Are you finding it difficult to decide whether to buy a plot or an apartment? You are reading the right article. Though each option has its pros and cons, buying a plot is a better decision from the investment point of view. In this article, we will discuss the advantages you can have in purchasing plots.
Low acquisition costs: one of the major benefits of investing in a plot Is, it doesn’t require a big deal of investment. And even if the building has no value, the landowner will have to make payment to get it demolished. Therefore, a building cost is more than a piece of land. If you are a first-time buyer, you should go for a plot instead of an apartment.
Flexibility in construction: if you are looking to purchase an apartment, you should understand the trade-off between location, budget, structure, or design. It is important to keep in mind that the apartment may cost more, especially if it is located in a popular location where the demand for these plots is pretty high. Based on your budget, you can create the right design to construct a building on it. If you can’t construct a luxury house at the moment, you can have built down the road provided there is enough area for construction.
Privacy: here it is important to keep in mind that owners share available floor space with other people. Therefore, they enjoy while sharing the space with others.
Reduced maintenance cost: if you have a budget constraint, know that you may not be able to construct a house on your plot. However, this comes with the benefit that you won’t need to bear huge maintenance costs associated with apartments.
Potential for higher appreciation: as far as real estate appreciation is concerned, know that the rise in value is associated with plots, not apartments. When you invest in an apartment, the value of the apartment rises based on the undivided share of land. So, if the one you have bought a more undivided share of land, know that it will go up in value more.
Immediate possession: these days one of the common risks associated with the ownership of the apartments or plot you have paid for is, if the possession gets delayed for some reason, it results in many effects such as rental income loss, tax benefit loss, and pre- EMI interest, to name a few. On the other hand, if you own a plot, you won’t have to worry about these risks.
No risks: if the apartment you have bought is built with deviation, it may get demolished, you may face problems when selling it again or applying for a loan. On the other hand, for plot projects, you don’t need to get construction approvals. All you need to do is get layout and title approval from the concerned authorities. These are some of the advantages of buying plots instead of apartments.
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