What are the Advantages and Disadvantages in Owning an Independent House?
The answer to the above poser can be found in the advantages and disadvantages mentioned in owning an apartment.
The biggest advantage in owning an independent house to my mind is that you have control over the design and architecture of the house along with cost effective use of materials used and the quality. How much of the land is to be used for construction and how much is to be left vacant for gardening or future construction is your decision. Frankly, I have come across many individuals who have regrets over the design and/or materials used etc. after house construction is complete. This mainly happens when one wants to contain costs. What I mean to say is, constructing your own dwelling is no guarantee that you will be 100% happy with your decisions. Some have constructed houses in 100% of the land and park their cars on the public roads causing a nuisance to other road users and reduced to worrying about the safety of their vehicles. In apartments, you can either buy your parking place or rent it.
If you are the owner of land and planning to construct your dream home later, you always have the threat of encroachment. You need to fence the plot of land and put up notices about your ownership to the land. You may also need to construct a shed and employ a watchman. Now, in cities like Bangalore you also have the nuisance of your plot being used as a garbage dump! These problems are exclusive to independent houses, because the builder takes care of these aspects in the case of construction of apartment complex.
There are people who have borrowed heavily and built their independent house, and later on sold it as they could not service the loans. There are also people who have half built their houses and could not complete it due to lack of funds. Financial viability is very important when you build your own home because cost escalations can be there, unlike in the case of an apartment where you can have a watertight agreement with the builder with no cost escalation clause. Of course, you can build a small house with provision to add floors later, based on the need and your financial situation. This flexibility is not there in an apartment.
In this era of nuclear families with both husband and wife working for a living, the preference is for an apartment, whether on ownership or on rent. Hence, in the cities the rental space is preferred in apartment complexes, and enjoy a better demand as well as rent. The reasons are safety, companionship of other children in the complex, community amenities like indoor/outdoor sports etc. The children can be with neighbours during long absence of parents with suitable understanding and reciprocity. This is more so because everybody knows everybody in an apartment complex and live closely as one family. Eviction of tenants is an easier proposition in the case of apartment because supply of alternate rental space is much higher in the case of apartments than independent houses.
Longevity of an apartment cannot be compared to an independent house because in the latter case, since the land belongs to an individual or joint owners, the building can be refurbished or demolished and rebuilt. In the case of an apartment complex, all the owners have to agree before any such decision can be taken.
Suggested project of affordable villas: Harsh Vihar Noida Extension
The answer to the above poser can be found in the advantages and disadvantages mentioned in owning an apartment.
The biggest advantage in owning an independent house to my mind is that you have control over the design and architecture of the house along with cost effective use of materials used and the quality. How much of the land is to be used for construction and how much is to be left vacant for gardening or future construction is your decision. Frankly, I have come across many individuals who have regrets over the design and/or materials used etc. after house construction is complete. This mainly happens when one wants to contain costs. What I mean to say is, constructing your own dwelling is no guarantee that you will be 100% happy with your decisions. Some have constructed houses in 100% of the land and park their cars on the public roads causing a nuisance to other road users and reduced to worrying about the safety of their vehicles. In apartments, you can either buy your parking place or rent it.
If you are the owner of land and planning to construct your dream home later, you always have the threat of encroachment. You need to fence the plot of land and put up notices about your ownership to the land. You may also need to construct a shed and employ a watchman. Now, in cities like Bangalore you also have the nuisance of your plot being used as a garbage dump! These problems are exclusive to independent houses, because the builder takes care of these aspects in the case of construction of apartment complex.
There are people who have borrowed heavily and built their independent house, and later on sold it as they could not service the loans. There are also people who have half built their houses and could not complete it due to lack of funds. Financial viability is very important when you build your own home because cost escalations can be there, unlike in the case of an apartment where you can have a watertight agreement with the builder with no cost escalation clause. Of course, you can build a small house with provision to add floors later, based on the need and your financial situation. This flexibility is not there in an apartment.
In this era of nuclear families with both husband and wife working for a living, the preference is for an apartment, whether on ownership or on rent. Hence, in the cities the rental space is preferred in apartment complexes, and enjoy a better demand as well as rent. The reasons are safety, companionship of other children in the complex, community amenities like indoor/outdoor sports etc. The children can be with neighbours during long absence of parents with suitable understanding and reciprocity. This is more so because everybody knows everybody in an apartment complex and live closely as one family. Eviction of tenants is an easier proposition in the case of apartment because supply of alternate rental space is much higher in the case of apartments than independent houses.
Longevity of an apartment cannot be compared to an independent house because in the latter case, since the land belongs to an individual or joint owners, the building can be refurbished or demolished and rebuilt. In the case of an apartment complex, all the owners have to agree before any such decision can be taken.
Suggested project of affordable villas: Harsh Vihar Noida Extension
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