All you need to know about The Model Tenancy Act 2019
For several months, an individual had been thinking of owning an apartment. The person wanted to do this mainly to save on the rent that he is currently paying—Rs 30,000 for an apartment in Andheri. He wasn't keen on a big house as he lives alone or probably might share a room and considering the high interest rates he refrains himself from taking a huge loan.
He finally settled on a studio apartment valued at Rs 40 lakhs. "The main advantage is that his monthly outgo for the house will remain the same since the EMI will be equal to the rent that he is paying. Besides, he will own an asset whose price will rise in the future.
The people belonging to the growing working class want affordable and manageable houses, something that the developers have been quick to cater to and are making it possible through affordable housing segment. Due to the increasing job availability in the metros it has been a booster for property investment. Since the demand for studio flats is increasing the supply for the same is also gaining popularity amongst the builders as it tends to generate instant working capital for the developers. So including certain number of studio apartments assists builder financially. They are also known as efficiency apartments, which are small as well as self contained units falling in the unit size of 300-500 sq ft. The major advantage of such type of apartment is that you can create false walls and transform that place however you want.
Studio apartments are best for single occupant or couples. Mostly people who start working or those who have recently got married can't afford to buy big apartments, especially in metro cities, where housing is expensive even if you rent it plus it is absurd if they spend most of their time at work. It is even better if they can buy a flat near their workplace as it will help them save on traveling.
Besides the low price another major advantage and obvious advantage is that the registration charge and stamp duty for such houses is less. Well, If you are buying a studio apartment in a new project, be prepared to pay for some facilities like a parking slot and club membership. However, ensure that the maintenance charge, which you will have to pay, is not a fixed fee and is calculated on the basis of the area of your house.
Is it worth the investment?
A studio apartment can be a good investment if you are a newbie or you don’t want to put money in equity or mutual funds. Most Indians consider real estate a safe investment option, so buying a studio apartment, for which you need to pay a home loan EMI of Rs 6,000-10,000, can be a feasible choice.
Even if you move to a bigger house later on, it guarantees a rental income. Alternatively you could sell the flat and use the sale proceeds to make a down payment for a second house. These houses are easy to sell as the demand for smaller apartments is always higher than those for larger ones.
While buying a studio apartment, the most important aspect to consider is location. Do not compromise on the location aspect It should be near a workplace hub as this will guarantee a steady number of seekers. Studio apartments in prime location will always seek demand in and around central business districts and IT centres.
Another good option is if it's close to a major medical hub or hospital, as the families of most people who have to undergo long treatments prefer to live in a studio apartment rather than shell out money for expensive hotel rooms. Opt for a project in an area which has good connectivity and where new industries are being set up. Find out if any major government projects are coming up as this will enhance the resale value of your house.
What is a Studio Apartment?
To start with, what does it exactly mean? Well, in simple words, a studio apartment or a studio flat is an enclosed unit that contains everything in one space, except the bathroom which means that in a studio apartment design, there are no walls separating the bedroom, dining room, living room, and kitchen area – these are all combined in a single space. The typical studio apartment has this type of layout there are of course other exceptional layouts that stand out.
What are the Benefits?
More often than not, the budget is an important factor if you are going to stay alone. While cost is an irreplaceable factor, most prefer not compromising their space and privacy, especially the ones living alone. Studio apartment for sale is the best option for people in this category – as it serves a perfect combination of privacy and affordability. Simply put, you can save more money by investing your monthly rent into EMIs.
When it comes to utility & additional charges, the electricity bill of a studio apartment is considerably lower than other types of apartments say 1 BHK flat. This also helps in making quiet a
It is also utilitarian as the bills of a studio apartment are considerably lower than other apartments, even a one bedroom apartment. This helps in making significant savings. Additionally, studio apartments are easier to decorate and do not require many furnishings.
How and Where to Find Affordable Studio Apartment on sale near You?
You can find properties in your desired location of a particular configuration on Thepropertist.com. Well, we have jotted down some affordable flats: