Flat or House debate
People in Pakistan have different living choices. Some people prefer to live in flats, while others love to live in houses. Both flats and houses offer unique living experiences and both are good for living. Decision to buy a flat or home depends on the financial situation and choice of individuals. But billion dollar question is which one is the better option for real estate property investment in Pakistan, flat or house? Let’s discuss this in detail.
Flats in Pakistan
Flats are very famous in Karachi, but now every city of Pakistan is building flats due to the limited space and increased housing demand. Flats provide more privacy and security than houses, as no one can enter the flats or apartments building without permission. This is why flats are very popular among celebrities, who want to live in city centers without the interference of general public. Flats are the future housing trend in Pakistan.
Houses in Pakistan
Majority of Pakistanis are living in houses. People just buy land and build houses according to their requirements in Pakistan. Houses offer the luxury to uses every space without the interference or sharing of other families. Houses also provide the facility to renovate or improve home appearances according to your will. Another advantage of houses is that these are livable for old and handicap people, who cannot climb the multi-stairs flats or apartments.
Lifespan of flats and houses in Pakistan
Usable life of flats and houses depend on the age of RCC structures and strength of cement. Flats and houses remain sound and usable for approximately 25 years, after that you just need the renovation and structural improvements. Another reason of short lifespan of flats and houses is the fast technological and trend changes. For example in past, people were used to build thicker walls, high ceilings, small windows and terrazzo finishes in home. Now these have been replaced by low ceilings, thinner walls, wide windows and tile flooring. Therefore, this can be concluded that flats or houses are useable for just a generation. After a generation you just need to either demolish the structure to build new one, or massive renovation is required which is not cost effective in most cases.
So land is what we get after 25 years
Flats and houses have certain usable life as discussed above. When flats and houses have passed their useable life, either these are renovated or demolished to build new structures. At the end, flats and homes owners just get the price of land on which flats or houses were built. House has the advantage that owner gets the undivided share of land after demolishing the structure. Whereas in case of flats, land price is divided by the total number of flats owners and people just get their share of land price.
Houses are the best property investment option in Pakistan
Due to the undivided land value, houses are the best real estate property investment option in Pakistan. Many people in Pakistan demolish old houses like 10 Marla and build two houses of size 5 Marla each. But this option is not available in flats, as flats are built on the limited land like 10 flats on 1 Kanal land and your share of land is just 2 Marla. Therefore, if you are buying property in Pakistan for investment purposes, houses are the better option.