Shareholders and home potential buyers often speculate, what will be the right option for investing, Prestige City Plots or flats? The majority of us decide towards land. Land as an investment option is obviously popular due to its better resale value when compared to residential properties. However, investment funds in plots have their own merits and demerits.
Prices of land are relatively lower in comparison with personal properties. Property taxes from plots is also low in comparison to apartments. Besides, there are no maintenance required, resulting in cost savings.
Plot prices differ with location, size and available space. Prices of land parcels appreciate at a much faster rate than the rates of a flat. Land prices are bound to understand if the essential infrastructure around the house grows, thus guaranteeing higher earnings on investment.
Plots are delivered without any problems and faster than apartments. Besides, the customer has no financial obligations once the repayment is manufactured.
Purchasing a land gives the advantage of construct a more substantial area suiting one’s necessity and affordability. For example, one cannot improve the range of rooms within an apartment whereas one can do so in case there is land, after acquiring necessary permits and sanctions.
1. Greater flexibility
When buying a house or apartment, buyers have to limit themselves because the house has been developed on someone else’s eye-sight. In addition, it impossible to improve the layout of the home. Contrary to this, the land is similar to a clear canvas, you can color it how you want. It offers you the liberty to design your property how you want. And that means you should spend money on plots.
Residences and villas are usually priced higher than plots. By purchasing a house, people generally have to endure the load of a home loan. The low cost of plots means shareholders can purchase them without the financial obstacle. Thus, many people choose to buy a story early on in their life and build a house onto it quite later, when they have sufficient savings. That is a smarter decision than buying a residence and paying the EMIs for the others of life.
3. Faster price appreciation
The advantage of buying a plot is the fact it returns an increased profit on investment in lesser time. According to an estimate, the costs of land gain an appreciation of 10% within significantly less than five years. Contrary to this, the prices of residential properties gain a cost understanding of 1-2% each year. In some instances, the prices of apartments and flats may land due to minimal demand. Because of all this, plots are the right option for investment.
4. Lower property tax
Whether you possess a house or storyline, you have to pay the property fees annually. However in case of an plot, the fees are very low in comparison compared to that of a set or house. Generally, the fees incurred on the tenanted house is ₹ 5 per sq. foot. and ₹ 2.50 per sq. ft. over a self-occupied home. However the property fees on vacant land is ₹ 0.12/sq.foot to ₹ 0.12/sq.foot. This means you will not be spending enough money on taxes by purchasing land.
5. No maintenance costs
Whether you are in your purchased home or not, you will still need to pay a specific amount for maintenance costs given by the housing society. Often, however, they could be unplanned, such as bills on repairing domestic plumbing issues, electrical power problems, renovations, etc. Which has a parcel, there is practically you don’t need to tolerate such costs.