Plot or flat: Which one to buy?
Buying a plot or flat is a big decision for any family. There are various factors like location, area, facilities etc. which play an important role in buying a property. In today's world, there are many options available for buying plots and flats. Some people prefer to buy plots while others buy flats. Let us see which option is suitable for you.
What is a plot?
A plot is a piece of land which has been divided into lots. A lot is a portion of land which is sold separately. The size of a lot depends on the developer. Usually, a lot is around 10-15 acres. A plot is usually bought as an investment. However, a plot is also used for residential purpose.
Advantages of Plots
- A plot gives you the freedom to decide how you want to use it. You can develop it as per your needs.
- A plot is cheaper than a flat.
- A plot is easy to sell.
- A plot is easier to maintain.
- Plots fetch higher returns on investment.
Disadvantages of Plots
- You cannot rent out a plot.
- High demand of good plots in urban areas.
- You require extreme care and alertness when purchasing plots, which may not have clear boundaries.
- You face the risk of encroachments.
- As an illiquid asset, it is difficult to get get financing based on your plot.
What is a flat?
A flat is a house which is built on a single floor. Most of the flats are two storeyed. A flat is a good choice if you are looking for a place where you can live with your family. A flat is also known as a semi-detached house.
Advantages of Flats
- Buying flats with a home loan will give you tax benefits.
- You can quickly fetch rental income.
- Flats provide better privacy and security.
- A flat comes with utility connections like electricity, water supply, power backup and more.
- Enjoy a community of neighbours.
Disadvantages of Flat
- Slower appreciation on your investment as compared to plots.
- Remodelling costs are high.
- If you don't build the flat yourself, you might experience construction delays and poor quality of materials.
- Transfer of possession is longer.
- You are giving away part of your control to the hands of people who manage your apartment complex.
How to choose between a Flat and a Plot?
If you're looking to buy a plot in Thirumazhisai, you need to be careful when choosing a developer. There are many developers out there who promise to build houses in Thirumazhisai at affordable prices. But not all builders are created equal. Some are honest and trustworthy, while others are dishonest and take advantage of people. So how do you find a reputable builder?
The answer is simple: Look for a developer who specializes in building houses in Thirumazhisai. This means they've built houses in Thirumazhisai before and know what works and what doesn't work. They also know the local rules and regulations regarding house building in Thirumazhisai.
When you select a developer, ask them questions about their experience and expertise. Ask them about their previous projects, including the number of houses they've built and whether they were successful. Also, ask them about their reputation among their clients and friends.
Once you've selected a developer, sign nothing until you've had a face-to-face meeting. And remember, you can always change your mind later if things go wrong.