Now a days many people still try to buy their own plot and construct a their dream house. If you are this type of people, then we will suggest you and consider a few important factors like your income, financial support, and cost of building. Let’s start.
Now you can buy already-built flat. But if you want to buy an already-built flat, you will have to pay a hefty sum of money. After payment you can move in and enjoy your new residence. On the other hand, if you buy a place or plot, you might be wait much longer as the construction of your house will require several year or several month. Therefore, it maybe cost you much more.
Apart from this, if you want to convert your plot into a domestic area, you need to seek permission and obtain clearance from your local authority. So, the whole process is quite time consuming.
Scope of Resale
When you build your own home, you have the freedom to build it based on your taste and preferences. And such homes may not be attractive to most potential buyers. When selling this house, you may have to spend more money on renovating it. On the other hand, you won’t have this problem in an apartment. The reason is that the apartments have a permanent structure that is the same throughout the building. Therefore, that will be help you to easily
sell your apartment.
Return on Investment
As far as independent houses are concerned, plot prices keep increasing. However, the value of built-up property continues to decline due to disuse and deterioration. Therefore, the seller may have to invest more money in its renovation. The price of a flat continues to rise as it is in demand due to its high affordability. On the other hand, a plot owner can make huge returns on investment if he intelligently builds several floors and then rents them out. As fewer houses are built on plots, the demand among potential buyers tends to increase. Buying a plot is a great idea from an investment point of view.
Make sure that the plot you are going for is free of legal complications. The seller has to submit the necessary documents and documents. Apart from this, you may want to make sure that there are no disputes associated with the land you are interested in. In case of a flat, there is no such problem as the necessary permission is already obtained from the concerned authority.