The overwhelming range of options available in the real estate market has left us in awe. Flats, apartments, builder’s floor, villa and the list goes on. To keep up with the fast-changing lifestyles and preferences, the builders constantly try to introduce new concepts. And at times, these concepts can be confusing in nature.
Builder’s floor apartments and multi-storey apartments are two such terms often confused. And so, we bring to you, this comprehensive piece to eradicate the confusion.
What is a builder’s floor apartment?
These are the low-rise buildings, typically with three to four floors where each floor is an independent unit. Each floor is a complete home with separate water and electricity provisions.
What is a multi-storey apartment?
These are the typical flats where the floor is shared among multiple apartments.
Additional Read: Want to Own a Home? Check Out How to Apply for Home Loan
How are the two different?
Even though the two types of apartments sound similar, they are quite distinct from each other.
|Cost||Higher cost as buyers are provided with more space and independence||Meant for both middle-class and high-income groups. These apartments can be bought at reasonable prices as multiple buyers are sharing the floor.|
|Amenities||Buyers only have to pay for basic amenities and the ones they specifically choose. There are no additional charges for maintenance.||Buyers must pay for the amenities that the developers offer. These can include clubhouse charges, swimming pool charges, etc.|
|Privacy||There is a lot of privacy. With every floor being an independent unit, each family occupying one floor. This becomes one of the most important selling points for these apartments.||With multiple homes built on a floor, they don’t offer as much in terms of privacy.|
|Security||These are independent and the security provision is to be determined by the residents. Individual residents have to take measures for their safety in case of no combined arrangements.||Security has a wider net in these apartments as it is provided by the developers. The cost is shared by all the residents equally.|
|Space||Very spacious. The designs for all the apartments in a building does not have to be the same and hence space can be used as the buyer wants.||Less spacious as compared to builder floors. All the apartments have a similar design and layout.|
Both these types of apartments have their benefits and challenges. Different people have different preferences. You have to select the one that fulfils your requirements.
Additional Read: 5 Golden Real Estate Rules All Home Buyers Must Know
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We provide attractive home loan interest rates. Our excellent customer service team assures you a swift and fast process.