Build on your own land or get a condo?

16 Nov,2010

Though owning a piece of land today seems a distant pipe dream for many, the mobile urbanite finds ways to locate parcels of land on which to build his dream home. While a decade back, availability wasn’t such a big issue as it is today, the emergence of sleek condos has created more options than ever for the home buyer. So what does one opt for? Here are a few pointers to help you choose.

Is appreciation a criterion?
If you are looking at buying to invest, a land makes more sense in most options. However, today’s smart built condos have shown greater levels of appreciation in some cases justified by the infrastructure created around the development.

Or do you look for social life?
Condominium complexes can be mini-cities by themselves. For those looking at filling their calendars with social dos and getting their kids great company, condominiums should be the primary choice.

High degree of customisation
Get a land and build on it, if you have specific needs for your home. Certain professionals like doctors prefer the comfort of building a home that can have a customized clinic attached.

Is security a concern?
Often, individual homes are where crime often occurs. Not only does a condominium provide high-tech security, it also provides a ready set of neighbours to keep a watchful eye on your children while they play.

Have a large household?
If you have a large extended family, and yet wish to have the privacy of a nuclear unit, a condominium may make good sense. Each sub-unit of the family gets a separate unit, yet are close enough to live and celebrate together.

Have pets?
For those having one or more pets, staying in a condo has its own restrictions. Not only does the pet get limited amount of space to be in, but restrictions may be put up by other not-so-pet-loving neighbours.

If you are a fitness maniac who has to have his customary morning swim or the hour at the gym, don’t think of getting an individual home. Not that homes cannot have swimming pools or gyms, but you can get many more facilities at a much more efficient cost proposition at a condominium complex. You may also miss the handiness of community halls and common play spaces if you opt for an individual home.

Individual architectural taste
If you have a strong inclination for custom architecture with specifications, an individual home provides far more than a condominium.

Building on one’s land can prove to be quite a drain on finances. Add to that a slightly higher level of difficulty in securing loans, and the cash outflow can become prohibitive. On the other hand, condos come at an affordable price and in enough variants to keep both the lady of the house and the bank happy.

Weigh the different options and remember, no one shoe fits all. Enjoy what you choose and revel in a space which you can call your own.


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