Often, an accepted norm for a house purchase is selecting a property at a wonderful location. Selecting a better location would give better appreciation on your investment. While some opt for apartments, others prefer independent houses. Usually, properties having sky-high rates in metros compel most homebuyers to look at apartments as their preferred choice. These come slightly cheaper than independent property which could be in the form of a villa or an assortment of floors built on a plot. While it is common knowledge that the latter comes at a price, there are some marked differences between the two.
Amenities comes at a cost: While an apartment property comes with added values, such as security, enough parking spaces, power back-up, water systems and fire safety mechanism in place, an independent property needs extra effort for setting up of these services. This would also include an extra cost. It is estimated that one needs to spend 2-3 per cent of the total property value on these amenities around an independent villa property. This would include setting up of a small power back-up in the form of an inverter or a generator set, and your own water mechanism. Security will still remain a constraint. In case your villa property is located in a colony of such villas, the inhabitants can form a Residents’ Welfare Association (RWA). The RWA can then look after security and other such issues.