The choice of an apartment or villa as a real estate investment is not as easy as one might think. Although some buyers might have the alternative of choosing between apartments and villas for their next property sale, the differences between these two, often decides which real estate property one goes for. For instance, the cost difference between private apartments vs villa’s, is often the key deciding factor for some potential buyers. Here is some information on both the alternatives.
Private apartments are generally cheaper than villa’s. This is why they are often considered as the first choice by people who are buying their first apartment or villa. They are also great for those who are short on funds, as they require less maintenance and expenses. However, there are some downsides to choosing a private apartment over a villa. Here are some of the pros and cons of each:
Pro: Luxury Apartments provide a more spacious living space than a traditional apartment. They also provide extra amenities which are not available in traditional apartments such as a swimming pool. Another advantage of luxury apartments is that they provide you with more privacy. While you will still have neighbors around you in a traditional apartment, in a luxury apartment, you will only hear the sounds of the residents above you. This is important if you like to hear the soft music emanating from your neighbor’s pool. However, you should note that these perks come at a cost; hence, it is important that you assess the costs of the amenities you want and compare them with the prices of nearby properties.
Con: Luxury Apartments are usually located in areas where rental rates are cheaper compared to other places. When you are on a budget, luxury apartments can prove to be a financial burden. It is therefore important to consider the starting price and compare it with other luxury apartments. If you find that starting price is not within your budget, you may opt for another apartment or villa which has similar amenities.
Pro: A luxury villa offers you with a more comfortable living space. In comparison to a shared apartment or villa, a luxury apartment usually offers you a fully furnished apartment or villa complete with common facilities. These include cable television, telephone lines, air conditioning, kitchen appliances, a shower, dining table, chairs, and windows. You can have these amenities at a fraction of the cost of a single family home. However, in many cases, you will still have to pay for extra common facilities such as security and maintenance cost. Thus, it can turn out to be more economical to rent a luxury apartment than to purchase a villa.
Con: Unlike luxury villas offer, apartment complexes may prove to be a higher maintenance cost. Although apartment complexes are managed by a property management company, common areas are often left unsupervised during the day and maintenance staff is not on call at all times. The costlier luxury villas offer better supervision of common areas and maids are on call at short notice to help in maintenance.
Renting an apartment can also prove to be expensive when compared to its maintenance costs. The monthly rental includes all repair and cleaning costs, and a part of all utility bills. If you want to reduce the monthly rent yield, you can opt to increase the rent. The same applies to a tenant who plans to stay in the premises for a longer period.
There are various other differences between apartments Vs villas. However, you need to do your own independent research to determine which among the many options available meets your requirements best. As long as you do your homework, you should be able to make a well-informed decision.