Nowadays, if you want to have your own home, the options have increased manifold as it not only means buying land and building a house on it but also includes buying a flat or an old house. It will depend completely upon you which option you will prefer based on your requirements and budget. Are you in the same dilemma? we’ll discuss buying a flat vs a house: which is better in Bangladesh?
What a Flat is:
When the builders build multiple houses in a single building that is built on a piece of land, each of these houses is called a flat. A flat is generally, cheaper than a house. Flats are also known as apartments. Flats are preferred nowadays by many people because of their flats are modern looks, only maintenance inside houses, better security, and modern amenities or facilities.
Read also: Top location to buy ready flat in Bangladesh
What do You Mean by a House?
A house is built on a single plot of land and it is mainly standalone. Generally, these buildings are low-rise. Recently, developers also sell single luxurious villas as parts of gated societies.
Now, that you have got a precise and clear idea about flats and houses, let’s get directly into our main discussion.
Flat or House which is Better in Bangladesh?
You can’t call a flat better than a house or vice versa. The main thing here is your convenience and requirements. You need to take care of lots of things before buying the one that matches your preferences. These things are as follows:
1. Flat vs House: Buying Cost
The buying cost of a flat is much lower than a house because in the case of a flat, the developers carry out all the legal formalities and the person buying it only needs to pay a certain amount as the price.
Conversely, you need to pay a lot of fees while buying a house like a parcel fee, stamp duties payable to the government, costs to connect power, raw materials, various authorities clearances, raw materials, architect’s fees, repairs, and labor expenses in the city.
2. Flat vs House: Extra Facilities
A flat will offer you extra facilities such as electricity, water, security, and some other additional amenities as per your requirements. These facilities will cost around 2% to 5% of the buying price. But this cost will seem a little compared to taking full responsibility yourself for all these facilities.
If you buy a house, you need to take all the responsibilities of utility connection and other facilities. You can at most ask for help in your neighborhood if you are living in a gated society.
3. Flat vs House: Bank Loan
Getting a loan to buy an apartment is easier than getting a house loan because the developers of flats or apartments are affiliated with various banks. Again, banks investigate rigorously to know the loan repaying capacity of the buyers of an independent house.
Related: Things to know before taking a loan for home or flat
4. Flat vs House: Maintenance Cost
The maintenance cost is reduced to a mentionable extent in the case of an urban or suburban complex of an apartment building because there a management committee is formed and the cost of cleaning, maintaining, and repairing the property is divided among the members of that committee.
Whereas, in the case of a house you need to take care of all the maintenance cost yourself.
Read also: How to reduce the cost of living in Dhaka
5. Flat vs House: Construction Period
When you have bought a flat, you will need to depend fully on the developer regarding the construction of the flat and when it will be finished.
Conversely, when you are building your house, you will follow a certain deadline to finish your housing project on time.
6. Flat vs House: Saleability
In case you want to sell your flat in the future, it will be easier for you than selling a house. Generally, selling a flat is easier than a house because of the house’s high price. Flats are mainly located in urban areas like Uttara Dhaka, there you can easily get a potential buyer for your flat. But if your flat is in a semi-urban area like Feni, you might face some difficulties to get a buyer for that; well, it’s a rare case.
Read also: Important Things to Check Before Buying a Flat in Feni
7. Flat vs House: Insurance
In the case of a flat, the insurance of the property is the property owner’s responsibility. A committee or welfare society inside the flat building gets the whole property insured. Again, individual flat owners can also get their parts insured.
When you are an owner of a house, you need to pay an insurance premium every month. This insurance mainly covers the whole house and any damage caused to the house.
8. Flat vs House: Community
An apartment has developed into a part of a big society with at least 1000 or more flats. So, you’ll get a chance to develop interpersonal relationships and community harmony within that society or community.
On the other hand, a house owner values her/his privacy above all other things. So, nowadays, people are getting more self-centered as house owners.
9. Flat vs House: An Under-Construction Unit
If you want to buy an under-construction unit as your flat, you will benefit a lot because there you’ll get lots of customization options, and all of the construction and other legal formalities, will be your developer’s responsibility.
When you are building your house, the whole construction activities, registration, and all other legal formalities are entirely your responsibility.
If you buy an under construction flat you have a lots of customization options like living room customization, kitchen customization, floor plan etc. Read this article to get idea about How to Design a House Floor Plan: A to Z Guide.
10. Flat vs House: Security
Buying a flat and living there will offer you lots of security facilities 24 hours per 7 days of a week such as security guards, intercom facilities, CCTV cameras, fire extinguishers, fire alarms, emergency exits, and more.
When you’ll build your house, you need to make all the security arrangements on your own.
11. Flat vs House: Flexibility
A flat won’t offer you the flexibility a house will give you. In a flat there will be a management committee of the entire building, sometimes, there will be some questions about taking permission for certain issues like changing tiles of your walls, renovating the flat, and the like.
In your house, you are your boss. You don’t need to take permission from anyone to renovate your house.
From the above discussion, you must have got your answers to all of your questions like,
- Why is a flat better than a house?
- Why living in a flat is better?
- What are the advantages of buying a flat?
- Should you buy a house or flat for investment?
Bonus part: Things to consider before buying a small flat
Final Words:
Now, you must have understood, buying a flat vs a house: which is better in Bangladesh from this blog. We won’t call any of them better, you just need to choose the one that better suits your requirements. In case, you have any confusion or need any help to have your dream home, please contact Best – Tech Properties Ltd.
Frequently Asked Questions
Living in a flat offers security facilities such as security guards, intercom, CCTV cameras, fire extinguishers, and emergency exits. A house may not have these security facilities and depends on the neighborhood for security.
Selling a flat is generally easier than a house due to its lower price and location in urban areas.
Living in a flat offers the opportunity to develop interpersonal relationships and community harmony, while a house values privacy above all.