The decision to buy a property is not an easy task. Apart from the financial aspects, it also has to deal with needs and choices in one’s life. Lifestyle plays a very big role especially if it is the purchase related to first home. Real estate Investment decision must be looked from the growth angle if it is related to second home or property.
For residing in a big city, the apartment will be preferable over a plot of land due to cost involvement. Lands are not easily available in big cities and in the heart of the city.
Real Estate Investment Tips: Plot & Land
Investment on a plot of land will always be higher in comparison to an apartment if the location is same. Most of the residential properties are now taking place outside the city. The lands are in possession of big developers and builders.
So chances of finding a plot of land are not easy at the comfortable price range. If someone already has a plot of land on the outskirts or manages to get one, constructing an independent house will not be advisable either for residential or investment purpose.
For an independent house, it will get overshadowed by high-rise apartment. If one is looking for pure investment in property, one should look for land availability in smaller cities and towns which have good growth potential in the time to come.
The value appreciation of a land takes years to give good returns and usually, they are very high. One can look for the growth opportunities planned by the government to select any location.
Constructing a house gives the option to build it according to one’s taste and needs. The same is not available in case of an apartment. Living in an independent house raises security concerns unless it is in a gated colony. Owning a plot of land has its own demerits.
Most of the fraud takes place in land deals, illegal encroachment, frauds in title deeds and litigations related to multiple owners.
Purchasing an apartment in a locality where demand for residential housing will remain high always will be a good investment option. This will be true for apartments located in the heart of the city or in places close to MNCs offices. The return will be good in the form of rental income. Else, the price appreciation stagnates after few years. An apartment To know more visit www.propknack.com.