Flats, Villas and Plots: A Glimpse
Real estate offers you three major options when you are looking to buy a residential property – flats, villas, and plots. Let’s take a closer look at each of them –
Flats or apartments are independent homes located inside a residential building. They have a compact living space as compared to villas and plots, making them an ideal choice for small families and couples. These homes are available in multiple options to suit your requirements, including 1BHK, 2BHK, 3BHK, and more.
For investment purposes, a flat is one of the safest options as you can always put it out for lease or rent. The majority of individuals or families searching for rental properties choose a flat owing to the low cost, easy maintenance, and security benefits.
Villas are standalone properties known for their amenities and spaciousness. They are designed for those who enjoy luxurious living and do not want to compromise on privacy. These properties are often associated with prestige. There is also a great sense of independence when you buy your dream villa.
If you are looking at properties for investment purposes, a villa is an attractive choice. Its value increases substantially with time, and also comes with customisation options for the tenants.
The plot is generally referred to as vacant land where a house can be built from scratch. It can be available in a gated community or as a standalone property, depending on the location. It can be tailored to suit your requirements and is commonly purchased with a long-term vision.
Residential Plots have great investment potential as it allows the other party to design their dream home to their liking. Even if you do not give out the plot right away to a tenant, its value will only appreciate with time, giving you the chance to get higher returns.
Pros and Cons of Flats, Villas, and Plots
Choosing the right property cannot be a hasty decision as you have to account for all the factors including the locality, amenities, safety, nearby facilities, and public transport connectivity. All options come with a set of benefits and drawbacks. Whether you are buying a flat, villa, or plot; here is the list of pros and cons that will help you choose the best option –
Pros: Flats are more affordable as compared to other residential choices, making them an attractive and safe choice for first-time buyers or investors.
Several amenities come along with flats such as security, amenities such as swimming pools, gymnasiums, clubhouses, etc., lifts, gardens, and playgrounds. They are often located close to local markets, public transport, schools, and parks.
They ask for minimum maintenance and those services are often offered by the building management. This keeps you away from the burden of repairs and upkeep.
Cons: The property value of flats is not as high as villas and plots. Their market value depends on the current scenario and the location’s desirability.
They offer limited space and may not be suitable for larger families.
The scope of customisation is restricted. You can design the interior of your flat, but the outdoor part is always predetermined by the building’s developer/owner.
Pros: Villas are spacious and provide a sense of privacy to your family. There are wide outdoor spaces, large common areas, and several bedrooms for utmost comfort.
There is a huge scope for customisation and you can design the villa however you want. Add a pool, a huge nursery, or a patio; the options are endless here.
Villas in metropolitan cities are usually located in upmarket/upcoming areas, only appreciating their value with time. This makes the property an attractive investment option.
Cons: Villas are expensive due to the kind of luxury they bring. The initial investment in a villa can put a financial strain, making it less attractive for buyers with a restricted budget.
These properties expect high maintenance and drive up the overall investment cost. Regular repair, cleaning, and landscaping are required here.
Finding the right location for a villa is a tedious task. You may want to buy a villa at a location, which is not only desirable but also provides all kinds of basic amenities.
Pros: Plots open doors for all kinds of customisations for you. Here, you can easily build the house of your dreams and cater to your family’s requirements and preferences.
If you buy land, you can consider multiple construction opportunities at once. Apart from the construction of a house, you can reserve a small area of the plot concerned for recreational purposes.
Residential Plots promise high investment potential, making it an attractive choice for anyone who is buying a home. As the prices of these lands increase, you can always sell them at high profits.
Cons: Constructing on a barren land demands constant attention and effort. You have to be meticulous about everything so that the final result is just the way you want.
The land value fluctuates as the market dynamics change. Although there is always potential for appreciation, the risk of the value not increasing stays.
Plot construction takes immense time and money, making it a less desirable choice for investment. You cannot expect immediate income from this property and have to see it as a long-term plan only.
Tips to Consider While Buying a Home: Flats, Villas, or Plots
As you carefully weigh the pros and cons of flats, villas, and plots, here are some tips for you to keep in mind –
Location plays a major role while buying a home. You have to check the amenities and benefits offered so that your needs align with what the property has to offer.
The budget has to be kept in mind while deciding between a flat, villa, or plot so that it doesn’t put a financial burden on you. Apart from the initial investment, you have to consider other factors such as taxes, utilities, and upkeep.
Take care of your lifestyle preferences and only decide on the property that fulfils them. This is especially important if you are buying a home for shifting purposes.
Look at the future investment opportunity of the property. If you are planning to expand your real estate portfolio, you have to think about long-term capital appreciation and rental income.
Always buy a property from a trusted builder/developer so that you do not have to face repercussions later on. Conduct thorough research and look for the company’s previous projects.