Nowadays, there is a huge demand for luxurious flats and apartments which provide compact and easy to maintain spaces. About 60% of the buyers prefer to invest in a 2 BHK flat in Kolkata rather than a house. And, the reasons are quite obvious – price, amenities and neighborhood.
People are looking for more social opportunities and want to shift to a smaller and more maintainable house for better professional and personal life.
Basically, houses are a one-time investment – be they luxurious or not. However, if you buy a flat, you could resale it and shift to a new location based on your profession and requirement.
So, let’s explore the reasons why a flat is more promising than a house –
When you are buying either a house or a flat, you must keep a note about the basic amenities. It must also include modern facilities such as security, surveillance, parking space, and fire safety mechanism. Usually, a flat comes with a gym, pool, rooftop entertainment areas, and laundry rooms – which save you a lot of money at the end of the year.
In the case of houses, you need to spend an additional 20% to 25% of the property’s cost to get these facilities. But, these amenities are usually shared in flats, reducing the overall cost. Further, the additional cost is included along with the property’s cost.
- Home loan facilities
It is much easier to get a home loan in the case of flats when compared with houses. Usually, banks lend 70% of the property cost if you are buying a house. It is also inclusive of strict scrutiny of property papers and history.
While in the case of apartments, you get 90% of the property cost as a loan. And, only the remaining parts, such as stamp duty and registration charges, need to be arranged by the buyer. This makes the investment flexible and free from financial burden.
- Maintenance cost
Understandably, you need to invest in maintenance and repair work to keep a house or flats in better condition. For houses, you might have to spend monthly on maintenance charges. And, it can increase based on the property size and the entire cost is borne by the owner.
However, this comes under the shared maintenance charge in residential flats or complexes. And, it can get drastically reduced based on the number of members. Thus, it does not affect your monthly budget.
For every big or small property asset, it takes a lot of time to liquidate. Houses are usually of high value, so resale time gets elevated. Moreover, it gets hard to find a potential buyer to sell the house if there is no demand in the market.
However, there is a constant demand for apartments, irrespective of size, and it becomes easier to resell. Finding a buyer is not challenging; interestingly, a flat’s resale value does not decrease either.
- Cost of buying
If you are buying a house, you must consult a lawyer and go through various legal processes, which increases the legal cost. Thus, the overall buying cost rises. But, in the case of flats, the legal rules and regulations of construction are common for all the buyers.
So, you do not need to invest multiple times in the legal process. Thus, making it easier to trust and also reducing the cost.
- Insurance cover
Insurance for flat damages is usually shared or undertaken by the primary owner of the property. At the same time, the premium for houses includes high coverage costs.
Usually, in Kolkata 2 BHK flat associations are formed to look after the insurance matters. Thus, the owner only needs to invest in the insurance of personal belongings in the flat.
When it comes to a house, security is a big concern, and you need to appoint somebody to look after the house when you are not around.
But, regarding flat security, charges are inclusive of the maintenance cost. And, usually, a security guard is appointed for the entire building, making the security charges bearable.
Which is better – Flat or House?
The debate continues. Usually, it depends upon the purpose of investment. If you have a higher expenditure rate, buying a house would be best for you, whereas if you are looking for a customized option, a flat offers the best benefits.
The cost remains convincing for flats even if you’re not willing to buy an apartment but rent it. Moreover, you get to save money on gas and electric bills. So, browse through Srijan Realty to book a desirable property.