Investing in real estate is a very tricky business and if you plan to invest with the purpose of moving into the flat or property, it becomes all the more important that you do the groundwork beforehand. Many people cannot decide whether to go for individual house or apartments which are developed by real estate developers across multiple projects which crop up every now and then. While both the options have many pros and cons of their own, it is important that you go through them individually and decide which are the features or things you want your house to have and accordingly decide.
The first thing that comes to mind when thinking of buying your own house in Mumbai or property in any other city is the loan which you can take from the bank and how much you will be needing. In such cases, banks are more willing to give out loans to people planning to buy flats in apartments which are backed by good real estate developers as they have a good standing in the market and more often than not they have a tie up with various banks thereby making it easy for the owners to take a loan. On the other hand, it is difficult to get a loan for a house or a bungalow as the banks scrutinize the individual properly before giving the money. Also when they do, it generally covers only sixty to seventy percent of the land value and the rest has to be borne by the owner, which is not the case in terms of apartments.
Extra Amenities and Add-ons
The best part about owning flats in projects made by builders in India is that a host of amenities and additional features are taken care of by the builders themselves like the security systems, the power backup generators, the parking spaces, safety mechanisms in cases of fire and all other recreational facilities. These are built for all the residents and you don’t have to pay anything extra for the same. However, in case you want to have a house of your own, these things have to be installed separately which entails extra cost, extra work and a lot of different tie ups which makes the whole process cumbersome.
Resale of Property
As a large number of properties today are bought as means of investment and not for use purpose, it is important to know about the resale potential of the property that you want to invest in. It is much easier to sell off a flat in an apartment complex as everything is well managed, planned and the new owners don’t have to pay anything extra apart from the standard taxes. There is also the backing of the real estate developer which makes the property trustworthy and worth investing in. On the other hand, selling a house in today’s times is very difficult as it requires a lot of capital investment, additional features have to be installed separately and everything else has to be managed immaculately.
So you can now decide and take a call about the type of property you would want to buy as it could be any of these affordable homes in Mumbai, luxurious flats, as per your choice and budget.