Before buying a new home, it is only natural for any individual to weigh the pros and cons of numerous aspects of the real estate industry. This is indeed a daunting task that leaves many home buyers with countless questions unanswered. One of the very common questions faced by them is “Should I invest in a villa or an apartment?”
Your favorite realtor might have different projects across various locations in the same area. For instance, they will build an apartment complex in one locality but will have a villa under construction in another. In such cases, the buyers find it difficult to make the right choice. So if you are at a loss to make the right decision regarding your brand new home, here are some factors that you may want to consider before taking that plunge. A few of the key factors are listed below:-
Price
You will notice that an apartment or a villa in the same location can vary in cost, and most often, villas are pricier than apartments. Even a high-end luxury apartment will not cost as much as a villa. However, if budget is not a constraint for you then opting for a villa might be an enticing option due to the added advantages associated with it like private open spaces, dedicated car park and more. It would be wise to decide on a suitable home based on your budget.
Location
More often than not, villas are located in the outskirts of the city whereas one can find flats well within the city limits. Those staying in flats can, therefore, enjoy the daily conveniences in life including schools, colleges, and shopping centers as they are available in close proximity to where they are living. But villas are indeed a good choice for those who need a break from the chaotic city life and wouldn’t mind a bit of a commute to access the above-mentioned facilities along with lush landscape and plenty of greenery which provides an ideal setting for one to spend a peaceful time with their loved ones.
Saleability
Saleability of the property has always been a priority among the home buyers. The demand for apartments is at an all-time high mainly owing to the affordability factor associated with them. However, there is a niche set of prospects searching for villas as well. If you have a bit of patience and can find the right buyer, then even villas too have a huge potential in this regard. One should choose a villa that is a part of a reputed community by a reliable builder as this ensures good quality workmanship, and access to a range of amenities and facilities, thus ensuring better prospects when it comes to saleability.
The flexibility to customize
When it comes to customization, it is obvious that villas offer a higher degree of flexibility as compared to flats. You can make modifications in your villa as per your taste without distorting the overall appearance of your home. On the contrary, builders do not offer options to modify your flat or apartment as the families staying here share the same building. Villas are the best option for people looking to live in a space that has a highly customized design.
Return on Investment
ROI is an inevitable criterion that has to be considered before choosing your dream home. Since ROI is a long term affair, one could expect a high return on investment in the case of villas as compared to flats. Unlike flats, you own the entire piece of land including the property in case of a villa. Considering the fact that land values appreciate over a period of time, villas will guarantee good returns in the future. For instance, Palakkad was a destination less explored by real estate builders. Now, there are many villas for sale, which will offer buyers excellent returns due to escalating land values.
Density
The density of homes in a villa project would be much lesser as each property is located at a distance from the other whereas in flats families live in close proximity in the same building. While owners of villas find it easy to use amenities like gym whenever they wish to do so, people staying in flat would have to wait because of the huge number of people using these amenities. But flats have an edge over villas in the sense that they invite active participation from families during events and festivals as people tend to interact more with their neighbors in flats.
Maintenance Cost
In the case of apartment complexes, maintenance is handled by multiple parties or by an association of the residents as many of the facilities like the terrace and the drainage system are common. Therefore the cost of maintenance of flats is low as compared to villas.
Rental Income
Apartments tend to be the first preference for people who search for a home to rent. This is because they are easy to maintain and demand less investment in terms of the monthly payment involved. Villas, on the other hand, have the potential to generate a substantial sum in terms of rental revenue as they are not easily available along with the fact that prospective tenants searching for an independent home tend to stay longer.
Security
In today’s times, especially in projects conceived by top rated builders, the aspect of security remains uncompromised. With 24/7 security, CCTV cameras at vital intersections, boom barriers and much more, one could not go wrong by either choosing to own a home at a villa project or an apartment project.
Apart from considering the above factors, you can also seek advice from experts in the industry before buying a house. Also, consulting with individuals who have already invested in either villas or apartments will help you get a clear picture of the same. Always remember the fact that the reputation of your builder is a crucial factor before you set out to buy your dream home. At the end of the day, it is up to each individual to choose between a villa and an apartment. Hope you found this article very informative and let it drive you to take the right decision.
