Apartment Vs. Independent Homes: Where to Invest?

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Post By By Buniyad


Is buying an apartment a good investment? Or should you go for an independent home?

This is a common dilemma among potential homebuyers.

While evolving modern requirements and space crunch in metro cities has shifted the focus to apartments, an independent home remains a top choice for those who prefer luxurious, bespoke homes.

But, the choice you make depends on your requirements, stage of life, location, and a bunch of other factors.

Therefore, this blog will discuss the difference between house and apartment and finally touch upon their pros and cons.

Apartment Vs. Independent House

1. Privacy and Space

Apartment: Sharing a common wall and floor with neighbors is not everyone’s cup of tea.

Moreover, homes are generally more spacious than apartments. Hence, if you’re looking home for a joint family, you may want to consider an independent house over an apartment.

Home: Not only are homes spacious, but you also enjoy privacy and freedom more than residents at an apartment. 

Especially in the light of COVID-19, spacious homes have gained attention since people are more concerned about their health and safety than ever. 

After work from home earned the title of new normal, first time home buyers realized the importance of owning a home.

2. Maintenance cost

Apartment: the Residents’ Welfare Association (RWA) handles general maintenance, cleanliness, and construction and repair. Hence, the in-house facilities reduce the cost significantly.

Home: on the other hand, homeowners need to take care of maintenance and construction and repair. However, this is not the case if you’re living in a gated society where you can use pooled resources and shared amenities. However, the self-bearing costs increase in a home.

3. Saleability

Apartment: since apartments have seen a rise in demand in recent years, it’s easier to rent out or sell the apartment.

Home: if you’re patient to keep the house for a very long time, the land value will see an appreciation. 

On the flip side, homes are not readily saleable as compared to apartments. The reason primarily consists of the high initial capital involved. 

4. Home finance

Apartment: Banks sanction loans relatively easily for apartment vs house. Often, banks have a list of builders they have tie up with, making your loan approval process quicker.

Home: in the case of independent houses, the loan approval takes longer as compared to apartments. Moreover, the banks offer 60-70% of the total plot value. 

The owner is responsible for arranging the remaining amount, including registration and stamp duty charges.

5. Amenities

Apartment: most modern-day apartments are equipped with in-house gyms, gardens, sports ground, and more. 

Plus, the added value includes power-back up, fire safety mechanism, security, and more. 

However, one drawback is that not all apartments come with spacious parking amenities. Hence, consider this factor before making a decision.

Home: It’s integral to consider the home’s location to get easy access to parks, gym, schools, hospitals, and other amenities. 

However, the owner is still responsible for the added amenities such as power-back up, security, generator set, and more. These additional amenities can cost you 2 – 3 % of the total property value.

6. Quality of construction and renovation

Apartment: It’s crucial to look beyond the surface level and check for the apartment’s quality of construction. 

Don’t let the staged furniture misguide you. Instead, take measures to check the HVAC system and other fittings that assure you of quality construction. 

A big difference between house and apartment is that you cannot make any property changes to the latter. 

Home: when purchasing a home under construction, you’ve full control over how it’s built and the final look. 

On the other hand, if you’re buying a ready to move in home, you have full control over how you wish to paint the walls or modify the furniture or keep your garden. There’s no restriction.

Wrapping up

What makes a perfect home for a single-family may not be an excellent deal for a joint family. Hence, below given pros and cons will wrap up this blog and help you steer clear of confusion and make a decision.

Pros of home

  • Better privacy than apartments
  • Full control over renovation and changes in home
  • Spacious
  • Better parking facilities

Cons of home

  • Higher maintenance costs
  • Additional cost for security
  • Longer mortgage process

Pros of apartment

  • Community living
  • Pooled resources reduce the cost substantially
  • Easier home financing
  • Easy buying and selling

Cons of apartment

  • Lack of privacy
  • Little to no control over home modifications
  • Regular monthly maintenance (even if you’re not using all the amenities)

To ease your process of home buying, reach out to our professionals at Buniyad and make an informed decision.

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