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30 JAN - 2017

Advantages in Owning an Apartment

CYou have a wide choice of dwellings at various price points at various locations with specifications according to one’s means and choices. It is practically a super market out there!.


You have a wide choice of dwellings at various price points at various locations with specifications according to one’s means and choices. It is practically a super market out there!.You have an opportunity to live in a gated community and develop lifelong friendships and learn to live as a member of a team. Community living at its best!

The apartment complexes, by virtue of a large number of households, attract a large number of businesses to be set up nearby and within no time the area develops and becomes self sustainable without a need to visit central business district (CBD). This also results in appreciation of the property. Locational advantage over a short period of time!

With amenities like clubhouse, swimming pool, gymnasium, shopping complexes, ATM etc., apartment complexes can provide access to various facilities within the complex.

Apartment complexes are comparatively safer and you can lock your apartment and go out of station with minimum worry. Apartment complexes have service providers like mason, plumber, electrician, carpenters, laundry etc., on retainership and the services are more easily accessible at standard rates.

Since it is a large group, apartment resident associations have more clout than an individual to make civic agencies heed their complaints and generally deal with common problems.

Garbage segregation and collection is done responsibly without stinking up the neighbourhood.

All common issues are addressed by the association and an individual need not go around trying to address them. The appreciation in the value of an apartment is commensurate with the initial investment one makes.

Selling and buying an apartment is a much quicker proposition than selling and buying a house mainly because of the higher cost of an independent house on account of land appreciation. The size of the deal in the case of an independent house will be much bigger for this reason. Banks finance the deals based on valuation and residual life of the property whether it is an independent house or an apartment.

Apartments in high rises provide better ventilation and sunlight. Accessibility to CBD/workplace, inadequate public transport etc., being important factor for many, it meant going in for apartments constructed in CBD or in close proximity to it at a reasonable cost.

Property experts advise investing in an apartment complex because private land/house deals are more prone to cheating and fraud. As an individual it is very difficult to remedy such a situation. If the land is allotted by the city development authority, you may not face such situations. For senior citizens with no supportive family, apartments may be the best choice.

Festivals and national events are celebrated as a community in a grand scale by apartment residents. Individual house owners can not match it in sheer size or grandeur.

Disadvantages in Owning an Apartment The biggest drawback is that you cannot do any independent add-on construction or alterations.

The maintenance you need to pay to the owners’ association is a regular monthly cash outgo whether you use the amenities or not. The maintenance charges keep increasing year after year.

One of the main components of maintenance can be water charges. The water requirement is massive in an apartment complex and the civic authorities arrangements for water supply may have to be supplemented by buying water from private vendors at very high cost. It is not possible to control water wastage and water charges end up as a major component of maintenance. Thoughtless residents contribute to wastage of electricity as well in their misuse of elevators, common lighting, elevator fans left on etc. People somehow do not realize that nothing is free, and the care you take for personal expenses need to be there when you use the common facilities as well!

You are forced to live in very close proximity with your neighbours even if you abhor them! Some neighbours can be pretty bad! Your immediate neighbour’s wall may be your wall too! A noisy neighbour who believes in frequent parties or with a brood of noisy children may cause you lot of problems and you will have little or no control over it other than complaining to the association and making your neighbour your number one enemy.

You are bound by decisions taken by your owners’ association even if you personally disagree with them.

You can at the most keep potted plants in your balcony. You cannot dream of having a garden and growing your favourite fruits and vegetables. Keeping pets is difficult if other residents have problems with it and complain about it.

While regular maintenance is carried out, major works like repainting the apartment building etc., cost a packet and may deplete the corpus fund requiring further contributions in lump sum.

One has no control over the quality of construction and material used by the builder. A builder bent on maximizing profits at any cost may ultimately hand you a lemon! In other words, an unscrupulous builder may end up providing you a substandard dwelling which may even be a hazard to live in! The frequent media coverage of building collapses due to shoddy constructions should be a warning and make one cautious when selecting the project of an unknown builder.

If there are legal hassles which was not disclosed by the builder like large scale deviations, illegal construction etc. your dream dwelling may even be demolished by the authorities or eviction orders issued as in the case of Campa Cola society in Mumbai! This, of course, can happen in the case of an independent house as well!

Human nature being what it is, it is not always hunky dory even in a apartment complex. Sometimes there are groups within groups and infighting which are definitely a negative factor for community well being.