Independent Houses vs Apartments

Well, buying an independent house or apartment is a matter of choice and cannot be weighed in terms of pros and cons. It is a personal choice that has different aspects to fulfill and accountability to hold for every action. Therefore, we bring the differences between the two to help you understand what suits you and your family's requirements.

Independent Houses vs. Apartments

Affordability

Whether you plan to buy an independent house or an apartment, affordability is a must. With ample of modern amenities, apartments cost you 2–5% more than the purchase value. This purchase value covers the cost of construction and authority clearances. It provides you with a modern, luxurious lifestyle with the best facilities on the premises and requires zero involvement from you throughout the process, whereas an independent house demands personal interference in every aspect of construction, right from architect fees, labour costs, raw materials, authority clearances to water supply and electricity connection. Everything you do in your independent house is your responsibility. As you are involved in the development process of your property, you have immediate access to your property, which is not the same in an apartment. You are bound to depend on the builder for possession.

Privacy and Security

When it comes to privacy and safety, apartments usually have shared walls that may not grant you complete privacy. However, it provides you with digital safety as well as manpower security. With digital safety, you keep a watch 24*7 on the happenings in and around the premises while manpower services safeguard you from the things that could prove to be a threat in the future. These safety protocols are planned and provided by the builder. Thus, it guarantees your safety from the day you enter the society, whereas, in an independent house, you are the only one to plan for your security and safety. As independent houses are constructed at a distance, they provide complete privacy.

Maintenance Cost

The maintenance cost is to repair the wear and tear on your property. However, the terms, "apartment" and "independent house" have different meanings. In an apartment, you pay the maintenance cost every month to the committee, which won't be used to repair your household amenities instead, it will be used to repair and clean the common amenities that includes the lobbies, clubhouse, garden, swimming pool, lifts, paying bills, etc. You are liable to pay separately for any household repairs you plan to do in the future. However, when you choose an independent house, you are the only one to pay the bills and take care of your property and premises unless you are in a gated community. A gated community runs similarly to the apartment.

Bank Home Loans & Taxation

As builders have tie-ups with the banks, it is easy to get a home loan for apartments while it is complicated and time-consuming to get a home loan for an independent house. The bank strictly scrutinises the individual before sanctioning the loan. Further, the tax exemptions also vary for independent houses and apartments. In the case of an apartment, the tax deductions are provided on the principal amount and the interest rate, while there is no tax deduction on the loan taken for plot purchase. However, on immediate initiation of construction after the plot purchase, you can claim the tax exemption for the interest paid against the plot acquisition loan.