With a variety of options in property types now available on the market, a buyer’s dilemma is always between a choice of either investing in a villa scheme or in an apartment, considering that many properties could be priced in a similar price range. It is not uncommon for this to happen as in many case apartments with a sea-view for instance would be more-or-less priced equivalent to that of a row house project towards the hinterlands.
Question 1: What’s more expensive, an apartment or a villa?
Price is the most important factor driving a decision on a property. In many case price points fall in favor of purchasing an apartment, when pegged versus a villa. No matter how expensive a villa, it would generally be compared to the price of an apartment. Even if the apartment lies in a luxury category, it is no secret that prices are always compared between these two categories. Villas score over apartments when maintenance costs are concerned; they undoubtedly incur a higher maintenance cost. In the case of an independent house or villa, this can be quite steep and is recurring, because it does involve not only regular daily upkeep but also for the garden and common areas.
Apartments are the more convenient option in this regard as the builder/building representatives pool together a quarterly/maintenance fee to cover everyday management.
Question 2: City apartments or villas in the outskirts?
Location is also driving the decision and is considered on par as a pricing factor. Generally, it is the proximity to everyday life such as offices, schools, hospitals, and the center of the city that influences this factor.
Developers often float villa projects in the suburbs of the city whereas apartment projects are found commonly within city limits.
This also is dependent on whether the purchase is a second home or a primary residence. If it is a second home, many buyers prefer it to be in a location that they can relax and unwind. Open spaces and privacy are more valued in this case. A villa project that is gated and well-maintained offering amenities such as a clubhouse and a swimming pool will fir the bill.
Question 3: Will there a decent return on investment in the future?
Properties are bought as an investment, whether it is a primary residence or a second home. Keeping this in mind have a good understanding of the potential increase in prices taking a ten-year time horizon is essential. Upcoming areas when the population is medium and where commercial activities are just about sprouting are excellent localities to invest. The coastal cluster of North Goa is a typical example. Areas such as Arambol, Anjuna, Ashwen, and Morjim are up-coming areas as compared to Candolim and Calangute where prices are not only high but also there is very limited for a decent ROI when property values have reached their peak. Villas have outshined apartments in terms of its value in many parts of Goa mainly due to the need for properties that are independent are on the rise. Buyers are looking to stay away from the hustle and bustle of everyday life and are opting for villa schemes.
Question 4: Customizing and upgrades
When it comes to improvising the comforts with upgrades and modifications, villas give a homeowner all the freedom to do so. Independent villas can be modified to suit an individual’s tastes and styles and convert the space to exactly match one’s likes and preferences. This degree of freedom not found in an apartment will remain pretty much the same as is purchased. Expansion and reconstruction isn’t a possibility which the very opposite in a villa.
Villas and apartments have a fair share of pros and cons and as a buyer, it can turn out to be very difficult to decide. Apartments are more suited when the residence is that of a primary one. Villas are looked at more of a get-away space, an investment that can bring about a recurring rental income as well.