While people still cherish the dream of buying a plot of land and constructing their own home on it, the number of apartments in Mohali available for sale surely offers an easier option. The apartment culture has taken over the city of Mohali. And not just in Mohali, apartments are getting popular with buyers almost all over India. Keeping this trend in mind, more real estate builders in Mohali are coming up with apartments. But, if you are confused between buying a plot of land and an apartment in Mohali, don’t worry. Below, you will find the advantages of buying apartment as well as land, helping you arrive at a decision:
Buying an apartment requires a lump-sum payment. This may mean that you need to apply for a home loan from a bank or NBFCs, and then pay back the interest and the sum borrowed as EMI. But, when you buy a plot of land, not only do you need funds for the purchase, you also need money for the construction of the house on it. This can actually turn out to be more expensive when compared to purchasing a flat of a similar size and dimension.
Scope of Resale
When you buy land and construct a home on it, you do it as per your liking and needs. But, at the time of resale, this may prevent you from getting the best price for your house. The potential buyer might not find your house appealing or may find it lacking in some aspects. Even though the price of property will depend on the price of land, a potential buyer may even be looking for an unconstructed property. But, when you purchase an apartment in Mohali, or anywhere for that matter, there is no such disadvantage. This is due to the fact that all units are similar and are a part of a building, making it very easy to sell them at prevalent market rates.
Returns on Investment
When you buy a plot of land, its value continues to rise. The value of building on the land might not appreciate at the same rate as the land due to depreciation. On the other hand, apartment’s value keeps increasing due the affordability factor. But, independent house owners have certain advantages over apartment owners. Independent house owners can construct multiple floors and rent them out as well. This gives them a steady source of income. Also, a plot of land can offer better profits as compared to apartments.
Before you decide, ensure that you analyse the real estate trends in Mohali, your financial capabilities, and needs. If you want a ready-to-move house, then an apartment in Mohali would be best, but if you want to invest, then purchasing a plot of land would be a better idea.