With the increased economic
status, everyone wants to lead a luxurious lifestyle, and a well-designed
comfortable home is essential for this. As the real estate market is growing
immensely, today's buyers get a lot of options to choose from. And, among so many
options, they feel confused about buying a flat or villa. Well, we all wish for
a grand villa in a great location in the city. But more often, sky rocketing
prices of independent homes in home buyers to look for more cost-effective
options i.e. luxurious flats. Yet another group of people, especially young
couples and retirees, consider luxury residential apartments as more convenient
and safer accommodation. There are pros and cons to either option. So, analyze
the major factors that should be considered in this regard.
1) Facilities that come along
An apartment property comes with
many additional features, such as parking space, power back-up, security
guards, and fire protection mechanisms. On the other hand, to enjoy all these
facilities in an independent villa, you will have to spend an additional
amount. While living in an apartment, all these facilities come at a low
maintenance fee. Thus, many people prefer to buy a luxury flat instead of an
independent villa.
2) Maintenance costs
Repair and maintenance is a never
ending process that begins the moment you live in your new home. The cost of
maintaining an independent house can be much higher than that of a flat. When
you buy a flat, most maintenance is taken care of by the apartment welfare
association. Thus, you do not have to try for repair and maintenance. The
couple advances a large number of home buyers to take a luxury flat above a
grand villa.
3) Mortgage
Although millennial are not
afraid to be themselves for years, taking a large loan can have many adverse
effects. Remember the money you are paying because the interest on your loan
can be used in many ways. Therefore, avoid taking unnecessary amount of home
loan. In this regard, we suggest that you opt for a more affordable option, i.e., luxury flats rather than buying a grand villa.
4) Location
When deciding between a villa and
a flat, location is an important factor. Generally, villas are built in a
suburban location. On the other hand, apartments are usually located in a
central location. If you are living a comfortable life with all the amenities
in the surrounding area, make sure that you purchase a property which is
located in the central business district.
5) Freedom of adaptation
If you are someone whose choice
continues to evolve over time, it is better to buy a villa instead of a flat.
Independent homes provide freedom of modification with interiors and exteriors.
You can easily customize it according to your taste, vision or style trends.
But when it comes to apartments, exercising that degree of freedom becomes a
bit more challenging. It is difficult to renovate or expand an apartment
whereas, with a villa, it is quite straightforward. But changing the interiors
of an apartment is in your hands. In addition, most interior designers have a
plan ready for the interiors of a luxury flat, which means remodeling for any
major interior design, so you don't have to wait for months.
6) In context of investment
Currently, any real estate
property can be great for investment. Villas and flats both provide healthy
options for passive and active income generation. But flats offer a better
option to rent or lease for a longer period due to their high demand.
Conversely, renting a villa is difficult because it is difficult to maintain.
Also, for renters, it is difficult to afford the additional amount spent on
security.
When it comes to reselling, flats can be sold more quickly.
Conversely, to sell a villa, you may have to wait for years.
Both apartments and villas have
their fair share of advantages and disadvantages. But if you prefer a classy
lifestyle in an entire social setting, then flats is a better option.
Additional amenities that come with a flat are one of the major reasons for
preferring it over a villa. Also, it requires low maintenance costs. Also, from
an investment point of view, it is a better option as it can be rented and sold
easily.
