Having a property of your own in Bangalore is always on the wish list of the people living and working there. With an increase in the population of job seekers as the MNCs and IT companies are providing jobs, people tend to migrate into the city, thus looking for a place to live in. As the city is expanding, offering a quality of living for the people who are accommodating and turn out to find real estate as a good investment option they are often confused about where exactly they should invest. Here let us discuss the advantages and disadvantages of investing in a plot or a villa.
Investing in a Plot
While you invest in a plot, you own the piece of land from the time you sign the documents. You get complete ownership of your land and can build whatever you wish without any time limits. You can customize the property according to your own wish and without any external pressure. Compared to a villa the maintenance charge that cost for a plot is comparatively low. A plot is cheaper than a villa and it will have a higher appreciation rate in the future especially if it is in a prime location. The transparency between a buyer and a seller will be great while purchasing a plot. You do not have to wait for months for the builder to deliver the property as plots could be possessed quickly and easily.
Buying a plot is one of the easiest real estate investments but you must be careful that the plot does not belong to a commercial area. If the land falls under the commercial area in the coming years, there is a huge possibility that the government might take over the land. Sometimes it may be difficult to find a buyer in the future. This does not apply to all cases but there is a chance that you cannot sell the property as easily as you expected. Banks do not tend to give loans for land investments. However, if they happen to give the loan provided for plots is comparatively low than that of villas. When you decide to build a house in the plot you have purchased, you must go through many approvals and documentation from the local government and it will be exhausting and tedious.
Investing in a Villa
Villas are one of the most profitable real estate investments available in Bangalore. They are independent luxury homes that promise privacy and security. A gated villa provides extreme privacy with world-class amenities. Even if they are located in a busy prime location in the city, they will have a calm and peaceful environment surrounded by greenery. You can generate a passive income in the future if you want by renting out your villa and it is also easy to sell a villa especially if it is from a reputed builder or developer. Villas in Bangalore usually have world-class amenities including gymnasiums, libraries, jogging tracks, walking spaces, kids’ play areas, various sports courts, indoor games room, mini theatre, swimming pools, and many more to keep your family comfortable and entertained. Getting a large loan from banks or other financial institutions is generally easier in the case of villas.
One of the major disadvantages that you face while purchasing a villa is that you have to wait for months or even years for possession. If you are not purchasing your villa from a reputed builder it can lead to a lot of problems such as the quality of living offered by the builder will not be good as they have offered and there can be issues related to privacy and security. Villas are very expensive as they are luxurious, if you want to enjoy the world-class amenities, they offer you have to spend all your finances while investing in a villa from a reputed builder. The maintenance costs are very high for a villa and you have to spend your own money on the monthly maintenance charges.
When you are a first-time real estate investor in Bangalore, you will get confused while choosing the best place for your investment as the city can offer so many options in this field. If you plan to invest in a property then you can choose a plot and develop it later. But if you plan to sell your property in the future for a better option then you can choose a villa. Before taking a decision make sure that you do thorough research about both the villas and plots available in Bangalore, Prestige Park Grove is set to have both apartments and villas in bangalore.