Are you also among those homebuyers who are confused between an Apartment and Independent Home? Who doesn’t have an idea of which one to purchase and which among the two suits to them and their family? Then you are not alone. Perhaps, this is a common dilemma which most of the homebuyers face during property purchase. Obviously, both of them are different in size and configuration as well as a price too, but then it all depends on the homebuyer’s choice and most importantly need. So, here are some important pointers that will help you in making a wise buying decision between an Apartment or Independent home:
Location of the Property
This is the first and foremost factor that plays a deciding factor for a homebuyer. Most of the apartments are developed keeping in mind proximity to work, schools, hospitals as well as a public transportation system and other social and civic infrastructure. On the other hand, an independent home, mostly falls outside the city limits, as the urban areas are facing land crunch. Hence, they are far away from major infrastructural developments. And, if you want to buy an independent home in the city limits, then you have to pay hefty money for it.
Provision of Amenities and Services
Today most of the apartments may be high-rise or mid-rise offers a plethora of amenities to the home buyers. These include swimming pool, kids pool, club, gym, gardens, play areas, indoor and outdoor sports playground etc. Regular water and electricity supply, rain harvesting system, 24*7 security are other added features which an apartment homebuyer get. Besides this, some of the developers also provide many on-call services like medical facilities, housekeeping, electrician, plumber, laundry, cooks and others on different payment plans.
However, in case of an independent home, all these facilities cannot be availed by a homebuyer. In case, you need any of them like swimming pool or kids play area, invest your own money. Also, it is the only the responsibility of the independent home owner to look after any repair of the same.
Resale Value of the Property
With degrading land parcels, most of the realtors and developers are offering apartments in a different configuration to the homebuyers. In fact, today most of the homebuyers want to buy apartments only. This helps in faster appreciation of the property rate that leads to higher resale value.
Provision of Home Loan
An apartment buyer can easily get a home loan. Most of the developers have tied up with particular banks in order to provide stress-free loans to the prospective homebuyers.
However, in case of independent homebuyers, loans are only available after a strict and thorough review of the applicant.
Exemption in Income Tax
Investing in an apartment offers many tax benefits to the homebuyers. For example, exemption on interest and the principal amount of home loan, tax deduction on rent, and benefit of rollover of capital gains under section 54 of the Income Tax Act are included under tax benefits.
On the other hand, in case of independent homes, a homebuyer can avail loan on the purchase and construction of home but cannot enjoy any tax benefit on it.
Apart from this, promotion of community living, the welfare of residents, resolving of various civic and social issues in one go are other such factors that make apartment living more favourable then independent living.