Apartment or Land: Which is the Best Option?

Although the apartment culture tends to take over from the plot culture, many people still prefer to buy their own plot and build their dream home. If you are like these people, we suggest you consider some important factors such as your income, financial support and cost of construction. Here are some tips that can help you make the best decision. Keep reading to know more.

investment

If you want to buy an already built flat, you will have to pay a large sum of money. As soon as you make the payment, you can move in and enjoy your new residence. On the other hand, if you buy a piece of land, you will have to wait much longer since the construction of your house will take several months. Therefore, it may cost you much more.

Apart from this, if you want to convert your plot into a domestic area, you must apply for permits and obtain a clearance certificate from the authorities in your area. Therefore, the whole process takes quite a bit of time.

Resale Scope

When you build your own house, you have the freedom to build it based on your taste and pleasure. And this type of house may not be attractive to most potential buyers. When it comes to selling this house, you may have to spend more money on its renovation.

On the other hand, you won’t have this problem with an apartment. The reason is that the apartments have a permanent structure that is the same throughout the building. Therefore, it will be much easier for you to sell your apartment.

Return of investment

As for independent houses, the value of the plot continues to rise. However, the value of built property continues to decline due to wear and tear. Therefore, the seller may have to continue to invest more money for its renovation.

The value of a flat continues to rise as it is in demand due to its high affordability. On the other hand, a plot owner can get great returns on investment if he intelligently builds multiple flats and then rents them out.

With fewer homes being built on parcels, demand continues to rise among potential buyers. Buying plots from an investment point of view is a great idea.

Safety

Make sure that the plot you are going to pass through is free of legal complications. The seller must present the required documents and deeds. Apart from this, he may want to make sure that there is no dispute related to the land he is interested in.

In the case of a flat, there is no such problem as the required permits are already obtained from the relevant authorities.