One of the toughest decisions you will make while on a house hunt is picking a flat vs house. Both options offer different features, benefits, maintenance obligations and lifestyles.
Choosing between the two properties should depend on your family dynamics, location, long-term financial planning and your lifestyle. Understanding what each offers will help you make a better decision. Read this article to learn the advantages and disadvantages of buying a flat vs house and factors to consider before selecting your home.
Difference between flats and independent homes
To know the answer to the question, “flat or house, which is better?”, you must understand what each type typically offers:
|
Aspect
|
Apartment
|
Independent house
|
|
Meaning
|
Series of similar-looking flats/houses in a building
|
Standalone house on a personal plot of land
|
|
Maintenance
|
By the society
|
Individual responsibility
|
|
Space control
|
Limited to your home only
|
Complete control over the entire property
|
|
Freedom to customise or expand
|
No
|
Yes
|
|
Land ownership
|
Shared by all house owners
|
Only by you
|
|
Amenities
|
Several. Installed by builders, shared by all
|
Must be installed by you
|
|
Cost
|
Usually lower
|
Higher
|
|
Privacy
|
Less
|
More
|
|
Security
|
More
|
Less
|
Pros and cons of choosing a flat vs a house
Each property type offers unique pros and cons. Let’s go through them:
● Advantages of flats/apartments
Apartments are affordable, offer gated security and exclusive amenities like doorstep laundry, cafe, private theatre, gym and clubs and are available in prime city locations.
● Disadvantages of flats/apartments
Apartments offer limited space and less privacy and come with society rules that may restrict pets, visitors, renovations or additional guests. Maintenance fees are recurring and the resale value is low.
● Advantages of independent houses
Independent houses provide full ownership of land, more space for expansion and greater privacy. They have excellent resale value and ROI, and there are no rules, regulations or societal maintenance pressure.
● Disadvantages of independent houses
Independent properties are more expensive to buy, lack modern amenities and are often located farther from city centres. Security, repair and upkeep and house insurance fall entirely on you and maintenance requires more effort.
Factors and tips for choosing the right home for your needs
Here are the points to keep in mind when choosing between a flat and a house:
1. Budget
Flats have monthly maintenance charges, which cover services and amenities. However, since multiple homeowners share the actual land, the cost of property (undivided share of land) reduces in apartments.
The initial investment in an individual house is high due to the land ownership, but it also increases the property’s resale value.
2. Rent vs purchase
Renting a house is better than buying if you’re unsure about long-term location preferences or your financial stability.
3. Lifestyle
Individual houses offer more privacy, independence and better control as you are the sole owner. Flats provide friendship and a thriving community to live in.
Consider your family’s growth plans, your children’s education, pets, elderly parents' mobility requirements, the walking distance from the medical shop, grocery store and your workplace.
4. Maintenance
Flat maintenance and upkeep, including plumbing, cleaning common areas and security guards, is managed by the society and therefore, offers low-effort living.
Independent houses demand more time and effort, as you are responsible for their structural and functional upkeep.
5. Security needs
Flats come with 24/7 security, CCTV and restricted access, making them a safer option for those who live alone.
Independent houses require investment security set up, such as private guards and alarms, which can be expensive.
6. Additional tips
Before buying a flat or house, check the builder’s reputation, past project delivery record, RERA registration, tax book and completion certificate.
Buy house insurance to protect your home, furniture and personal belongings from hazards, third-party damage, structural damage, theft or fire.
Conclusion
Both flats and independent houses have a unique value proposition in the housing market. Your choice should reflect your career, family situation, investment plans and lifestyle.
Regardless of what you buy, remember that your home is going to be the biggest asset you’ll ever own. Therefore, safeguarding it with a customisable house insurance should be your top priority, as it will protect you from various financial and legal casualties.
FAQs
- House or flat, which is better?
A flat is ideal if you prefer exclusive amenities and a like-minded community all included in the rental/sales agreement.
An independent house is a good choice if you seek privacy from neighbours or are a part of a multigenerational family.
- Do flat and independent house owners need different insurance policies?
House insurance is customisable based on the property and your needs. Example: Interiors and personal belongings for flat owners and a comprehensive policy for independent houseowners.
Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the topic featured in the article. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.