Key Ideas For You to Shortlist The Perfect Second Home - Apartment or Standalone Property?

The Appeal of Owning a Second Home Investing in a vacation home is not just a reflection of financial growth; it also signifies an elevated lifestyle. With the increasing affinity for nature, improved living standards, and higher disposable incomes, more individuals are considering a second abode away from the city’s hustle.

• However, the big question remains: should you choose a standalone property or an apartment?

Ghar delves into the advantages and disadvantages of each to help you make an informed decision.

Standalone Property vs. Apartment: The Pros and Cons

Standalone Properties:

Ravi Kumar, the director of a real estate advisory group, explains that a standalone house offers privacy, ample space, and the freedom to customize. However, these benefits come with higher costs and greater responsibilities. Maintenance can be demanding, and additional expenses like caretakers and gardeners add up. Despite these challenges, the resale value of standalone houses often surpasses that of apartments.

Apartments:

On the other hand, apartments are more affordable and come with convenience, security, and shared amenities like gyms and pools. They require less maintenance, making them ideal for hassle-free living. However, the trade-offs include less space and privacy, and apartments typically have a lower resale value compared to standalone houses.

Personal Experiences and Considerations

Anjali Desai, a finance manager, shares her journey of moving from a compact flat to a villa in Lonavala. She highlights the benefits of having ample outdoor space and proximity to nature but also mentions the higher maintenance costs involved. Her experience underscores the importance of evaluating all expenses before purchasing a standalone property.

Factors to Consider Before Making a Decision

When deciding between a flat or bungalow, consider factors like location, lifestyle, and budget. Think about your future needs and how often you’ll use the property. For occasional use, a low-maintenance apartment might be the better choice, while a standalone house could be ideal for frequent getaways.

Purpose and Proximity

Amit Mehta, managing director of a property consultancy firm, advises that the decision also depends on whether the property will be for personal use or rented out. Ideally, a vacation home should be near metro cities with good connectivity and surrounding infrastructure to ensure ease of travel and potential price appreciation.

The Growing Trend of Second Homes

As disposable incomes rise, more individuals are investing in vacation homes to escape daily pressures and enhance their portfolios. If you’re considering a vacation home, weigh the pros and cons of both types of properties to find the perfect space that aligns with your lifestyle and needs.

Final Thought

There’s no greater feeling than escaping to your own space, where you can relax and rejuvenate whenever you need to.