Property has long been translated to power in our society however in the recent few years the concept of what kind of property is superior has changed quite significantly. Pakistan has shown an astoundingly speedy growth of its property sector. The ideology of property investment has evolved with such speed as well. Only a few decades ago everyone would want a lone standing property in one of the finest gated communities of the city. Due to the pace of life becoming faster and people looking to be more efficient; for a large majority a lone standing property won’t cut it anymore.
In the past few years a lot of people have been moving towards investing and living in apartment complexes. There is really good reason for that too; which we will discuss in this article and present you the convincing benefits to invest in this property type. So without further ado let us get started!
Living and Investment in apartment complexes:
We will take a look at the life in apartment complexes as well as their investment and why it is so beneficial to the modern day investor looking for a property to call home.
Ease of maintenance:
The modern day man is already entangled between work, family and leisurely time. When it comes to their property they would ideally want as less stress about its maintenance and management. Flats and apartment style properties are the perfect solution to such concerns. Not only are theory smaller in size which means they are easy to clean thoroughly; your to-do list when it comes to house repairs is going to be non-existent
Wear and tear is quite natural to any property; which means you will have to make some repairs eventually over the time. However doing so is also going to cost much less and going to be quite easy to do. No longer will you have to evacuate certain parts of your house to fix a plumbing issue or install a new pipeline. Such problems become of a smaller scale when you like in a flat or an apartment complex.
Moreover if you are living in a complex; the repairs in drainage systems or electrical pipelines might be facilitated by the apartment building management. Booking such appointments is also going to be quite hassle free as you can just make a call to the management desk instead of taking time out of your day and going elsewhere to get the repairmen for a job.
Apartment residents especially the ones in a complex are going to live much more peaceful lives. Albeit an apartment or flat is not as spacious or grand looking as a fully-fledged house; you can certainly feel more content with your life as you wouldn’t get caught up in chores around the property.
As an investor:
Now let us flip the perspective and see how it is quite amazing of an investment opportunity for a business investor as well. Usually with flats and apartment complexes there are two fates of inve3stment. Either the property is flipped a few months or years later to get a profitable return or the property is turned into a rental unit to get consistent passive income. Both of these are extremely valid options for investment in property.
For turning them into a rental property; a property investor can benefit greatly from all of their rental units being placed in a single apartment complex. This will make rent collection and inspections as a landlord much easier. This can be so convenient that you might not need to hire someone for assistance when it comes to collection and visits.
For the ones buying out apartments and flats to flip them: the property being placed in a well-managed complex or being in the close knit neighborhood of other flats and apartments goes a long way for its security. The concern of illegal occupation or takeover is quite prevalent in lone standing property who aren’t getting timely visits. As an investor in apartment complexes you can simply call the management desks to get the report on state or security of your apartment.
It saves you money!
As a Resident:
Right off the bat we can see that apartments are much smaller in size than a full scale house; this means that they are also offered for less money than a house. You are not only going to save costs on buying out your new property but there are also many long term benefits when it comes to saving money! Living in a smaller property also means that y0our utility bills are much lower. No longer will you have to pay extra electricity charges or extra gas charges. While getting property improvements since the scale of property being worked upon is much smaller; the budget it would require would also be a significantly smaller sum than a lone standing house.
The money you are saving from living in an apartment complex can be put towards something bigger and better in your life. Say it can be put towards your education, a car, better furniture or something else you haven’t had the opportunity to save for.
As an Investor!
The affordability of apartments has made thousands of Pakistanis fulfill their dreams of owning a property of their own. The bar for young entrepreneurs and business is significantly lowered when it comes to gathering finances for property investment. This means that real estate industry is flourishing by the investment in apartments and flats.
As a landlord you will find the same benefit that you would as a resident. Most rental agreements have the responsibility of repairs and property maintenance fall onto the landlord. You can repair a property for a much smaller budget than you would with a house.
Shared and surrounding amenities:
As a resident you will find that apartment complexes are amazingly convenient for their shared amenities. If you don’t have an apartment complex that hosts inbuilt facilities then you can find plenty in the surroundings. Majority of apartment complexes are built around commercial areas. This is done to facilitate the many people who move around a big city and rent out an apartment near their job office so that they can have a much easier daily commute.
The inbuilt facilities in a flat building can range from management and housekeeping for the flats, to a swimming pool; for residents, to a gym, a shared lounge or an indoor fountain; all of which add significantly to the living experience of residents. With other apartment complexes being built near commercially important parts of a city; it is surely going to be beneficial for you as a tenant or resident to not have to drive out to get groceries as many and most of services you will need are at a walking distance from your flat.
As a landlord you will find the property to be quite attractive for the market. Shared amenities are quite a luxurious experience for tenants to enjoy. Apartment complexes built with more modern approaches are providing a concept of closed in communities to which there is a surprisingly big market for.
People are always moving from rural and suburb areas towards the big cities in hopes for job opportunities. If your apartment or flat investment has nearby offices or commercial shops; the chances that you will get a tenant become significantly higher.
Moving with ease:
A lot of people look at apartments as a starter home for themselves. For example take a person who has just gotten married, down few years they are looking to start their family and then the size of apartment wouldn’t be ideal for them; eventually moving out would be their plan. A lot of people settle for apartments so they can save up for a bigger house or property.
For residents a major benefit of living in an apartment complex is that you can move in and out of ease in these properties. Not only will you have to pack up on a smaller scale; moving the stuff around would be much easier when done on a smaller scale.
Apartments and flats are an excellent option to rent out if you are just wanting to get the feel of an area. This is so for all of the above mentioned reason. The rents are lower than a lone standing house; the security is much better and these is an abundance of whichever amenities you might need for your convenience.
While it is certainly true that apartment living might not fit everyone’s lifestyle: it should be given its due diligence that apartments are quickly becoming the biggest trend on property market. In between simply more convenient for modern day living as they are saving costs, providing good amenities, having much better security and providing a closer feeling of community living, apartments and flats are benefitting for both residents and investors alike.