Are you planning to set- up your dream home?- Indeed, it is the most extensive plan ever. Setting up a new dream home often puts you in a dilemma of buying your own land or purchasing an apartment. Before searching for the best apartments for sale, you should analyze the market, find out the pros and cons of buying land and purchasing an apartment. It will help you make a wise decision because buying a home is a big investment, and you should never regret your decision later on.
Here, we have listed the pros and cons of buying land or choosing an apartment for a living-
Pros and cons of buying your own land-
- Freedom to decide the infrastructure- Constructing your dream home on the land you purchase will give you complete freedom to decide the architecture. So, you can choose how the home should look from inside and outside. Also, you can decide on the number of rooms you require and what should be the exact position of each room. Overall, almost everything is decided according to your convenience only.
- Location preferences- The area nearby a hospital, schools, dental clinics, nature-friendly parks, and your occupational office serves as the best place to buy land. You won’t have to face transportation issues if you decide nearby an area with all kinds of facilities. Also, purchase land close to all the amenities is a profitable investment for future sale perspectives.
- Quality construction- A man constructing his dream home would always ensure quality products to be used. The entire infrastructure would be built with the best raw materials and by the best workmen in town.
- Matches your lifestyle- You can make a huge bedroom for kids if they love to play around. Even if there are elders at home, you can make small steps to ensure their safety. Thus, in this way, the entire plan of your dream home can match up with your lifestyle. So choose the best place to buy land, think of your lifestyle needs, and start the construction.
- Constructions can be time- taking- Purchasing land and then constructing your dream home can be a time-taking process. So buying your land won’t be a great option if you wish to shift on an urgent basis.
- No tax deductions on loan- Rules say that you won’t get any tax deductions on construction if you opt for a loan against purchasing land.
- Heavy Investment at first- Buying your land and building a dream home requires heavy Investment initially. Sometimes, buying land and constructing your house can disturb your set budget, which will eventually impact you badly if you don’t have any financial backup. So, it is always a risky investment if you have a fixed budget.
Pros and cons of a new apartment-
- Quick shifting- Once you make the initial payments, you can get early shifting permission from the builder. So search for the best apartments for sale and opt for an early shifting.
- Wider neighborhood- You can get numerous neighbors while living in an apartment. So if you like making many friends at a time, choose an apartment to live in.
- Various amenities available- Amenities like indoor swimming pools, gymming areas, convenience stores, gardens, etc., are available for apartment residents.
- Beneficial for nuclear families- Lesser family members need lesser living space and are thus comfortable living in an apartment.
- Lesser privacy- A large number of neighbors would definitely hinder your valuable privacy. So, if you are a person who likes to have some personal space, maybe living in an apartment is not the right choice for you.
- No scope of increasing the land area: If you plan to add an extra room in your home in the future, you cannot do it if you live in an apartment as there is no provision to extend the area.
- Lesser space for guests- Apartment residents fail to welcome uninvited guests because of the lesser residential area.
Make a wise decision-
Buying land or an apartment is always your choice. However, you should evaluate the pros and cons of buying land or an apartment. It will help you make a wise decision. If you have fewer family members, a limited budget, and want more amenities to enjoy, buy an apartment. On the other hand, if you believe in quality construction, want a bigger space and privacy, purchase a land and construct your own house.