My Life, My Decisions
                                                 (A Life Time Decision)

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The future depends on what we do in the present.                ... Mahatma Gandhi

House or Flat ?

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"House or Flat ?", is a question, but this is not very diffult to decide as building a house always costs much more than buying a flat. If , you are staying in Metro city , then the choice would be more or less clear and that is a flat, unless you are a business man or have some family backing.
But, yes, if you are staying in a smaller city , you can always think for house. So, mainly it is decided by the place where you want to live.
It all depends on individual's requirement/situation. One must plan for this at the earliest, because there are so many other things, that are also need to be planned accordingly.

Whether Buy a house or a flat, both have their advantages and disadvantages. So, it is always the individual's choice as to which of the two options suits more.

Advantages of Buying a House or Flat.

     Advantages -- of a House

1. Own house gives great satisfaction.

1. An independent house provides you greater degree of freedom.

2. Ability to design the house as per your wish.

3. Future modification of exteriors as per the latest trends and wishes.

4. If you have keen interest in gardening then you would have a space to build on your interest or grow your pets.

5. More privacy with no more problems like loud noise etc.

6. You can always expand the space as per requirement in the future when your children grow up.

7. You can develop the higher floors when you want to make some additional income through rent.

    Disadvantages -- of a House

1. Security is a concern and will come at a significant cost i.e if you want to keep a watchman or gate keeper.

2. Facilities such as power backup (especially if you want to install generators to run A/C’s etc) and water supply would be expensive and a managing the same would be a hassle.

3. You would need to get access to external clubs and sport facilities. This would be an expensive proposition for e.g monthly access to a good gym could cost you anywhere between Rs 2500/- to 3500/-.

4. Services such as plumbers, electricians etc would need to be identified and called for at the time of need.

5. If you have a job which requires you to be traveling to different cities, then security of your household goods would be a cause for worry.

6. If you are in the metros or in the tier-1 cities where land is scarce and expensive, you may end up owning precious little space and there will be very little space for garden and to walk around.

     Advantges -- a Flat

1. One of the key advantage of a flat is security for your family members. With frequent traveling or having expensive house hold goods, one need not worry at all.

2. Facilities such as power and water backup, etc. would help you to live a hassle free life. The scarcity of power and good water is becoming a serious problem,so flats are always better.

3. An apartment which is part of a large development will have a well maintained garden and landscaping as part of the complex. This will provide space for you,children and other family members to take a stroll,play and relax.

4. Most of the modern residential complexes provide, Club facilities, Access to gym, sports, Swimming pool etc. which will help you to lead an active and healthy life for you and your family , kind of a must in the current high stress environment.

5. Services such as plumber, electrician are available on call (from the society) which will help to reduce the hassel of maintaining your home. Any problem in the house , just inform the service people to do the needful.

6. Availability of a Provision store within the complexes may be with a home delivery mechanism is very handy for the family , if both are working

7. Payment of Utilities like Electricity, Water bill may be done through service staff.

8. Parking space is sufficient,so no worry about parking , one can always park at reserved space.

    Disadvantages -- of a Flat

1. One has to pay for the Maintenance of the common facilities , this cost some times hurts.

2. Limited or no freedom to make modifications to the exteriors your home.

3. Very limited space to develop interests such gardening or growing smaller farm animals (societies mostly object to the same).

4. Sound seepage between the wall of the adjoining apartments or voice from lower or higher floor could irritate you and vice versa especially if you have a nocturnal neighbour.

5. If you are a believer in “good walls make good neighbours”, then apartment may not be the best option. A life long problem if you cannot get along with your neighbours.

6. No flexibility to expand the space for future needs as your children grow or if your parents move in to live with you.

Buying a Plot is a good option, but generally it is bought with a longer perpective. Some people take this as an investment option. Whatever, be the the case a plot may be bought and , one can build a house at his own convenience and ofcourse his taste.
Various advertisements about schemes/options keep coming from time to time about buying a plot. Property Brokers may also be helpful for this.

If you want to take loan for buying a Flat, House or a plot , you may enter the details being asked for, and you will get the details with calculation of , how much EMI you have to pay.

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