Unlike in earlier days, the choice to buy a home is not limited. Whether you are planning to buy or construct a home, everything is feasible with improved facilities. Right now, people are confused about the terms such as independent house or apartment.
Identifying the best among them is not a big deal when you are clear with your requirements. However, understanding the key differences between both the terms allows you to make an informed decision. In this article, you will learn the significance of apartments and independent houses in detail. Let’s have a look at them:
What is an Apartment
Apartments or flats are the most common form of property, valued for their enhanced protection, contemporary looks, in-house maintenance facilities, and modern-day amenities. This can be an excellent choice for self-use or renting the property and investment purposes, requiring lower maintenance. When it comes to customisation, you will be restricted by certain regulations. Beyond self-use, apartments can be a good investment option with higher rentals.
What is an Independent House
An independent house or villa is a standalone property, offering complete freedom and ownership to a particular person. You will be free to choose the design and architectural style for both indoors and outdoors, which makes them ideal for people who value privacy. But these individual homes come with higher maintenance costs and responsibilities. If you are not ready to compromise on your privacy and desire a quieter environment, an independent house can be an ideal choice.
Comparison Factors
Some of the significant factors are compared below to give you an idea. Read to know before making a decision.
| Parameters | Apartment | Independent House |
| Added Amenities | Owning a flat or apartment comes with added services like security, water, electricity, etc., which often includes shared amenities like clubhouses, swimming pools, and gyms. | An independent house typically requires additional investment to arrange, manage, and maintain all the required facilities on your own. |
| Buying Cost | For apartments, the contractor or builder will take care of all legal formalities, as the homeowner just needs to pay the appropriate price. The cost of buying is far lower than that of buying an individual house. | In general, the cost of an individual house is higher than the cost of an apartment, as it includes property value, labor cost, materials, legal formalities, and other extra amenities. |
| Bank Loan | Acquiring a loan for the flats or apartments is pretty easy and trouble-free, as the contractors will also have ready tie-ups with the banks. | However, for an individual house, the bank will scrutinize the lenders based on your repayment capacity. It is a very time-consuming and complicated process. |
| Space | Flats are constructed in common areas, offering a limited space and flexibility to the buyers compared to an independent house. | An independent house provides ample space and privacy for both indoors and outdoors with greater customization freedom. |
| Location | Apartments are usually planned in urban areas, providing easy access to transportation like workplaces, education, or avenues for recreation. | Individual villas or houses can be identified in both urban and suburban areas, including a wider range of options and facilities. |
| Privacy & Safety | 24/4 security comes by default when you are purchasing a flat. Due to common areas and shared walls, you need extra care and attention for your properties. | Independent houses, on the other hand, do not have security features like an apartment. Instead, you need to arrange security on your own accord. |
| Under Construction Property | If you are planning to buy an under-construction property, everything from scratch will be taken care of by the builder and contractor. | If it is an independent house, your involvement needs to be from plot buying to registration. |
| Time Period | Time delays may be caused by various reasons; however, the contractor will take responsibility for completing it within the desired deadline. | When you are directly involved in the construction process, the time limit is practically in your hands. |
| Maintenance Cost | Apartments have shared amenities, as they typically have lower maintenance costs. | Due to its larger property size, homeowners need higher maintenance costs for all repairs and management. |
| Resale Value | Flats have restricted freedom and facilities. The resale value is not so much higher than the individual house due to some significant factors like age, location, and market conditions. | An independent house has a higher resale value, offering more privacy and freedom than apartments. |
| Community | Flats have shared spaces with a minimum of 1000 to 3000 families. So you have a lot of chances and scope to develop interpersonal relationships with neighbours. | You might find peace and privacy in an individual house, but you may be declined in social interaction. |
Who Should Choose an Apartment?
An apartment is a great choice for people who have the following needs:
- Compared to individual houses, apartments have lower upfront and maintenance costs, suitable for people who prefer affordability.
- Easy access to public transportation, shops, entertainment, and restaurants.
- Apartments have enhanced security features, offering peace of mind.
- They offer extra amenities like pools, community spaces, and gyms, which improve your lifestyle and health.
- Shared spaces provide a chance for social interaction and allow for maintaining a healthier relationship with the public.
Who Should Choose an Independent House?
Independent houses fit the people who value:
- Freedom and privacy without common areas or shared walls.
- The ability to design and customize living space from interior space to landscaping.
- People can enjoy the outdoor space with a garden, private yard, or patio for relaxation.
- Enhanced flexibility for pet owners without any restrictions exists in apartments and flats.
Final Lines
The decision between an individual house and an apartment varies from one another. It can be influenced by certain significant factors like family size, budget, lifestyle preferences, and location. Understanding the key differences between these concepts helps you make informed decisions.
FAQs
From an investment perspective, independent houses have higher resale value with greater appreciation and customization options. However, the factors like location, cost, and individual investment play a crucial role in making the best choice.
Generally, independent houses are recognized more than apartments, but there are some exceptions, such as location, building quality, and market condition. Property values can significantly vary due to the changes happening in real estate markets.
Independent houses have some hidden expenses beyond the initial investment, such as:
1. Maintenance and repair cost
2. Property taxes
3. Home insurance
4. Utilities
5. Landscaping and exterior maintenance
6. Security upgrades
7. Neighbourhood association fees