Is buying a flat a good idea?

A home is less a structure of four walls and more an emotional asset. It is also a sense of security and comfort. For some, it is a symbol of status and achievement too.

The people who are contemplating whether it is a good idea to buy flats in Lucknow or they should look at some other option like buying a bungalow, need to read this article further.

Why buying a Flat is a good idea?

Some people prefer building a bungalow, instead of buying a flat. Though a bungalow offers adequate exclusivity and better privacy, there are many downsides to living in a bungalow too. 

1.    Challenge of Construction 

Building a bungalow is a time taking process. The process of constructing a bungalow starts with acquiring land. Firstly, you will have to hunt for land at your preferred location. Then, you will have to look for a trusted and reputed contractor to start building the house. It is troublesome to monitor everything and keep patience till the bungalow constructions get completed. 

2.    Amenities

Living in a bungalow will not offer you any amenities. But if you buy a flat in a gated community, you will get all the amenities such as a security guard, swimming pool, recreation area, clubhouse, power back-up in case of a power failure, etc.

3.    Maintenance Work

Regular electrical issues, plumbing work, watering the lawn, etc. are managed and supervised by the committee and society chairperson in the flat system. In the bungalow, you are the only one for these maintenance jobs. 

4.    Ease of Financing 

It is also easier to take a loan for a flat than for an independent house. The banks offer pre-approved loans for residential projects having 2 BHK flats in Lucknow. But for independent homes, you will have to go through the stringent, scrutinized, and time-taking lending process involving loads of documentation requirements. 

5.    Investment Perspective 

When you are looking for profitable investment options that can fetch you a high ROI, then buying a flat is one of the best choices. The flat prices appreciate over time and hence, are considered a good way to enhance your wealth. One of the wise decisions is to buy an under-construction flat in Lucknow because the same is available at low prices compared to a ready-possession flat. Since you are buying for investment and there is no need to move in, you can wait for a few years to get the flat.

6.    Ease of Selling

It is also easier to sell a flat because most people prefer staying in a flat due to the security and convenience. 

To sum it up, though both flats and bungalows have their unique benefits, flats certainly score many above bungalows. You can choose between the two based on your needs, investment philosophy, and budget.