Pros and Cons of Living in a Low Rise Building
Once you have decoded what you have to do regarding the availability of lands, uncertainty related to the value of appreciation and the title of property, it’s time to ponder upon another important thing which is the type of house to invest in? Whether low rise or high rise. This crucial decision arises due to the demand of apartments which results from the hassle free mode investors opt for to save them from the uncertainty. It becomes even more crucial when in metro cities like Mumbai, Chennai, or Delhi, the property prices change with floor you are looking at. Let’s look at the advantage and disadvantages of living in a low rise building in detail, keeping Chennai as the base city –
Low rise buildings mean that they are G+ 3/4/5 style of apartments. They are always preferred by people who need to have amenities like parking etc. near to them, have pets or are elderly. There are a lot of costs involved in the deciding which type of house to live in, the prime being the price of apartment which is higher when you live in low rise as compared to the upper floors of a high rise building and so is the cost of return on them. As a builder, it is easy and more cost effective to develop a low rise building as compared to high rise, an observation that has increased the number of property for sale in Chennai.
The trend of low rise buildings has always been there in India. However, it was not much in demand since some time because of city life adaptation by property seekers, but the demand has always been in the realty market. The reasons that have kept the demand constant are the independence, resale value and ease of exploiting the amenities etc. Still, there are some disadvantages too. Chennai is the one city of India that has been seeing a constant demand for the low rise building, which has only increased since the recent flood that called for instant evacuation. But the decision comes with its own share of advantages and disadvantages; the higher number of advantages as compared to the number of disadvantages associated with buying/ developing a low rise property, specially related to low cost of development and maintenance have attracted the attention of the builders and buyers alike. Here they are, in some detail –
A few advantages and disadvantages of living in a low-rise building:
The decision related to living in a low-rise building, although dominated by personal preferences has some pros and cons like every other decision related to property investment. Some of them are:
Features like parking, market, ATM etc. are a lot closer when you live in a low rise as compared to high rise.
- Quieter locality
The area is a lot peaceful than its high rise counterpart. Along with quietness, you can also expect cleaner and greener environment.
In case of emergencies like hospital related, natural disasters like earthquake, it’s easier to reach a safe zone when you live in a low rise as lifts in high rise don’t normally work at such crucial times.
- High resale rate
The rate at which you can flip your house in the market for resale is higher when you live in low rise. Also the value of appreciation is much higher in low rise as mostly investors look for them because of the independence it gives them.
- Community style
If you wish to live in a community lifestyle, then low rise is a good option for you. As the area of the society is mostly small in low rise apartments, the option of socialization is higher here.
- More area = Less maintenance cost
Low rise buildings are often associated with more area than the restricted area you get in high rise. Against the notion that more space means high maintenance cost, the cost of maintaining a low rise building is lower for both who lives in it and the developer.
- No elevator service
The major problem with living in a low rise is that you won’t get to use lifts/ elevators. They can be pretty useful when you have children, as it’s difficult to carry your children through the stairs when you have other things in your hand.
- No view
Mostly there is no view from the house when you live in a low rise as compared to a high rise building. High rise buildings give more city lifestyle as compared to G+ 3/ 4/ 5 apartments.
Irrespective of whether you are looking for a house in Chennai or some other city, the final call of which type of house to invest in depends on the choice or need of the buyers, they both have their share of pros and cons the investor need to analyze carefully.
Tripti writes on the behalf of 99 acres.com. Her articles talk about new developments in the real estate industry. She is an avid fiction reader, craftsman and a keen observer. Being someone who just observes without having a point of view, she keeps herself updated in real time. You can reach her on G+ and LinkedIn.