Storify News | You have finally decided to invest in a property. This leaves you with the dilemma of where to invest. Should you buy an independent plot of land or an apartment in a residential complex like Tinsel County? The decision you make will depend on your lifestyle, financial situation, and other key factors. Whether you buy a flat or land, know that both have their benefits and shortcomings.
If you buy a plot of land, you can build your own house as per your preference. But an apartment in a complex like Tinsel County or Tinsel Town Hinjewadi can have other advantages like accessibility and various amenities. So, which is a better option: an apartment or land?
- Effort required
Building your own house requires a lot of legwork. You need to monitor the work constantly. You have to check the raw materials and hire an architect to make a deal with the contractor. There is a lot to do. You may also have to meet with representatives from local bodies and government officials to approve the design and paperwork. There is also a tendency to overspend when you are building your own house.
On the other hand, buying a flat is free from these challenges. Pay for the apartment and you are done. Also, a flat comes with various facilities like power back-up, elevator, water supply, caretaker, and so on. You do not need to spend on these separately. Some apartment complexes like Tinsel County even come with amenities like a swimming pool, lawns, a gym, and a community hall.
- Funds needed
Arranging finance for a plot of land can be quite challenging. You can get a loan only for a residential plot or government-approved land. But the loan amount may be restricted to a maximum of 80% for new plots. The maximum tenor for land loans tends to be low at 15 years.
In contrast, home loans come with higher tenors. For instance, Bajaj Finserv offers home loans of up to Rs.3 crore with tenors of 20 years. Plus, when you get a home loan for an apartment, you can get financing for up to 85% of the cost.
When you buy a plot of land, you can get possession right after the purchase. In the case of apartments, you get possession of the flat only upon completion of the project. But you could also go in for ready-to-move-in apartments like in Tinsel Town Hinjewadi. Here, you can move into your flat right after buying it.
- Earning an income
Do you want to start earning from the property right away? In that case, it may be a good idea to buy a ready-to-move-in flat. You can offer a flat on rent right after getting the possession. In the case of land, you often may not be able to rent it out until you build on it.
Buying a flat is generally less challenging than building a house on an independent plot. Also, apartments in residential complexes like Tinsel County and Tinsel Town Hinjewadi are often more secure than standalone houses. But, of course, a plot of land offers much more flexibility in terms of construction. Before making an investment decision, you must check your needs and future plans. Also factor in the facilities and amenities you might need. Think about these things and plan well before investing.
While looking for the right financing, consider both banks and non-banking financial companies (NBFCs) An NBFC like Bajaj Finserv Homes and Loans also brings you pre-approved offers for home loans, personal loans, EMI finance, and more. This simplifies how you get financing and helps you save on time. Just share a few basic details and check out your pre-approved offer.