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Many countries around the world have seen a trend towards owning your own home instead of renting. The first reason why people wish to buy their own homes is that it provides them with a sense of stability. Rental contracts are temporary agreements, often just between 6 and 12 months in duration, at the end of which you may have to leave and find alternative accommodation. Owning a home means you get to live there permanently The second reason, and one which has grown in importance in recent years, is that owning your own home is seen as an investment. Property prices generally rise, so real estate can be a safe place to invest your surplus income. House prices in the Dehradun, for example, rise by around 4%per annum whereas interest on bank deposits is close to zero For individuals, then, there seem to be clear positive benefits to owning your home. But overall, I feel there are considerable downsides, both for individuals and for society as a whole. For most people, buying property requires taking out a mortgage, typically for a length of 25 years, and if at any time during this period borrowers are unable to maintain mortgage payments, they risk losing their property. For society as a whole, there are also negatives.
The demand for buying property leads to house price inflation, which can mean people on low incomes, such as young people, can find it impossible to buy.
their own homes, forcing them to rent Time is the master. If you don’t respect time, time won’t prioritize your needs. The COVID-19 pandemic across the world made everyone realize that there is nothing more valuable and secure than one’s own home. real estate prices in dehradun People in rented accommodations are purchasing a home of their own while those staying in their own homes are aspiring to own bigger homes with safety features and new-age amenities. In today’s times, a person who owns a home of their own has hit a milestone in his/her life. Homes are being considered and identified differently in an urban city in comparison to rural ones. Luxury amenities and facilities are slowly becoming a necessity.
Why Plots are Consider to be a Good Investment
Low Acquisition Cost takes place One of the important benefits of buying a plot is that it is cheaper than buying an apartment. Even if a building is worthless, the owner of the land will have to pay to demolish it, so the building becomes costlier than land at any point in time. It will be affordable for a first-time home buyer to buy a plot rather than an apartment.
Flexibility Takes place in Building your Dream Home
If you want to buy an apartment it is always a tradeoff between, design/structure and budget or location. A well-designed apartment will be costlier as the builder charges for the non-constructed area and also for the rate of constructed area. This makes well-designed apartments too costlier for people to afford and hence they sacrifice design and structure over budget However, in plots, you can choose designs based on your budget. Even if you cannot afford to build a luxury home now, you always have the opportunity to build one in the future, if there is enough land area.
Complete Privacy You Get From Buying Plot
Unlike apartments, plot owners need not share floor space with others. They get complete privacy while living in a community.
Minimal Maintenance Cost Takes Place
When budget is a constraint, people can opt not to construct plots. So it reduces not only investment but also the huge maintenance cost that apartment carries.
Higher Appreciation potential
Under All Is The Land”. Real estate appreciation is always on land. When you buy an apartment, appreciation of the value of the apartment is based on the Undivided Share of Land (UDS). If your apartment has more UDS, it will appreciate more and vice versa However in the plot the whole investment in going into land. So appreciation potential is far superior.
One of the critical risks most apartment real estate business ideas buyers face today is whether they will get possession as per the date promised by the builder. When the possession is delayed, it has multiple effects like paying pre-EMI interest, losing income tax benefits, losing rental income, etc. But plot owners don’t have any of these risks.
No Risk of Wrong Approvals
If any apartment is constructed with deviation, the home buyer faces the risk of demolition, reselling problems, unavailability of loan, etc till he sells the home. Even the builder may have approvals, but during construction, if there is any deviation apartment owner needs to face the risk. But plot projects don’t have construction approvals. Plot buyers should look only into title and layout approval from respective authorities.
Design Your Home According to Your Needs
It’s a big deal to have a say in the type of home you wish to build for yourself. If you purchase a plot, you will be able to build your dream home exactly how you want it. When you choose this option, the vision of a builder or architect will no longer be your reality You have the option of working with architects and interior designers to plan and design every aspect of your home. Not only that, but you may choose your building materials, design items, and other minor details for your home You will be able to change any component of your house in the future without contacting anyone about legal difficulties. Now that you’ve had such a significant role in the construction of your home, you may truly feel like it’s yours.