Gated Community vs Individual House – Which one to buy?
Buying a home is a once-in-a-lifetime event for many in India. Many buyers invest their hard-earned money and avail home loans, with a payback duration of 12-30 years, to buy a property. Almost 40% to 60% of take-home salary is paid as EMI. So, as a buyer, you should make a well-informed decision on buying a home that suits your need.
In this blog, we shall look at owning a home in a gated residential community versus that of an individual house.
Pros of Gated Community
Better Infrastructure:
Gated community residential projects have better infrastructure in terms of security, electricity, water supply, sewage, internal roads, building perimeter, common areas, etc.
Legal Documentation:
The buyers do not have to worry much about title documents or building approvals. Developers carry out in-depth due diligence on the land title before they conceive a gated community project. Developers shall also get necessary building approvals from the government authorities before the start of the project and after the completion of the project.
Safety and Security:
All gated community residential projects do have round-the-clock security assisted with security apps and CCTV cameras at the entry, exit, and around the building. Most gated community projects have a fire alarm and burglar alarm system to alert you just in time. Security guards at the entrance shall keep you and your family protected from unwanted solicitors and marketers out of their reach. Hence, your family’s safety and security together with your property’s safety and security are taken care of even when you are out of the home.
Common Areas and Amenities:
Most gated community residential projects have a large common area and lifestyle amenities such as a clubhouse, gymnasium, yoga room, swimming pool, indoor play area, kids play area, outdoor play area, jogging track, gazebo, library, etc where you can spend your leisure time, play sports, improve your fitness, etc.
Socializing:
People choose a gated community residential project that matches their lifestyle, feeds their ego, and elevates their esteem. They like to socialize with like-minded people for a new connection and peaceful living. In case of any emergency, your neighbours are at arm’s length to assist you.
Kids Play Area:
Children are glued to their mobile devices primarily due to the lack of same age-group kids to play in an outdoor atmosphere. In gated community residential projects, your children can easily find same age-group kids and play on the streets without worrying about speeders, strangers, or molesters.
Ease of Maintenance:
Gated community residential projects have an association that deploys in-house or contract maintenance teams for electrical, plumbing, and carpentry works and are available 24×7 to meet your needs. The association also takes care of water needs, sewage needs, and the upkeep of the building and common areas through maintenance teams.
Power Backup:
Most gated community residential projects shall have diesel generators supplying limited power for households and common areas in case of a power failure.
Better Property Value:
Gated community residential projects may fetch better rental and resale value due to safety and security, the lively atmosphere, and the upkeep of the building.
Cons of Gated Community:
Long Possession Times:
Buyers must wait for the residential project to get completed before they can occupy it. Due to several reasons, there can be construction delays which shall increase the financial burden and stress on a buyer, especially when staying in a rented apartment yet paying Pre-EMI for the home loan.
Expensive:
The World of Luxuries comes with a cost attached. Gated community residential projects are 20% to 40% costlier due to large common areas and facilities attached. The buyer has to pay maintenance charges for security, common area power supply, backup power supply, water, sewage, etc on a periodic basis.
Entry and Exit Checks:
Your guest must undergo a strict check at the entry and exit of a gated community to keep strangers and unwanted solicitors at bay. This can annoy guests as they face long waiting times to get in and get out.
Shared Spaces:
Buyers may have to share common walls with adjacent units, which some people may not like. Also, amenities may be crowded during morning and evening hours. This annoys people as they pay for usage but don’t get to enjoy it.
Control over Quality:
If there is a delay in the handover, some developers may resort to cost-cutting by opting for inferior quality construction materials. Some developers resort to increasing sale value citing the price escalation clause in the construction agreement. Not many developers absorb this cost overrun in their profits.
Association Bylaws:
Some buyers feel a confined level of freedom with strict rules and regulations for pets, parties, music volume, visiting hours, etc. The buyers have no choice but to obey the rules and regulations of the association even if they don’t like them.
Pros of Individual House:
On the other hand, buyers have an option to look for individual houses. There are several advantages and benefits of living in an individual house as well. They are viz:
- The buyer feels a sense of independence owning an individual house.
- Individual houses have no shared walls, thus offering complete privacy and exclusivity.
- Individual houses have a less common area and more usable area.
- The buyer can control the construction progress.
- The buyer has the freedom to customize interiors and/or make structural changes anytime.
- The buyer can decide to have pets, parties, music, and visiting hours.
- There is no association that the buyer must obey.
Cons of Individual House:
There are also some disadvantages and drawbacks of buying and living in an individual house. They are viz:
- Not many can afford to own a decent piece of land to build a spacious and functional home.
- The buyer must carry out due diligence through a legal practitioner for the land title.
- The buyer may have to liaise with government authorities for building approvals, power supply, drinking water connection, and sewage connection.
- The buyer should be watchful of the materials used for construction and the quality of the construction.
- The buyer may have to arrange a security guard for his home to keep strangers and unwanted solicitors at bay.
- The individual house may not have enough space for exercise or leisure activities.
- While the land appreciates, the building value may depreciate faster depending on the upkeep.
Considering the Pros and Cons of buying a house in a gated community versus that of an individual house, if you are a first-time buyer who is not having enough budget to afford an individual house, if you are not having enough knowledge on due diligence, if you do not want to spend on common areas, if you may not enjoy lifestyle amenities, if you are worried about possession delays, if you are worried about construction quality, then small-sized gated community projects are the best. Such projects have 4 to 20 apartments with fewer common areas and basic amenities such as car parking, elevator, water supply, and sewerage connection.
Traventure Homes, since its establishment in the year 2014, primarily focuses on developing such small-sized gated community projects in and around Chennai with a focus on delivering quality homes that are spacious and functional, yet at affordable pricing compared to the market. If you are looking for such projects, do check out our ongoing projects at Anna Nagar West, Saligramam, Virugambakkam, and Madipakkam.
