Although apartment culture tends to take over from parcel culture, many people still prefer to buy their own parcel and build their dream home. If you are like these people, we suggest that you consider some important factors such as your income, financial support, and cost of construction. Here are some tips that can help you make the best decision. Keep reading to know more.
investment
If you want to buy an already built apartment, you will have to pay a large sum of money. As soon as you make the payment, you can move in and enjoy your new residence. On the other hand, if you buy land, you will have to wait much longer since the construction of your house will require several months. Therefore, it can cost you much more.
Apart from this, if you want to convert your plot into a domestic area, you need to apply for permits and obtain a certificate of authorization from the authorities in your area. Therefore, the whole process takes quite a long time.
Resale Scope
When you build your own house, you have the freedom to build it based on your taste and liking. And this type of home may not appeal to most potential buyers. When it comes to selling this house, you may have to spend more money on its reform.
On the other hand, you won’t have this problem with an apartment. The reason is that the apartments have a permanent structure that is the same throughout the building. Therefore, it will be much easier for you to sell your apartment.
Return of investment
As for independent houses, the value of the plot continues to rise. However, the value of built property continues to decline due to wear and tear. Therefore, the seller may have to keep investing more money for its renovation.
The value of a flat continues to rise as it is in demand due to its high affordability. On the other hand, a parcel owner can get great returns on investment if he builds multiple floors smartly and then rents them out.
With fewer homes being built on parcels, demand continues to increase among potential buyers. Buying parcels from an investment point of view is a great idea.
Security
Make sure that the parcel you are going to pass through is free of legal complications. The seller must present the required documents and deeds. Apart from this, he may want to make sure that there is not any kind of dispute related to the land you are interested in.
In the case of a flat, there is no such problem as the required permits are already obtained from the relevant authorities.