Apartment or House? What is Better Investment Option?
If we observe the trend in major cities, owing to the massive rise in land prices and shortage of land, the construction trend is shifting towards multi-storey apartment buildings. In all leading cities of Pakistan including Lahore, Islamabad and Karachi, there is a growing trend of apartment buildings as compared to homes. If you are also a newbie investor or the one who is short on budget or keen to know what will suit him in the given budget, this post will help you get better insight.
Compare the Price of Apartments & Houses
Houses are costlier than apartments because of the obvious reasons such as a house is independently constructed on a piece of land that you solely own compared to the apartments that are built on the shared piece of land, which is also owned by third party. With partial, shared or no land ownership rights, this makes total price of apartment way lower than the average house built on an independent land. On the contrary, if we look at the prevailing luxury housing trend in leading cities of Pakistan, we also see a hike in apartment buildings, which has recently gained popularity. The construction companies have also started building luxury and premium apartment projects for upper class.
Service & Security
If we compare houses and apartments on the basis of service and security, apartments tend to be more secure and offer more and better services. If you choose to live in apartment, all you need is to give a call at concierge desk to get the solution or service you need. The apartment management offers 24/7 service, surveillance and security system managed by trained staff, which definitely makes apartments weigh higher than independent homes. You can also call repair staff any time you want at a phone call. However, apartment management charges each apartment owner certain amount in name of service charges for the building maintenance, cleanliness and using the services.
Possibility of Future Alterations
Homes are costlier than the apartments but they come with perks that apartments can never offer. For instance, you can design your home, the way you want but certainly following the rules and regulations set by the town development authorities. On the contrary, you cannot change layout of the apartment as per your requirements and have to follow the set pattern. You will definitely be restricted to limited alterations because of limited space and common floor plan for the entire building.
Have you decided your investment plan yet or need some more comparative points to decide where you should invest your hard-earned money? Do not forget to share your views through the comments section below.