Buying a house marks a significant milestone in the lives of many. And for a vast majority of people, the stepping stone towards this dream involves buying a flat or apartment, particularly due to the relatively lower price as compared to a villa or a plot. Surprisingly though, purchasing a flat has its own set of downsides that potential buyers may need to consider before making their final decision.
In this blog, we shall take a closer look at the drawbacks of buying a flat to help you make a profitable decision.
6 Reasons You Shouldn’t Buy a Flat for Residing
Here’s why you shouldn’t go for flats if you’re planning to buy a new home!
1. Limited Space and Privacy
Ordinarily, flats have a compact layout, which means that residents may eventually face challenges in regard to privacy, storage, or even accommodating a growing family. Hence, privacy and spatial constraints stand out as the most significant drawbacks of living in a flat.
Flats are also characterised by close proximity to neighbors might lead to privacy issues, and noise from other apartments or common areas may disrupt the peace and quiet.
2. Monthly Maintenance Fees
Most apartments have monthly maintenance fees to cover the cost of maintaining common spaces, upkeep of the building, security, and other in-house amenities, such as parks, a gym, a clubhouse, etc. These costs could significantly add to the financial burden of owning a flat, especially if the building’s facilities and services aren’t up to the standard of what the residents expect.
3. Lack of Autonomy
Owning a flat limits the scope of customisation and control over the property. When you buy a flat, you seldom have the liberty to modify the space. Owing to the housing society’s rules and regulations, you cannot alter the structure or layout of the living space as freely as a standalone house owner. Unlike independent houses, where owners can easily add a room or construct an additional floor, expansion in flats is close to impossible.
In most cases, you may require consent from the apartment’s management or other residents, which is always subject to disapproval.
Besides, you also have to rely on the apartment’s management to ensure that the essential services such as security, maintenance, cleanliness, elevators, etc. are being effectively carried out. Sadly, the management does not always cooperate, which may result in unwanted conflicts and stress.
4. Limited Outdoor Space and Greenery
Flats usually don’t come with private outdoor spaces, such as yards or gardens. Although it may have a balcony, it’s pretty compact, and often coincides with those of neighbors, keeping you from enjoying your private time. The absence of personal green space can make it further challenging for families with children or pets, who require a safe outdoor area to play.
5. Lesser Appreciation in Property Value
As against independent properties, the appreciation in the value of flats is usually slower and lesser. Investing in flats may not generate high returns in the long term due to factors such as the age of the building, the quality of construction, and the limited scope of modifications.
While flats undoubtedly come with their own set of advantages, they may not be suitable for everyone. It is essential for potential buyers to consider the various disadvantages associated with purchasing and living in a flat before making their decision. Instead, you must strongly consider investing in residential plots in reliable plot development projects like Swapnabhumi Newtown.
With a plot, you can develop the house as per your desires without any spatial and customisation restrictions. After all, buying a house is a one-time investment, so you must make it a worthy deal.