Unused lands are hard to say in today’s day and age where constructions and towers have managed to overpower the need for lands. Many people, however, choose to invest in plots to have as an asset. Is it really the ideal choice, though? Most would agree. However, a majority of these people are ones residing in rural or semi-urban areas.
Apart from farming, or building a farmhouse, not many people living in urban areas would choose a plot over a flat. With affordable houses such as the upcoming flats in Mulund East, plots do seem like an inconvenient choice. Although the benefits of owning land are great, there are certain factors that can help you decide whether investing in a plot is a better option than investing in a flat
What’s the difference?
Purchasing a plot does have one benefit to it that flats don’t – flexibility. You can use the plot any way you want and even divide it if needed. The value of a plot also doesn’t diminish as against that of flats, making many people considering investing in a plot.
However, as compared to plots, flats generate more income to the owner when rented. This is definitely more convenient since the demand for rental flats is higher than those of plots. Another factor is the lack of investment required to have it developed. A flat once purchased required very little to changes to be made to suit the owner’s requirement. The same funds once invested in a plot may fall short when you wish to construct on the plot owned.
A double investment with low returns isn’t much to look forward to, making an investment in a flat the best option for those living in developing areas. The choice would certainly seem to differ from person to person and case to case, allowing you to choose for yourself what best suits your needs.