Buying property is one of the responsibilities that falls in everyone for life. Here I have mentioned some tips to choose between investing in a flat and a plot? That is why, it is important to do the right planning and have a plan to avoid future setbacks?
When investing in property, you must know about requirements and needs. Factors such as family size, futuristic purposes, and current accommodations also contribute to your decision to buy residential property.
And when we talk about buying property and family, the investment dilemma between plots and flat tags too! In addition, factors such as taxation and bank loans add to the list too.
Thus, you must be aware of all points that fall under flat vs plot to make a better decision.
To give you early, here is something we will discuss in detail.
There are many differences in plots and flat in terms of facilities and lifestyles. Thus, before investing in one of the two, we must know about all parameters to choose a house that suits your needs.
Below are 6 crucial decisive factors:
Appreciation value and resale:
When someone buys a house, capital thought also crosses their minds!
While the plot increases in value from time to time and in a shorter period, the flat generally has a slower appreciation value. The reason behind a slower appreciation is also a building age and general wear from time to time.
In addition, people still prefer plots because of the decline in availability of space and open areas. And this allows the plot value to increase several times compared to flats.
Taxation and Loan Benefits:
Many homeowners are not aware of the tax benefits of the sale and purchase of property. However, tax benefits on the purchase of flat vs. plots are different and require different approaches.
When you borrow a loan for plots or land to be built, the tax is similar to a house that has been built. Interestingly, interesting tax reduction is only available after the construction is complete.
However, if you choose an apartment, you qualify for reducing until RS. 1.5 lakh per year for flowers paid on loans.
Talk about loans,
First, get a loan for empty plots it is difficult compared to the building. Second, tax benefits when buying apartments are also higher.
Customization and flexibility:
If you fans adjust your home, then choose an apartment may not be your perfect choice. The apartment already has well-planned architecture and a predetermined size of each room that cannot be changed.
On the other hand, the independent plot gives you the freedom to adjust your home according to your needs. Do you want to add a room or rotate your garage to the store; you can easily make such changes, not like in the apartment.
Many facilities & facilities:
At present, people look forward to facilities such as open space, clubhouses, jogging tracks, health clubs and not just a four-walled house. And the apartment has it all!
The gated community and city have various facilities for occupants to be enjoyed and used in their comfort zones.
Hopefully it is a mini theater, basketball court, gymnasium, or café, property in Jaipur has unmatched facilities.
On the other hand, the plot cannot store facilities like that, and the residents must look elsewhere for the same thing. After all, who doesn’t like home that comes with additional facilities?
Passive income source:
If you are real estate investors and plan to make your property a passive source of income, you must invest wisely. While the apartment and flats can be added to rent, it becomes difficult to do it with a plot.
You can rent apartments for direct returns and short-term profits. Has a factor affordability flats, apartments are the first choice of people who are looking for a temporary stay.
However, the plot can also be rented by building additional floors, but why it is troublesome when you can easily buy an apartment and rent it.
Shift and furniture options:
One of the main differences came in furniture and shifting. While choosing an apartment, you get a house that is easily shifted without a building from the start. Ready to shift flats are in tend in 2021. there are so many benefits of living in an apartment instead of a house.
On the other hand, you need to build a home directly from the beginning with all plans and maps if you choose a plot.
In addition, the apartment has furniture options, not like in the plot. You can choose between complete, semi-furnished or furnished flats according to your needs. When choosing a plot, the superiority of a fully furnished house or even semi furnishings go to throw!
Debate flat vs. plot is happening since the real estate market appears. Half of people prefer flats because of the facilities, and the other half prefer the plot because of independence and freedom to adjust.
However, when it comes to buying a house, everyone has different requirements.
And Somya Buildcon understands it well!
To fulfill various buyers’ needs, Somya Buildcon has built a smart home, villa lifestyle sports, and green buildings. Home buyers can choose from all types of residential property depending on their family needs.
In the end, we can say that what suits you is what is right for you! So read which is better – an independent house vs. a flat?