The paucity of space and an ever-growing population has necessitated the existence of skyscrapers. Prospective homebuyers may have a preference for home purchase—for instance, traditional people still prefer a single home in a small city, or a flat on the lower floors of a high rise, if smaller cities are not an option for them. Millennials and Gen Z prefer living in high rises because of the amenities they offer and the perfect blend of privacy and comfort in a bustling neighborhood. Not only this, for homebuyers seeking a home loan, this decision makes a huge difference due to the difference in the cost involved.
In the current market scenario of falling home loan interest rates, the prospective homebuyer combs the market to search for the right lender. Technology has made this search easier. With access to enablers like online home loan EMI calculators, he can know of his eligibility in no time, and zero on the right lender. These multi- storied high rises come with their sets of advantages and disadvantages.
Pros of High-Rise Apartment
With so many families in the same vicinity, a high-rise apartment offers the perfect balance between being social and living a private life.
1) The serene views
Congested roads and spaces characterize metros that are considered to be a concrete jungle. High rises take you above all the congestion, and give you a scenic view of the surroundings. Not only this, it is a known fact that higher floors mean better lighting and ventilation in the apartments.
2) Tranquility in the middle of noise
The high-rise life takes you away from the hustle and bustle of the fast-paced city you are a part of, and gives you a peaceful surrounding, cutting down all the noise and pollution.
3) Luxurious living
Those who own it often consider living in high-rise apartments as a symbol of luxurious living. In metros like Mumbai, the higher floors carry a premium on the cost too. The price of a flat in a skyscraper will be certainly higher than that in a six-storied building in the same locality. This factor is of utmost importance, when you apply for a home loan.
Regardless of the advantages, living in high-rise apartments come with their share of disadvantages too:
1) Medical concerns
In case of any medical condition of a resident, living on higher floors may pose challenges in times of lift breakdown.
2) Risk of aloofness
All know the loneliness that characterizes the high-rise life. The comfort, convenience, and being cut-off from street life, makes people so engulfed in their shell, that they do not realize how they are being pushed into isolated living.
3) Higher Cost
The cost of high-rise apartments is generally at a premium above the other flats in the same vicinity. In some cities, the flats are priced with a floor rise, whereas in some cities, the lower floors are charged a premium. Hence, it is imperative for you to keep in mind this factor, especially if you are applying for a home loan. The home loan EMI calculator can be of assistance to you to try these permutations and combinations.
4) Inconvenience in case of relocation or modification
The upkeep of the flat is difficult, as there are countless requirements for the same. The availability of lifts in such situations is critical, and if it breaks down, your entire planning goes for a toss.
As skyscrapers redefine the Indian skyline, it is important to consider the pros and cons of high-rises. In case of home loans, if you buy a flat in a high-rise apartment, the disbursements are floor wise. Hence, this factor should also be keyed in, along with home loan interest rates, in case you decide to obtain a home finance.