An ideal building for ideal needs

The most commonly available types of architectural buildings in the metro, urban areas are independent houses, apartments, and commercial buildings.

What exactly is an independent house?

Some people prefer to live in their own house. Independent house meaning comes to these houses and they are called independent houses or villas. These homes have privacy and control over the design. You can build them with many floors, one of which you can live in and the others you can rent out, which could be a good source of income but it will be taxable.

The land has great value. It is good for the future and is an heirloom. The biggest advantage of owning your own house is that you control the design and architecture of it, as well as how many materials you want to use and what quality the house is.

Maintenance: It has been observed that it is more expensive to maintain an independent house.

Security: If you own a house, it needs extra security which will cost you extra money. The more expensive your home is, the more it will cost to protect it.

Cost: If you want to buy a house the cost of buying it is more compared to buying an apartment. If you get a loan for the house, the requirements will be higher because of how much it costs. This includes the price of the plot, stamp duty to be paid to the government, and clearances from various authorities. It also includes labour costs depending on where you live and what renovations are needed.

Mortgage: Mortgage lending is difficult when it comes to independent properties because there are a lot of unknown cash amounts and determining how much a house is worth.

2. Apartment

Apartments are popular in India because they have modern-day amenities like good security and maintenance services. Apartments can be used to live in or for investment purposes. You can customize your apartment without changing the basic setup of the apartment. There is a choice of apartments at different price points that at different locations, according to your means and choices.

Maintenance: It has been noticed that the cost of maintaining an apartment is less when compared to an independent house.

Security: An apartment property is a good choice as it has many good qualities such as security, enough parking space, power backup, water systems, and a fire safety mechanism in place.

Cost: If someone wants to buy an apartment, the builder takes care of all the technical details. The buyer just has to pay for it and move in when they are ready.

Mortgage: If you are buying a property by taking out a loan, it is easier to get the loan for an apartment than for an independent property.

3. Commercial Buildings

Commercial buildings are buildings used for commercial purposes. For example, offices, warehouses, and retail buildings (e.g., convenience stores, big box stores, shopping malls).In urban areas, commercial buildings may be used for office space on levels 2-10, industrial property on other levels, and retail stores on the first floor. When the space allocated to multiple functions is significant, these buildings can be called multi-use or mixed-use buildings.

Local authorities maintain strict regulations for commercial zones. They can zone any area as commercial. If you want to start a business, the area needs to be at least partly zoned for commerce.

Loans: A commercial property loan is for a business. Commercial property loans require many documents and paperwork, like who is going to pay for the loan and what the maintenance will be. The terms and conditions of loans are very strict with penalties as well as restrictions on some things like how long the lease can be.

Electricity rate: The prices for electricity are different for residential and commercial properties. Some businesses buy a lot of electricity to use in their operations and they can get some benefits on their taxes.

Difficulty in purchasing: When a person buys a commercial property, they have to do a lot of work which includes looking at lots of reports about that place.

Returns: Commercial properties usually provide a better return on investment than residential properties. Commercial properties are often leased for more than 10 years, and the owner gets most of the money.

Risk factor: Commercial properties are leased out for a longer period of time. This means that they give the owner a more stable income.

Maintenance: The maintenance of commercial properties is expensive because they need more big machines and equipment. Sometimes an on-site manager is needed to manage the property and its maintenance.

Contracts: Commercial properties, on the other hand, have in-depth and complex rental contracts that are based on accounting standard 19. These contracts will be signed for a long time.

Location: For a commercial building, location is important. There are many factors like transportation, water, and other things that affect how well the business does.

Law: Commercial property’s rent or lease is agreed upon by both parties. This is made legally with contract law.