If you have been looking to invest in real estate, then one of your most important questions is likely to be centred on the apartment vs. plot debate. While there are advantages to both kinds of properties, it is essential for you to draw up a list of the many associated benefits and risks with each type of property before you make a decision.
The following are some important points to factor in before choosing between an apartment and a plot.
- The cost: To start with, you may want to compare the cost of the plot with that of the apartment (relative to its size and location). Pitch that against the scope for appreciation in the future.
- The scope for appreciation: Due to zero depreciation on land, a plot will appreciate much more than an apartment, which is prone to wear and tear over time.
- Home loans and bank assistance: Home loans are relatively easier to procure in the case of a flat, as the builder and the project have a certain standing in the market. However, if a reputed developer is selling the plot, then you can get bank assistance just as easily.
- Availability and possession: A plot is available for possession right away, whereas flats under construction come with the risk of uncertain availability and possession dates.
- Scope for income: A ready-for-possession apartment gives the owner the scope for monthly rental income, whereas income generation may take some time in the case of a plot.
- Convenience: The residential amenities at an apartment complex offer a more convenient way of life in the present, although a plot will make for a more lucrative investment in the long run.
- Construction quality: In the case of a plot, you can monitor the construction style and quality to suit your taste and control the process as per your requirements. This is not an option with an apartment.
- Flexibility: Investing in a plot of land offers greater flexibility in terms of construction, rebuilding and modification.
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