As we discussed earlier buying an apartment or investing in real estate is more financial than emotional. There are many constraints that one should look into before looking for flats in cochin or any other city. One may face some confusion in deciding which one to choose, a flat or an independent land?
Buying an independent land gives you a choice to design and build a house considering your requirement and constraints. But in case of a flat,apartment is a pre designed, multi-floored construction. Here the apartment buyer may feel lack of freedom to change the size and shape of the construction area. But benefits in matters of security, accessibility and location the community living of flats and apartments makes a good choice.
Lets have a small discussion on certain points which may help an investor to arrive at a definite stand on selecting which one to prefer, independent land or flats
Value appreciation – Space availability inside every city is vanishing quickly. Flexibility of building to meet future requirement makes the cost of land and property to increases very fast. But in case of flats and apartments, it has a limited life span and this result in diminishing of value in long term .
Risk – Land property especially in city is exposed to litigations and once entered its difficult to solve these issues. Delay in possession is a factor in case of flats and apartments and ensure the builder don’t compromise with the quality to meet the cost and deadlines
Bank assistance – In case of buying a land its difficult to meet the financial constraints since banks won’t provide loans for that purpose. But its really easy to take help of a bank loan to buy flats or apartments because the banks are happy to give one.
As a source of income – Plots rarely generate some income and its difficult to maintain for a long time especially in cities. Where as flats and apartments facilitates an easy source of income once you give it for rent.
Future prospect – Lands always show a growth of price since zero production and increasing demand. Where as flats or apartments risks to meet with the diminishing rate.
Once you are ready to invest in full and sure to hold for a long, plots will bring you a great profit in the end. In case of flats and apartments you can always depend on bank assistance and leverage the EMI on rentals. Again real estate investment is more financial than emotional, so do consider your requirements and financial status along with future developments. If you are looking a personal usage and you are confident to hold you can always be sure of increasing return at the right time. And in case you are planing to resell the property in short time and looking for quick returns flats and apartments will be the best option for you.