Which investment is better?
The real estate business in Pakistan is considered to be the most productive investment area and that is why most of wealthy investors prefer to place their hard-earned investment in it. From the last decade, despite many checks the sector has experienced reasonable growth and hike in terms of property worth and prices, as they have gone beyond the reach of a common man. Many are forced to live in rented homes or apartments. Other than affordability issue, rapid urbanization and mindset of young people have made the presence of apartment culture possible in all the leading cities of Pakistan.
If we observe the trend in major cities of Pakistan; Lahore, Karachi and Islamabad, owing to the great rise in land prices and shortage of land, the construction wave is moving towards building apartments as compared to buying homes or plots.
Other than affordability issue, rapid urbanization and mindset of young people have made the presence of apartment culture possible in all the leading cities of Pakistan.
According to a recent survey, an increase of 12% to 15% in the apartment developments along with apartment buying has been recorded. Previously, the apartment culture was only prevalent in Karachi but now we can see a tremendous boom in apartment construction in Islamabad, Lahore, and Peshawar due to surge in demand. Amazingly, these apartment projects are not being designed for middle or lower class but there are a number of luxury apartment projects both in Lahore and Islamabad that have been developed for upper class. These luxury apartment projects are usually furnished, semi-furnished and are equipped with top notch facilities.
However, when you are searching for investment options between apartment and house, here is a guide to help you with your decision.
Space is important: In case if you are thinking of buying an apartment, plot or house, space is an important factor for your family. Apartment is smaller than house, therefore huge families prefer to buy a plot or house.
However with the passage of time modern apartments with green areas or terraces are becoming a part of our lifestyle. Usually small families and newly-married couples look for a limited space.
Monetary matters counts: Similarly, if you are buying plot or renting living space (apartment) money matters the most. The apartment costs less than a home due to more construction area in the latter. Apartments seemed to be a preferred option for those who have limited financial sources, newly married or those eager to pursue their career.
Buying a plot and building a house is much costlier than apartments because a house is constructed on a piece of land which is yours compared to the apartments which are designed on the shared piece of land, also owned by third party. When you don’t have any share or ownership of the land, the total price of apartment way lower than an average house built on ‘free’ land.
The luxurious living trend in apartment has been gaining momentum as construction companies have also started building luxury and premium apartment projects for upper class.
Buying a plot and building a house is much costlier than apartments because a house is constructed on a piece of land which is yours compared to the apartments which are designed on the shared piece of land, also owned by third party. When you don’t have any share or ownership of the land, the total price of apartment way lower than an average house built on ‘free’ land.
The luxurious living trend in apartment has been gaining momentum as construction companies have also started building luxury and premium apartment projects for upper class.
24-Hour Service and Security: As compare to buying a plot and constructing a house on the basis of service and security, apartments offer 24-hour security and better services. In case if you are living in apartment, all you have to do is to give a call at concierge desk to find solution to your problem. The apartment has a management system which offers 24/7 service, surveillance and security system managed by trained members, which definitely makes apartment worth more than independent home. The management of apartment charges each owner a certain amount of money in name of service charges for the building care, cleanliness and using the services.
Living Preferences Vary: Your way of life determine your choice of home or apartment, so make your sure that you maintain a checklist and see which living choice is right for you.
Exploring the Future Possibilities: Obviously, houses are expensive than plots but they come with great perks which apartments do not offer. For example you can construct your home, according to your dreams by keeping in mind rules and regulations set by the town development authorities. But you cannot do the same as per your choice in the layout of apartment and have to follow fix standards.
We hope that you may find what you are looking for!!!
Good Luck!
