Benefits and Challenges of Buying Adjacent Apartments and Using As One
Jun 14, 2018 Home Trading Steps
Several people prefer buying adjacent apartments to get more space at a preferably lesser price but it is not that easy as it is thought.
There are certain legal aspects attached to it that a buyer should be aware of.
There are certain legal aspects attached to it that a buyer should be aware of.
Benefits of buying adjacent flats
The total cost of buying two flats together might be a bit less than buying one big apartment depending on the location. For instance, if you are getting two 2 BHK units and one 4 BHK, in that case, the 4 BHK one can be costlier than even combining the prices of two 2 BHKs. Also if you need a larger kitchen or living room then probably you could remodel it into one.
Challenges involved in buying two adjacent apartments
Talking about remodelling two apartments into a big one, some states or societies do not allow doing such modifications. In some places where such modification is allowed, they ask the owner to obtain necessary permits from the local municipal authority, resident welfare association or other bodies. The time to get required permissions, hiring an authorised architect of the authority is quite a lot.
Then there are costs involved related to paperwork. And when all the permissions and paperwork are done, then the major expense remains with modification cost which can go up to few lakhs.
Then there are costs involved related to paperwork. And when all the permissions and paperwork are done, then the major expense remains with modification cost which can go up to few lakhs.
So should a buyer opt for buying adjacent apartments?
Any individual who plans to buy two adjacent apartments in an authorised society will have ownership of two different units, and hence different taxes will be applicable to both the apartments. Then you need to get hold of such two apartments which have a common wall in between so that the desired modifications can be done. Even if you get two adjacent apartments then you might not get the desired floor.
Then if the two units are available for resale then you might get a different price for each unit due to the difference in additional charges, preferred location charges and date of delivery of the unit. Also, experts advise that the buyers intending to buy adjacent flats should go through the bylaws of the state and the authority.
Then if the two units are available for resale then you might get a different price for each unit due to the difference in additional charges, preferred location charges and date of delivery of the unit. Also, experts advise that the buyers intending to buy adjacent flats should go through the bylaws of the state and the authority.
Looking for property portal?
Related Articles
-
-
6 Signs You're Not Ready To Buy A Home
Mar 17, 2016 -
-
See comments (0)
Write a comment
