As seen above, there are a variety of factors to be considered while making the decision to buy a house or stay on rent. Real estate is a good asset class to own and can act as a hedge against inflation. However, you should not buy a house simply because it is good to have real estate in your investment portfolio.
If you are buying a property for an investment purpose, the ground floor is the best floor in high rise building for you. People, especially in Mumbai and Bengaluru, prefer upper floors, while buyers in the Delhi-National Capital Region (NCR) and Chennai prefer ground floors.
What will usually happen is that the individual owners will take a vote to all sell their legal rights to the underlying land, move away, and divide the money among themselves. These agreements can last over 100 years or more, even when individual owners buy and sell their individual apartments.
Why there is no resale value for an apartment,
Since this is a new locality, there are lot of new properties under construction even today. Hence, if someone wants to buy a property, they may choose a new property for pretty much the same price. The land price has not appreciated much in the last 3 years.Ideally, the average lifespan of any concrete structure is 75-100 years. But, it is considered that the average life of an apartment is 50-60 years while of a house it is 40 years.
Once a majority of them decides to demolish it, irrespective of the age of the building, each owner will have ownership of their UDS ( un-divided share ) of the land. Well designed buildings can go on for more than 50 years easily. If it's sold each owner gets money according to their UDS.
In conclusion, while living in a house certainly has some downsides, it provides people with a relaxed and calm lifestyle along with abundant living space. Thus, in my opinion living in houses has more advantages than staying in apartments.
Buying an apartment is not a bad idea. In the future, most people in the larger cities will have to get used to the notion of spending all their lives in apartments. There's another thread about this. You may want to consider the effect of various stamp duty rules and first home grants, which vary from state to state.
There are various potential cons with buying a flat: you will have more neighbours, and people tend to turnover more quickly than in houses, so you might have dream neighbours when you move in then quickly get noisy people. In a flat, typically your bills and insurance and council tax will be less than in a house.
The study also questioned burglary victims to reveal the impact of the crime committed. Conversely, the least desirable type of property to burgle were flats. Flats were seen as a barrier to the burglars due to the close proximity of people. One burglar said: “There are too many people living close together in flats.
Flats grow in value faster than all other properties: Average price increase of 60% over ten years is equivalent to £730 a month. Flats have increased in value over the last decade by more than all other types of property, with a massive 60 per cent price rise.
Resales tend to be less expensive than new properties and are more likely to come complete with items that may cost extra with a new home, such as blinds, landscaping, built-ins, etc. Depending on the state, resale homes may have lower property tax rates.
After Moving In
- Upgrade Your Door Locks. Hopefully your apartment will already be equipped with a deadbolt, but if not, be sure to install one when you move in.
- Get a Door Security Bar.
- Cover Your Windows.
- Meet Your Neighbors.
- Invest in a Safe.
- Get Renters Insurance.
- Consider Cameras.
- Install a Security System.
Top floor flats are generally brighter and you don't have to worry about noises and leaks from an unit above you. As a result, they are generally more expensive. In some buildings, it will also require walking up/down stairs, so there are pros and cons.
Research by LV= found that ground floor and basement flats are the properties with the highest risk of being burgled - they are 48% more likely to broken into than any other type of property. Semi-detached houses and upper-floor flats are the least likely to burgled.
8 Simple Ways to Burglar-Proof Your Home
- Beef up your door security. A door's weak and vulnerable area is where the deadbolt lock inserts into the doorjamb.
- Consider smart locks with no keys to lose.
- Put in loud peel-and-stick alarms.
- Secure patio doors.
- Take away hiding places.
- Protect your mail.
- Make your safe safer.
- See inside your home when you're gone.
How to Burglar Proof Your Apartment
- Choose a solid wood or metal front door.
- lnstall a home security system.
- Add CCTV cameras to your security system.
- Secure your windows with curtains, blinds and locks.
- Add motion detection lights.
- Keep a pepper spray or stun gun.
- Additional apartment safety advice.
To simplify things, here we have enlisted a few things that everyone must ask the builder before the purchase of a flat:
- Inquire about the status of the title.
- Ask about the Actual Price of the Property.
- Check the record of the Builder.
- Ask if they can show any sample flat.
- Ask about the completion and the possession date.
Villas are also considered as great long-term investment options as they have a long shelf-life. They are more sturdily built and can withstand the vagaries of nature better and last longer than the owner's life-span. The increase in the value of a villa with time is also worth the initial investment.
A villa is a fancy vacation home. Still, the word has been around ever since ancient Roman times to mean "country house for the elite." In Italian, villa means "country house or farm." Most villas include a large amount of land and often barns, garages, or other outbuildings as well.
A plot has high flexibility as it has the option of building as per requirements, while modification and expansion are limited in case of a flat. 3. Rental income: Plots generate very low income and have a higher risk of litigation, while with the flats generate higher rentals.
Of course this is not fact. Houses appreciate in value over time. Apartments and townhouses appreciate in value over time. Investing in property is all about buying a property that will appreciate in value over time and deliver capital growth and good returns.
Villa. A villa is a large, detached structure with spacious land surrounding it. It is very luxurious and may include amenities such as a pool, stables and gardens. A villa is generally home to a single family, in contrast to condos and townhomes that are designed to house multiple families.
The USP of builder floors is that it allows one to own an independent dwelling unit without having to pay hefty amounts required for independent villas or bungalows. Tying up with independent land or house owners for developing builder floor can work out to be a great deal for buyers.
A villa is a type of house that was originally an ancient Roman upper-class country house. Since its origins in the Roman villa, the idea and function of a villa has evolved considerably.
The life expectancy of a building's “vital” organs is varied2: kitchens, bathroom appliances, paintwork and floor coverings normally last between ten and fifteen years; pipes, windows and flat roofs 30 years and the basic structure (concrete or bricks) – the actual shell – between 70 and 100 years.
In most cases, living in a house offers you much more space than you'd get with an apartment. Sometimes renting a house comes with a yard, which is great if you have a dog. On another note, houses make much better places for parties are much better for parties than cramped apartments are.
