Apartment Vs Independent House - Which is better?

Personalities are often reflected in the spaces we call home. Beyond shelter, owning a house is a testament to one's achievements and financial stability. These emotional connections significantly influence India's dynamic real estate market. They also fuel an enduring debate: apartments vs. independent houses.

What is an Apartment?

Before diving into apartment vs independent houses, which is better, let's first clarify our fundamentals.

A direct answer to the question- what is an apartment? It is a self-contained housing unit in a larger building or complex.

A flat typically shares walls with other units in the same building and is often situated in a multi-story building. Apartment units can vary in size and layout, ranging from small studios to larger multi-bedroom units. They usually feature kitchens, bathrooms, living areas, and bedrooms. Certain housing enclaves have shared facilities like gyms, swimming pools, or community areas.

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What is an Independent House?

Also known as a standalone house, this residential property is not connected to other housing units. It is a single-family dwelling typically built on its own plot of land and not attached to other structures.

Independent houses come in various sizes and styles, ranging from small cottages to larger estates. They offer privacy, as they are not part of a larger building or complex, and often feature a yard or garden surrounding the property.

Apartment Vs Independent House

Here's a look at the top three factors that differentiate an apartment from an independent house that may also help you make a well-thought-out choice.

1. Maintenance

Every real estate possession requires maintenance at some point. It takes a lot of effort and investment, which places apartments at a vantage point.

Independent houses entail higher maintenance expenses. Owners often encounter challenges in sourcing maintenance technicians and might need to oversee various tasks personally.

On the other hand, apartments generally have lower maintenance demands. Many have dedicated maintenance teams handling repairs like leaky faucets or problematic doors. Living in an apartment offers a hassle-free lifestyle, with designated staff managing tasks such as tending to garden lawns, maintaining overhead tanks, and caring for various household chores.

2. Financing

Securing a home loan for apartments is easier as banks have fewer inhibitions about collaborating with reputed builders to streamline the process. Loans for apartments usually receive pre-approval from banks, lending up to 90% of the apartment's purchase price.

However, getting a loan for an independent home involves meticulously scrutinizing property documents and the borrower's credit history. Evaluating an independent house can pose challenges for lenders, leading to loans covering up to 70% of the plot's value. Borrowers are responsible for arranging the remaining amount, including expenses like stamp duty and registration fees.

3. Resale Value

Selling a property asset, particularly an independent home, typically requires more time due to its higher value. The selling duration is influenced by market demand, particularly the location's dynamics.

Apartments have easier marketability owing to their smaller ticket sizes, making them more in demand. However, in certain tier-II cities in India, where independent houses remain a preferred choice among residents, finding buyers for apartments might pose challenges.

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Conclusion

The choice between an apartment and an independent house ultimately hinges on individual priorities, financial considerations, lifestyle preferences, and the specific context of the housing market in a given location. It is not about one being inherently superior to the other but rather about finding the perfect match that aligns with one's aspirations, lifestyle, and future plans for a place to call home.