To fulfill your dream of becoming a homeowner, you’re likely to spend a sizeable amount. So, it’s important that you make your decision after having all the facts on hand. This means understanding whether it makes sense for you to invest in a luxury property or a regular apartment.
If you have been born and brought up in Pune, for instance, when it comes time to buy a flat in Pune, you may consider luxury apartments in good localities like Rohan Abhilasha in Wagholi. However, if you want to earn regular rental income from your property, a mid-range flat in Pune may be more suitable for you. To ensure that you get a fair deal, it is important that you know how the two differ. So here’s a quick comparison of luxury and regular apartments on the basis of 5 factors.
In terms of price
A luxury apartment can cost you anywhere from Rs.1 to Rs.4 crore or more. The price depends on the size of the property, its location, and the scope of development of the surroundings. In most cities like Bangalore or Pune, regular apartments have higher demand owing to a large number of middle-class residents. On average, these apartments cost around Rs.40 to Rs.90 lakh.
In terms of location
Luxury flats are usually situated in the upscale localities of a city, and may even be on the outskirts. Housing companies may also promote them as exclusively for doctors, or IT professionals. This is done with the aim to create an aura of exclusivity, which further boosts the price of the apartment.
On the other hand, regular apartments focus on the middle-class segment who are looking for a comfortable home that fits within their budget. Regular apartments are mostly found within the city and are surrounded by amenities and transport systems.
In terms of investment value
A luxury apartment doubles up as a great investment tool and can earn you up to 40% higher rental income. However, the flip side is that with luxury condos, finding a tenant can be an issue as those looking for such properties are few in number. On the other hand, with a regular apartment, you may earn lesser rental income but you can ensure consistent earnings.
In terms of size
A luxury apartment occupies a huge space and is spread over an area that typically measures more than 1,800 sq. ft. It has a minimum of 3 to 4 bedrooms, usually with attached balconies. Additionally, such spaces have separate quarters for domestic help, spacious kitchens, and storerooms. To give a luxurious look and feel, the homes have a floor-to-ceiling height of at least 12 feet.
A regular apartment is smaller in comparison and is typically spread over 700 to 1,200 sq. ft. It features compact rooms and is likely to have a reasonable floor-to-ceiling height of 10 feet.
Amenities and security
As the name suggests, a luxury apartment has a lot to offer and facilities include a home bar, tennis court, helipad, private pool, and canopied walkways. You can also expect smart home features like remote accessibility, smart lighting systems, energy management and more in combination with emergency buzzers, fire chutes, and other high-level security facilities. On the other hand, regular apartments have communal amenities such as a swimming pool, clubhouse, power back-up, security, and gym.
Now that you know how to distinguish between luxury and regular apartments, you can make a well-informed buying decision and invest wisely. Also, consider funding your property by availing a home loan from Bajaj Finserv Homes and Loans. Here, not only will you gain access to a loan of up to Rs.3.5 crore, but you can also benefit from in-person assistance for site visits, guidance on the legal and technical aspects of buying a home and documentation assistance services. To get speedy access to finance and support, simply check your pre-approved offer..