighbors”, then apartment may not be the best option. A lifelong problem if you cannot get along with your neighbors in the same floor.
- No flexibility to expand the space for future needs, like children growing up or parents moving in with you.
Independent homes have been the main go to dwelling unit option for masses. They in turn have their own pros and cons:
ADVANTAGESAn independent house provides you greater degree of freedom. (We have to tell what kind of freedom)
- Ability to design the house as per your wish.
- Future modification of exteriors as per the latest trends and wishes.
- If you have keen interest in gardening, then, you would have a space to build on your interest or grow your pets.
- Good acoustic insulation in comparison to flats.
- You can always expand the space as per requirement in the future when your children grow up.
- You can develop the higher floors, and in turn make some additional income through rent.
- Security is a concern and will come at a significant cost i.e. if you want to keep a watchman or install security/surveillance devices.
- Procuring land and the documentation related to this is another struggle you have to go through.
- Facilities such as power backup (especially if you want to install generators to run A/C’s etc) and water supply would be expensive and managing the same would be quite a task.
- You would need to get access to external clubs and sport facilities. This would be an expensive proposition for e.g. monthly access to a good gym could cost you anywhere between Rs 2500/- to 3500/-.
- Services such as plumbers, electricians etc would need to be identified and called for at the time of need, which may not be available right away.
- If you have a job which requires you to be traveling to different cities, then security of your household goods would be a cause for worry.
- If you are in the metros or in the tier-1 cities where land is scarce and expensive, you may end up owning precious little space and there will be very little space for garden and to walk around.(this is true for apartments as well, so either we write in both or I think we should omit in this)
In all facets of life buying a home or building one is everyone’s dream. However, this choice is always based on an individual capacity. It can be on the grounds of economy, emotions, experiences, priorities, and many more demographics.