Apartment or Individual House - Which is best?

When it comes to buying a house, its almost a 1yr job.... very good tamil saying"veeta katti paaru... kalyanatha panni paaru", its 100% true. Ok coming back to the topic, will it be apartment/flat or individual house which I should buy. Actually it depends on the person who buys ;) I have discussed advantages/disadvantages on both option.



Individual House - Less Money - More Effort - When I say individual house, its you own land and an house constructed in it. It can also be empty land.

Apartment/Flat - More Money - Less Effort - When you go for an 3BHK / 2BHK apartment, you have tension free life, just occupying the property. Effort is all taken care by the builder who promotes.

Lets consider an example for this. my place of interest is Porur, so let me take that place for explaining this. I did a search for apartment/flats in porur and the min/max rate in that place was Rs.3000-Rs.5000 per sq.ft. (excluding registration, eb, car parking, furnishing). Now I searched for individual house in the same area and the min/max rate was Rs.1100-Rs.3000, this is only for the plot, so add Rs.1200 for construction charges, which comes to Rs.2300-Rs.4200.

Immediate savings is around Rs.800-Rs.1000 in this. But wait, when you go for individual house, you have to directly for everything starting from sale agreement, Encumbrance certificate, documentation till sale deed registration, and if you avail bank loan or housing finance loan, then its going to be real difficult, because of the documents they ask for and you have to go everytime they call you for. When you buy the apartment, the builder already gets approval from 2 or 3 banks or housing finance companies, so you just have to submit your documents to the builder and they take care of handing over the property to you. You only have to go to sub-registrar office during registration.

So guys, decide which suits you, money or easy life....... choose between them ;) Happy Investing