There is no doubt about the fact that everyone would love to live in a luxury apartment as compared to a conventional apartment. But when it comes to buying one, you need to be careful you don’t get taken for a ride as some unscrupulous builders out there can find it easy to sell you a conventional apartment for the price of a luxury apartment.
So how do you prevent yourself from goofing up? Here is a simple guideline on the salient differences between the two types of apartments:
Location and Neighbourhood
Luxury apartments are usually found in upscale neighbourhoods that attract the refined members of society. Regular apartments, on the other hand, are located in newly-formed neighbourhoods. And the construction of these apartments is usually followed by the development of neighbouring infrastructure and facilities.
Luxury apartments in upscale neighbourhoods are great assets that attract higher rentals as well as property values. Regular mid-segment apartments, on the other hand, offer steady pricing with consistent rental incomes. They are an affordable attractive option.
Luxury apartments come with a price tag that runs into crores while regular, conventional apartments come in the range of 40-90 lakhs. The cost of both apartment types is dependent on their location and amenities.
Don’t let a builder fool you into thinking that a luxury apartment is anything less than 1800 sq ft or less than a 3 or 4 BHK – they also come with large kitchens with attached quarters for the maid, as well as defined party spaces. Conventional apartment areas range anything between 700-1200 sq ft.
In a luxury apartment, you will find large spaces with at least 12 feet floor-to-ceiling heights. Anything less and it will lose its luxury tag. Conventional homes come with a floor-to-ceiling height of 10 feet.
With luxury apartments, you are spoilt for choice with the range of amenities that could include roof-top pools, helipads, Juliet balconies, canopied walkways, etc. Top of the line fittings here keeps you living life king-size. Conventional apartments on the other hand offer standard amenities which include swimming pools, gyms and power back-up.
Luxury apartments come with home automation and a multi-layered security system that ensure a stress-free life for its residents. Some builders even go to the extent of providing safe rooms and natural disaster bunkers for its residents. Conventional apartments offer basic security with 24×7 guards and electronic card access.
While the demand for both types of homes is growing, hopefully, this guide will help you better differentiate between the two types now!