Is Buying an Apartment is a Really Good Option?
An Article from RealtyCompass.Com
Making a decision of
buying a house is one difficult task and involves a lot of research. Before
reaching to the conclusion it is important to understand the advantages and
disadvantages of investing into real estate. In this post we understand the
advantages of buying an apartment.
Introduction..
Though the decision
of taking an apartment (Flat) or an independent house depends highly on the needs of an
individual, but there are some things that may affect your decision. The debate
of buying an apartment or a villa can last for a lifetime without coming to any
conclusion. It is important to measure the weightage of the pros against the
cons of buying any property.
If it is to be believed, the Indian buyers today are more
inclined towards the societies rather than independent houses. The reason
behind the shift from independent houses, villas or plots of lands to societies with
number of apartments is that there are number of advantages that these
apartments offer to the end user.
The residential real estate in
Bangalore, Chennai, Hyderabad and Coimbatore has seen a surprising growth
since 2001. Before understanding the advantages of buying an apartment, let us
briefly understand the residential real estate market in India.
Real Estate in India
– Residential..
The residential realty market of India can broadly be
divided into four phases. The following figure represents the four (4) phases of
residential real estate market.
 |
| Source: Crisil Report |
Phase 1 (2001-2005):
The initial growth phase
which has stabilizing real estate prices.
·
Phase 2 (2006-2008):
High demand leading to
increased prices. This phase saw prices going more than double
·
Phase 3 (2009-2010):
The economic environment
and dented affordability led to slowdown in demand
·
Phase 4 (2011-2014):
The phase is referred as
the consolidation phase with demand and supply gradually moving up and coming
in line with improvement in economic development
Today’s real estate market is in the fourth phase and a lot
of first time buyers are seeking out to build their house. The confusion is
weather to buy an apartment or build an independent home. Here is why you
should consider buying an apartment.
You get the direct end – Product..
Buying an apartment gives you the opportunity to directly
move into the house that the developer builds for you. The hassles of dealing
with architects, seeking approvals from the government and other local bodies
is all taken care by the developers and you are entitled to a house where you
can immediately start living.
The Security System
Security is one the prime reasons that is attracting a lot
of buyers towards the apartments. The builders that are developing the
societies make sure that the societies have proper security. The 24x7 systems
lets the families enjoy their vacations giving them a hassle free life. The
resident’s welfare associations are well organized and there is greater
interaction between residents.
Benefits like Power
back-up, uninterrupted water and gas supply..!
Living in an apartment brings to you benefits like 100%
power back-up, a regular water supply and pipelines for a regular gas. With
increasing power cuts and irregular water supplies in most of the top cities,
these benefits are most sought after. The societies have an upper edge as most
of the developers give access to these benefits.
The
Amenities
Most of the housing societies give the residents an access
to a number of amenities within the complex. The societies have a
well-constructed club house with additional benefits of a gym, play areas,
recreational zones and indoor and outdoor sports facilities.
There is a scope of
appreciation of the value
With time and in a stable market, the value of the apartment
that you are living in today is sure to rise in a span of time. The price rise
depends on the location, the infrastructure and the neighborhood that you
choose to live in.
Tax Benefits..
Tax benefits when you buy an apartment depend on the loan
repayment. The buyer gets tax benefit on the interest and principal components
of the loan.
Living in an apartment makes you eligible for deduction up
to Rs
1.5 lakh per financial year on the interest paid on loan if the loan has
been applied after April 1, 1999.
Easy to maintain..
The apartments in the societies are usually maintained by an
entity. The maintenance charges are usually included in the amount that you pay
for the apartment or are charged annually, depending on the builder.
Some other benefits
Living in an apartment entitles you to daily services like
an electrician, a plumber or a carpenter in the premises only. This reduces the
hazel of waiting for long hours and then gets things corrected.
Parking spaces are included for every resident and some
societies have separate parking for the visitors.
Availability of convenience stores, small family restaurants
and ATMs in the premises makes daily life easy and better.
The Final Word
It will be wrong to say that living in an apartment only has
the positive side. It sure has some cons like higher maintenance cost,
inability to modify the house and no space to expand the house according to
your future needs.
Weighing the pros and cons, apartments today are a much
easier and sought after option of living. Today, the urban population with less
time wants a ready to move in apartment. Majority of new buyers in the urban
city today look at apartments as their first homes.
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