Today, the majority of people in Chennai are moving to townships and gated communities, but there are still many who like things the old-school way, i.e., building their own homes. Being a long-term and huge financial commitment, one should carefully consider everything involved before buying a residential property. There are many plots and flat for sale in porur Chennai best neighborhoods like Porur, T Nagar, Kodambakkam, etc., but it gets difficult to choose from so many options. This post will help individuals weigh the pros and cons of both real estate properties so they can decide which one is the better choice for them.

  • Flexibility in Construction

While buying a plot, one has the opportunity to get creative and plan out the home of their dreams. Individuals can hire an architect to design a layout to build the house and inspect the construction process so they can control how their home looks. But there are many people who do not want the responsibility and effort of going through the whole process of building the property. Flats are best for those who want quick possession of the house and a ready-made design. Additionally, flats come with all the basic amenities like water supply, power backup, and more.

Plots: more flexibility during construction

Flats: lesser overall expenses

  • Return on Investment

Several reports have estimated that the sales of residential property across top-tier cities are increasingly high, presenting healthy growth in the real estate sector. This shows that the return on investment on these properties can be beneficial for a real estate buyer. If someone wants to benefit on a long-term basis, the best choice would be a plot, as the piece of land can be used for building a house later on. But for short-term benefits, buying a flat is better, as the resale value would still be high if the apartment was in a popular locality like Porur, T Nagar, and the like. 

  • Rental Income

If an individual has bought a property for the purpose of getting a regular income, then the best choice is to rent the property. Many flat owners are able to find renters if their property is well constructed and located in a good neighborhood; this helps them get a good amount of money every month. In the case of a plot, the owner can only earn a rental income if they have constructed a house on that piece of land. The best thing a plot owner can do is build apartment units to gain better profits from their property.

Flats: easily find renters if the property is well constructed

Plots: builder flats are the best options for gaining more profit

  • Tax Benefit

The structure of tax treatment is different for a plot and a flat. When an individual chooses to buy a flat through a home loan, they can save on tax by showing the monthly repayment amount. In the case of a plot, the owner can only avail of a tax deduction on the interest after the construction of the house is completed.

Flats: considerable tax benefit immediately after buying the flat

Plots: tax benefit is only available after the construction of the house

  • Amenities

A flat is part of a township that provides numerous amenities to the flat owner, such as gyms, pools, parking areas, playgrounds, and more. These offer a huge benefit to flat owners, as they can get everything they need in one place. In the case of a plot, an individual can decide what they want on their property. One can customize the house according to their liking without wasting money on amenities they do not want.

With the aforementioned information, real estate buyers can have a better picture of both real estate opportunities and can make well-informed decisions. Whether buying a plot or a flat, it is best to buy the property from a reliable owner to ensure there are no further complications if one decides to sell the property.