Benefits of living in an apartment
The choice of living in a flat or a home depends on one’s requirements and financial circumstances. Both homes and flats are good for living with certain advantages and disadvantages. Here we discuss the advantages of flats over homes.
Apartments are more affordable
The value of home or flat depends on the value of land on which they are built. Home is generally more expensive than flat as one house is built on one piece of land, whereas many flats are built on single piece of land. Due to land value, flats are cheaper than houses. 3 bedrooms flat to house price ratio is 2:3.
Apartments have more desirable location
Location is the major consideration while buying a home or a flat. Most desired locations are near to the business districts with lot of offices, good transportation links, shopping centers and medical & educational facilities. Generally flats are located closer to city centers whereas homes are away from city centers. Therefore flats have much better locations than houses.
Apartments have Low maintenance costs
When we buy a home or a flat, there are certain hidden costs like repair expenditures. When home or flat gets older, we need the up-gradation. Repair of flat is cheaper as structure is much simple and overall cost of repair is contributed by all flats owners. On the other hand repair cost of home is solely contributed by the home owner.
Apartments offer wide range of amenities
Due to rising population density in urban areas, land is vanishing and home size is shrinking. It is now very expensive to afford a home with lawn, roof garden, tennis court, swimming pool or party room. But these facilities are normally available in the apartment developments. Many flat buildings even provide Mosques, community halls and fitness clubs. Therefore apartments have additive advantage that they offer wide range of facilities.
Apartments have high security
In urban areas crime rate is high and security of residence is of prime concern. Flats have the advantage that they offer high security than independent homes. Security in homes can be provided by the guards, which is much expensive. But apartment buildings have E-TAGS and alarms that offer good security without any additional cost.