by Anushree Ghosh
Pros and cons of investing in an apartment & land.
With the lifestyle changes, apartments are in vogue and people are opting to live in apartments because of the other benefits that come along. However, buying a plot is still a favourable option for many. If you are confused between the two, then you must analyse the different aspects of an apartment and a plot before choosing one over the other. Investing in a piece of land provides you with an opportunity to build your own set-up and customise it to your own preferences; while buying a flat devoid you of such customisation, but on the other hand, apartments provide with social security and location benefits.
Here are some points to consider for deciding whether to invest in a plot or apartment.
Investing in an apartment
- Additional benefits: Owning an apartment comes with the additional benefits of the services and facilities of a society – 24*7 surveillance, recreational centres, grocery shops, gyms, etc. It gives you a hassle-free living experience.
- Loan availability: It is easy to get home loans granted, in case of an apartment.
- Rental Income: If the apartment is not for self-occupancy then renting it out is a great option, which will generate fixed monthly income for you.
- You can’t change the architecture of the house as per your choice.
- It is a gamble to find a decent tenant these days, the person may turn out to be a nuisance who doesn’t pay on time.
- It may take several months or years before you get the possession of your apartment.
Investing in Land
- Liquidity: The value of land never depreciates generally. It only increases with time.
- Maintenance: You can easily maintain a piece of land as it is not going to get dilapidated.
- Customisation: It gives you an option to construct your home in the way you want.
- Hassle-free: After paying the initial amount, you are free from all kinds of financial obligations.
- There is no immediate process to generate funds after you buy the plot.
- The purchased land could get affected by geological conditions in future.
It is important to judge your own requirements before investing in land or apartment. Be clear about your motives—long-time living intention will align with land and reselling purposes will be served better with apartments. If you can’t pay much attention to the do’s and don’ts of maintaining land, then you must go for an apartment where everything is taken care of. In case, you can invest time and extra money for setting up a standalone place go for land.
Anushree is a versatile writer, theater actress with an immense passion for any form of art. Her blogs will take you through the different horizons of infracultural storie.