Difference Between Plots and Apartments – Great Tips
- Plots and Apartments are the most trustable assets of middle-class people over a decade. But there is a huge difference between these asset classes which common people are not aware of.
- Over the last decade, metropolitan citizens prefer Apartments to Plots.
- Both these residential occupancies have merits and demerits.
- This article will be a checklist factor for any new real estate investor, to pick the right one.
- We have just drafted the differences by 360 degrees analysis on multiple factors which followed for ages.
- Here are the following parameters an individual should go through before purchasing a Plot or Apartment.
Cost Factor – Difference Between Plots and Apartments
- Apartments are comparatively higher than plots. In Metros, the space crunch and high rates make the buyer prefer apartments as the best choice.
- The down payment is comparatively low & easier to get a loan. Most of the builders have tie-ups with various banks to make hassle-free bank loan processes.
- Plots are always cheaper than those apartments.
- Here the stage of life & strategic decision makes the buyer feel the high value if any (extra additional money) for a lifetime investment.
- Strict routinization of documents in sanctioning a bank loan is not only time-consuming but also with the heavy down payment. Even though here the individuals have to undergo the tedious process, they don’t mind it, ultimately, they want perfection about plots and apartments.
Formalities For Plots and Apartments
- People relieve themselves from the tedious processes like getting clearance from various Authorities, paying stamp duty to the Government, getting other connections like electricity, water, etc in the case of Apartments.
- Here the builder will take care of all these formalities. In the end, one will get legally perfect documents without litigation for plots and apartments.
- One must involve himself carefully to get properly done the formalities for 100% satisfaction in case of Plots. Ultimately, they have the clarity & the satisfaction that they checked everything by themselves for their money.
- So, here are the things to check before buying a plot.
- Additional Added values For Plots And Apartments
- Power back-up, fire safety mechanism, proper water supply system with perfect Housekeeping, maintenance department, and 24 hrs security system with ample vehicle parking space are the added values in case of Apartments without extra/additional money at the time of purchase when refinance.
- After occupation only they have to share the monthly charges only on every month. Recently they are adding a small clinic with part-time doctors, nurses, and a small pharmacy to tackle the immediate emergency cases for homeowners.
- These added values will cost an extra cost of 2 – 3 % of the total property value in Plots.
- This extra money is nothing for the plot people, here they think about the quality, life term value of each product in each month they select as like property taxes.
- They take care of the proper maintenance of everything. It will be routine work for owners & the entire responsibility will be on owners.
- They don’t mind paying extra money & extra attention to their own welfare.
Privacy and Freedom
- Chances of 100% privacy are impossible & the level of freedom is low in the case of Apartments.
- There is always a restriction on noise level, water consumption, having pet animals. Each one has to follow the general rules of those particular Apartments.
- 100% privacy is possible in Plots. People are relieved of the disturbances from the neighbors and unnecessary noisy situations.
- They have the freedom to have pet animals of their own choice. The water level, noise level, everything according to their own comfortability. They decide their freedom level and can enjoy their total freedom without affecting the neighbors.
Culture in plots and apartments
- People of different caste, creed cultures, and religions mingle easily with each other by celebrating the festivals together in Apartments.
- This improves Unity in Diversity and encourages communal Harmony, social living without discrimination.
- Amenities like a separate play area, Library, Auditorium, Canteen, gym, Clubhouses, indoor games, and Swimming pool enhance the cosmopolitan culture among the Apartment people.
- But they don’t have the freedom to select a choice of their own. They become used to using whatever facilities are available inside the campus only.
- People are not very particular about this kind of exposure in their area in Plots.
- Whenever they feel so, they will come out of their compound / their area & approach & mingle with others to get this kind of exposure.
- They have their own choice, they used to go to selective clubs, Gyms, playgrounds, swimming pools, and libraries of their own choice.
- Always enjoy the freedom of changing the respective places each time at their will.
- Starting from kids, youngsters, teenagers, working people, and aged people are engaged as friends in plots and Apartments.
- A similar mindset, activity, wavelength of thinking, and interaction among them will be healthy and makes a good