In cities like Pune, you spoil for choice when it comes to home buying. There is no dearth of ready houses/bungalows and plots of land in Pune. Owning a house is a cherished aspiration for most of us. When investing in something life-size and so close to the heart, one doesn’t want to go wrong. After all, nothing compares to the safety and comfort of your loved ones! However, when it comes to deciding whether to buy a ready bungalow or buy a plot and build a house, it is tough to take a call.
Pointers for buying a ready bungalow or a residential plot
Buying a Ready Bungalow
Advantages
- Immediate Availability (in case of ready possession property)
There is no waiting period, all you have to do is make the payment, go through all the documentation work and move in. So there is no burden of paying both your rent and the EMIs.
- No-Risk; You Get What You See
In the case of a ready unit, you get what you have paid for. As the unit is ready for you to inspect before you finalize the purchase
- Less Paperwork
When buying a ready bungalow, you are saved from seeking approvals from multiple government agencies about the approved map/design of the unit, electricity & water issues as these are already up and running. One does not have to worry about hiring an architect and dealing with contractors.
- Neighborhood
When you check out the bungalow, you know how the neighborhood is. You can check out the social infrastructure, transport system, schools, etc.
- Rental Income
You can rent it out whenever you want and get 3-5 percent value of the property as annual rent. This is not possible in the case of plots.
Disadvantages
- Costly
One of the most obvious drawbacks of buying a ready-to-move unit is the higher cost as compared to a plot of land which may be developed later.
- Construction Quality
When you build your own house you have the option of evaluating the work progress and thus being aware of the quality of construction in terms of the materials used, strength of the foundations, etc. However, in the case of a ready unit, you cannot conduct any such checks.
- Age of the Property
Unlike a house built on a plot, buying a ready unit might not always ensure you a brand new home. It might have been up for sale for a long time.
Suggested Read: Everything a first time home buyer looks for while buying a home in Pune
Buying a residential plot
Advantages
- Property Appreciation
If the market is stable, the value of a plot will rise over time. As developing a plot is easier than building a structure, the value of your investment is likely to rise faster in a short span. This means you can exit investment bets earlier.
This is not to say that the price of a ready bungalow will not rise. Location, infrastructure, and neighborhood push up the value of both plots and ready bungalows. However, the value of a house has to factor in the depreciation due to age.
- Construction Quality
When you build your own house you have the option of evaluating the work progress and thus being aware of the quality of construction in terms of the materials used, strength of the foundations, etc. However, in the case of a ready unit, you cannot conduct any such checks.
- Age of a property
Age does not affect a land parcel, but a structure becomes dilapidated with time. The supply & demand equation of a plot also works in favor of plots as land becomes scarcer. The value of plots generally rises faster than a house.
When you borrow to buy a plot and build a house, the tax treatment is similar to what you get when you buy a built-up house or an apartment. However, the tax deduction on interest is available only from the year the construction is completed. The choice between buying a plot or a house should also be based on the desired holding period and costs incurred in executing the transaction.
So, if you are looking at buying a plot in Pune, you cannot miss Eagle’s Nest from Naiknavare. These ready-to-build plots of land are located in Vadgaon Maval. The project is located on a hill next to a reserve forest. The majestic Indrayani valley lies right in front. These plots come with sanctioned bungalow plans. The area offered begins from 2005 sq ft onwards. Plot owners have the right to change the existing plan, get their architect, and get a revised sanctioned plan.
With a bungalow in Eagle’s Nest, you would get access to some world-class amenities such as the swimming pool, multi-purpose hall, tennis court, gymnasium, party lawn, landscaped garden, and so on. The main USP of the project is its location. It is strategically located near some famous localities: Vadgaon Station (2.5km), Talegaon Station (3.5km), Hinjawadi Phase 1 (18km). Some famous schools and hospitals lie nearby. There is Fun Square Mall which is about 6 km apart.
Also Read: Breath-taking Residential Plots in Pune for Ultra-Luxurious Living
Conclusion
Since these plots are part of a gated community, you also do not have to worry about things such as power backup, maintenance, and security. If you buy a plot and build a house on it, you will miss these comforts, unless it’s in a gated community developed by a builder.
While it is an individual choice to buy a bungalow or a plot of land, in terms of return on investment, the plots certainly win. So book yours at Eagle’s Nest today!