Although the apartment culture tends to take over the plot culture, many people still prefer to buy their own plot and construct their dream house. If you are like these people, we suggest that you consider a few important factors like your income, financial support, and cost of building. Given below are a few tips that can help you make the best choice. Read on to know more.
Investment
If you want to purchase an already-built flat, you will have to pay a hefty 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 plot, you will have to wait much longer as the construction of your house will require several months. Therefore, it may cost you much more.
Aside from this, if you want to convert your plot to a domestic area, you need to ask for permissions and get clearance certificate from the authorities in your area. So, the entire process is quite time consuming.
Scope of Resale
When you perform the construction of your own house, you have the liberty to construct it based on your taste and liking. And this type of house may not be appealing for most potential buyers. At the time of 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 apartments have a permanent structure that is the same throughout the entire building. Therefore, it will be much easier for you to sell your apartment.
Return on Investment
As far as independent houses are concerned, the value of the plot keeps rising. However, the value of the built-up property continues to come down because of usage and deterioration. Therefore, seller may have to keep investing more money for its renovation.
The value of a flat continues to rise since it is in demand because of its high affordability. On the other hand, a plot owner can earn huge returns on investment if they build several floors wisely and then rent them out.
Since fewer houses are built on plots, the demand continues to go up among potential buyers. Buying plots from the investment point of view is a great idea.
Safety
Make sure that the plot you are going to by is free of legal complications. The seller should present the required documents and deeds. Apart from this, you may want to ensure that there is no type of dispute linked with the land you are interested in.
In the case of a flat, there is no such problem as the required permissions are already obtained from the relevant authorities.