A home is one of the most expensive things that you will buy in your lifetime. With so much at stake, it's necessary that you choose carefully and make a wise decision. While there are many variables to well upon when buying a home, one of the first things you need to decide on is whether to choose a villa or an apartment. You may have some preferences for either villas or apartments, but if you are reading this, you are probably still undecided about which one to choose. The villa vs. apartment debate is an endless one and it's tough to decide which one since both options have their own distinct advantages and disadvantages. Here are some key factors you need to consider before finalizing your decision for a villa or an apartment.
Which one’s costlier, Villas or Apartments?
The cost component is an important part of the decision-making process when buying a home. Villas are generally costlier than apartments, assuming all other variables to be equal. The variables may include things like size, location, amenities, project, etc. Villas have their own space around the house, which increases their overall cost. Another factor is that high-rise apartments make the best use of vertical space, which reduces the cost of individual units. In comparison, villa projects are spread out horizontally, which increases land cost, and ultimately the cost to homebuyers. Price may not be a constraint for High Net-north Individuals (HNIs) and Ultra High Net-north Individuals (UHNIs), but it may be important for middle-income and upper middle-income families.
Some people want their homes located in the primary areas of the city, whereas others prefer the outskirts where they can escape the hustle and bustle of core city areas. Excluding old villas that may be there in the primary areas of a city, most new villa projects are likely to be launched at the outskirts of a city. Core city areas are often already saturated and there's hardly any space for horizontal construction, as needed for villa projects. This is why most of the ongoing and upcoming villa projects are located at the city's periphery. However, this need not be a problem if there’s good connectivity through a bus, local trains or metro.
Level of customization
In most cases, villas offer a higher level of customization, as compared to apartments. Some realty projects allocate residential plots, on which, buyers can choose to construct their villas as per their own design and specifications. Even villas that are sold as ready-made units will allow homebuyers to make changes, as per their evolving needs. For example, if new members are added to the family, additional rooms and washrooms can be constructed in the available plot of land. An additional floor can also be added vertically if local municipality rules allow. Such high level of customization is normally not available in case of apartments. Customizations in apartments may be available at the time of project launch, but not after the construction has been completed. Local municipalities generally don't allow changes in fully-constructed apartments, as it may affect the structural integrity of the entire building.
Cost of amenities
If your villa is part of a gated community, you may have access to various amenities. However, if your villa is an independent piece of property, you may have to shell out a higher price for essential amenities such as swimming pool, gymnasium, indoor & outdoor games, multipurpose hall, etc. Security may be another concern if your villa is an independent piece of property. In comparison, most apartment projects come with a wide variety of amenities and a robust security system. These are common for everyone and you need not pay anything extra to use them, except the maintenance charges. Even the maintenance charges are quite affordable since everyone in the apartment complex shares the cost burden. In case of an independent villa, you alone have to share the cost of amenities.
Quality of living
Apartments provide a more sociable living environment, as it’s easier to find like-minded people around. Conversations can happen at the pool, gym, or the coffee shop. Moreover, there are plenty of community events such as festival celebrations, sports tournaments, quiz competitions, local flea market, etc. These events attract apartment dwellers in droves, creating a lot of buzz and excitement. In comparison, villa projects may lack the numbers to create the desired bonhomie, even though they can be perfect for people looking for peace and tranquility.
Return on investment (ROI)
In case of homes, the return on investment would comprise the property's rentable value and its value appreciation. If we compare villas and apartments, it's easier to see that apartments score higher in terms of ROI. Firstly, apartments are much easier to give on rent, as compared to villas. The demand for rentable apartments is far higher, as compared to the demand for rentable villas. Secondly, apartments are easier to sell, as compared to villas. Here also, there are more people looking for resale apartments, as compared to those looking for resale villas. A quick look at the reality market also underscores the fact that apartment projects far outnumber villa projects. If you are planning to buy a home from an investment perspective, an apartment will be more profitable in comparison to a villa.
Whether to choose a villa or an apartment will essentially depend on your specific needs and requirements. It would be helpful if you take inputs from your family members. Discussions with family members might reveal new perspectives that would aid the decision-making process. You can also consult your friends and colleagues, who may have the experience of living in both villas and apartments. Listen to everyone, but take your own decision based on things that work out best for you and your family members.
For more information about real estate in Jaipur, Rajasthan