10 Reasons you should buy an apartment in Lahore

10 Reasons you should buy an apartment in Lahore

One of the most daunting task at hand, when you are looking for a place to live is to select between a house or to buy an apartment in Lahore. The trend of apartments has some solid advantages over a home and it all comes down to who needs what that will define there decision to buy a home or an apartment.

In the developed world and metropolitan cities apartments are quite common. In Pakistan the trend of apartments is setting in as more and more people realize that they need an apartment rather than a house.

It is important to note that when we talk about apartments, it is not about the regular flat buildings such as offered by Askari, but we mean luxury or serviced apartment buildings such as indigo heights located in Gulberg Lahore. I personally do not prefer regular apartment buildings because they do not have much to offer except a low price tag, where as the luxury apartments offer a complete lifestyle and are a game changer.

This is very much applicable in big cities such as Lahore and you need to ask yourself if you should buy a luxury apartment in Lahore so today we will  look at some of the common factors you should consider before deciding what you need.

1. Less responsibilities and time-saving

Owning or renting a house in Lahore has become loads of responsibility and time-consuming and one of the main reasons why you should an apartment in Lahore. The time which you could have spent in a healthy leisure activity is sometimes washed out by doing laundry, making domestic workers do their jobs or attending to unexpected guests. All this precious time could be saved if you bought an apartment in Lahore instead of a house.

The modern apartment buildings offer a lot of services and solutions which can save you time. So if you have a busy routine and both you are your wife are working, it may be hard to maintain a house efficiently and it is better to look at buying an apartment which offers you maintenance, laundry, house cleaning and cooking services etc.

2. Small family

One of the main reasons you should be looking at is the size of your family. Houses are surely a need for bigger families with larger expenses, in contrast to small families with one or two children or single men/women, or senior citizens residing in Lahore, who have their children living in a foreign country. There is huge difference of life style in an apartment and an independent house and in this case it is much better to live in a small apartment rather than owning a home.

3. Safety and security

The first factor about calling home ‘home’ is the safety and security of your family and yourself. The law and order situation in metropolitan cities is usually not very good and that is true for Lahore as well so with robberies taking place and hearing these complaints about theft in neighborhoods. Just a few days back someone broke into my relatives house, while they were out of town and robbed them off their life’s savings and gold assets. Simply by climbing through the boundary wall and breaking the window panel with the help of a car jack. Now, that is so unpredictable and we come across various billboards with messages such as “This neighborhood is protected by neighborhood watch”. I wonder which events made them put those billboards there.

Again, you should consider to buy an apartment in Lahore in a decent locality or a multiplex, so you feel safe and secure from such crimes. As the building itself would have its security personal and mechanisms to keep you and your family safe. If you were to protect your house by yourself, you have to hire a security guard or install fool proof safety kits for which companies charge a lot. Oh yes! the maintenance cost and your precious time.

4. Cost effective

Another factor which needs to be considered is the maintenance cost of the house you own. You certainly  spend on weekly basis from plumbing, electric issues, gas and water leakages.  You have to meet them all by yourself. As there is no, developer to accommodate you with services, which can save immense time and precious money in the process. When you buy a costly house, it’s your responsibility to bear the maintenance cost too. You surely have heard people complaining about the poor quality material, the developer used in building their house, walls get moisture and the cement loses its strength.

These are statements which you are already aware of, where as in a multiplex with apartments, the developer takes the whole responsibility of all of these hectic jobs for a small amount of money, on monthly basis, providing with the fastest solution. As a known developer cannot take the risk of losing his reputation and his clients in a market such as in preferable localities of Lahore. This can in return save your time and money both and that money can be put to good use by decorating your apartment with paintings, ornaments, investment or whatever you prefer.

5. Community living

It is in human nature to socialize and people living in the same building get this opportunity easily. A place where you can build better relations and design your atmosphere the way you like. If you are one of those people who dont want to live an isolated live style, living in an apartment is for you.

6. Utilities

A vital point to be considered is the utilities such as electricity and gas supply. While living in a country where load shedding has become part of our daily lives, one has to be cautious about having backup plans such as installing a ups(uninterrupted power supply), electricity generator which runs on fuel and fuel has its own costs.

From changing batteries after every 12 months to buying new power supply equipment, your pocket is being charged. Unlike in a apartment in a good location in Lahore, where the developer assures that your lights keep lit and the central heating/cooling helps you maintain your desired temperatures. In addition when the gas supply is interrupted you they always have the alternate arrangements for cooking in the central kitchen. Some latest apartment buildings such as indigo heights have installed solar panels to offer green solution for your power needs.

7. Amenities

As mentioned on lasvegasliving.com, the multi-unit dwellings are built with various amenities, such as pools, spa, gym, fine dining, shopping outlets and much more. The experience which a house will not offer unless you spend an enormous amount in building and then maintaining these amenities. You get all these features under one roof and without paying too much for them, this will generally include a central kitchen or a restaurant, which offers 24/7 services at your door step and if you are not in a mood for cooking, you can still get yourself a treat.

8. Living in downtown

Most of the decent multi dwellings of Lahore are developed in the zones, which provide an easy access to the commercial hubs of the city. Now, why does that matter? Again I would call the travelling cost a burden on your pocket. The fuel, the car maintenance and most importantly time. Approximately an average person spends from 1-2 hours travelling to workplace from home and vice versa, considering the traffic concentration in Lahore. You get to manage time more easily and invest that time, in any outdoor/indoor healthy activity such as physical exercise, so you do not need those extra vitamin tablets in an older age. This is a major reason why should you buy an apartment in Lahore.

The apartments provide with convenience, not just to your workplace, but to your daily life needs, shopping requirements, entertainment and activities. Visualize yourself, getting all these features in one multi dwelling where you reside, wonderful isn’t it.

9. Investment value

A house needs continuous maintenance, where as in an apartment the building is maintained by the developer and you regularly pay a small fee to help him do that. Renting and looking after a house may be a hard task to do on your own, but in case of luxury serviced apartments it is all done for you at a minimal cost. The rental value is of an apartment is much better than a house and you get all the property management for free. Another risk factor which people tend to forget while investing in an expensive house is its selling cost and selling time. When people work on selling their house, they realize it’s a time taking and expensive process regarding to renovations and availability of clients, because not every day is Sunday.

In addition the taxes are part of our lives and are here to stay. With the recent rise of property taxes, it has become a worry for ones planning to buy a new house in a good locality. Buying an apartment can minimize that amount of tax compared to buying a house.

10. Luxury lifestyle

I kept the best one for the last, do you want to live a life of luxury or you don’t and there is no third opinion about it. No matter how much you spend on your house, you will have to keep an army of house maids and cleaners if you wish to enjoy a luxury life style. imagine spending millions on a world class gym at your home or a limitless pool, costs of maintaining a spa and 24/7 dining.

It is just not possible to get all this unless you are ready to spend millions a month. However all of this is available to you in a luxury apartment for almost a negligible cost. All tenants of an apartment building, pay a minimal service charge to help maintain all these facilities. No wonder people who live abroad are so attracted to such life style as they have developed a taste of it while living in places like London and New york .

Owning a luxury apartment is a sound option and favors your financial terms. It is safe, maintaining it is easy and hassle free. You can read more about the aspects of serviced apartment and what all they have to offer in the blog before you invest in a serviced apartment . 

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Investment consultant
Hassan Bhatti