Which is better 3BHK or 2BHK?
It depends on your requirements as a family. However, generally 3BHK is preferred over 2BHK for more privacy. Here are the pros and cons of both type of apartments:
3 BHK Pros:
1) more privacy, each person has his/her own bedroom with attached bathrooms and spacious living area;
2) possibility of a guest room or home office;
3) more storage space due to less disturbance from other household members;
4) good resale value as they are in high demand currently;
5) higher ceiling height than that in most 2 BHK flats which gives an impression of greater space.
3BHK Cons:
1) one person’s privacy adversely affects others (e.g., if the person is ill, snores or has trouble sleeping);
2) higher society fee as amenities are shared across three floors;
3) slightly higher repair and maintenance costs due to more plumbing connections.
2 BHK Pros:
1) price cheaper than a 3BHK apartment of same size;
2) less privacy though each room is fully independent with no common walls;
3) easy fit for limited budget since two people can share cost of larger unit rather than paying separately for two smaller units;
4) good for small families who do not require separate rooms for children.
2 BHK Cons:
1) each person has less space than in a 3BHK which leads to feeling of overcrowding especially when children come to stay;
2) not suitable for elderly since it doesn’t offer enough space to move around freely;
3) less storage space due to lack of attic or loft in most modern flats which are preferred by builders.
If you are trying to decide on whether to buy a new apartment, do some research online about the pros and cons of different layouts. Each layout has its own strengths and weaknesses, so make sure what you are looking for is offered in your desired layout before buying one. Also discuss the whole thing with the builder who may have extra information you might want to know. Happy buying!
It is better to have 3BHK instead of 2BHK, according to most people. Although it may seem like 3BHK would be more expensive than a 2BHK home, the increase in space and the number of bedrooms makes it more affordable than it seems. 3Bhk homes are great for families with kids or for entertaining guests such as during house parties. There isn’t any difference in price between a small 3-bedroom apartment and a large 2 bedroom apartment so you might as well go big.
However, some say that living in a small compact area is better than having an expansive room which is used only once every year or so. The increased sense of security and community found within complexes which feature smaller homes can be important for some people. Also, the maintenance of a large house is quite expensive and some home owners are forced to let go of their homes because they cannot afford it.
Choosing between these two depends on your requirements, but most advice falls on the side of preferring 3BHKs over 2BHKs.
What is difference between 1 BHK 2 BHK and 3BHK?
When you are trying to decide whether to buy a house, the number of bedrooms is an important factor. While many houses have more than one bedroom, not all are created equal.
1) ONE BEDROOM CONDO/HOUSES
These are houses that have only one “master” bedroom but there should be at least 1 other room in the house. This room can be used as your living room or your guest bedroom or your child’s playroom or whatever you plan on using it for. The major drawback of this type of construction is that the rest of the rooms will usually be smaller than if they were designed to accommodate 2-3 people in each room. But what comes with this small size is a much lower price tag.
2) TWO BEDROOM CONDO/HOUSES
These are houses that have two “master” bedroom, with at least 1 other room in the house. This extra room can be used as your living room or guest bedroom, child’s playroom etc. Like the one-bedroom construction, this results in rooms that are smaller than if they were designed to accommodate 3 people in each room BUT comes with much lower price tag when compared to three bedroom construction – making it popular among homebuyers who can’t afford bigger homes (but want more than one bedroom). The drawback is that you will find less of these options in any given location and buying one sometimes means compromising on location or amenities. Also, some of these houses may have only one attached bathroom while others will have 2.
3) THREE BEDROOM CONDOMINIUMS/HOUSES
These are houses that have three “master” bedrooms, with at least 1 other room in the house which can be used as your living room or guest bedroom. Three plus 1 means four rooms in total – which means you get additional space to spread out in. It also means more bathrooms (usually 3) which is a big advantage especially if the house has kids or elderly people staying over from time to time. These homes tend to have bigger kitchens and spacious living areas as well as higher price tags so there’s a trade-off between size and money.
In case of any confusion, please mention the same in the comment section below.
How much does a 2BHK cost in India?
A 2BHK flat in Kerala costs Rs. 20 lakh to Rs. 40 lakh depending on the location. In other states, it can vary from Rs 30 lakh to Rs 60 lakh. In high-end locations such as Bangalore and Hyderabad, it is likely to be sold at a price ranging from 1 crore to 1.5 crore rupees.
One of the factors that determine this price range is whether your state follows ready reckoner rates or not. Ready reckoner rates are the officially sanctioned prices for every geographic region in your state with regards to real estate transactions which were determined by your state’s revenue department based on market parameters. Real estate transactions in India must adhere to these rates and in most cases, the ready reckoner rates are lower than the actual amount of money you will pay for a property.
Why? Because real estate is heavily taxed in India and one way that the government makes additional money off housing is by taxing it based on market value rather than ready reckoner rates. This is done because under ready reckoner rates, properties sell at a much lower price.
Is BHK a good investment?
“Is BHK a good investment?” is one of the questions I have been asked the most lately.
In order to answer this, I’m going to use examples from someone who decided a long time ago that BHKs are a bad investment and another person who is currently deciding whether he should buy a house or keep renting(UPDATE: We have now moved into our first home, read about why here ).
Let’s start with my friend who has been renting for years. He recently got promoted at work and his income went way up. As you can imagine, everyone around him is saying he should finally buy a place instead of wasting all his money on rent. His sister had been trying to convince him to do it since they were little. She is a school teacher and has been scrimping and saving every bit of her salary for years now.
He looked at some houses going on sale in the neighborhood where he has been renting, but because of how expensive they were, he couldn’t even imagine getting a loan to buy one. In order to afford the house his sister was looking at, he would have had to pay over $1000/month in mortgage payments + all his other debts. To be able to afford that much money each month and still eat food and go out with friends (which he values), he decided it just wasn’t worth it .
So there you go: BHKs are not always a great investment! If something costs more than you make each month, it’s pretty much a waste of money.
Now let’s take the example of my other friend who has been debating whether or not to buy a place. He has about $40,000 saved up for his down payment and he wants to use that money as leverage in order to buy something now instead of waiting 3 years (he is 30 now). He keeps seeing houses within his price range but they are really old or need lots of renovations. Although many people say these types of homes are “good investments” because you can fix them up and sell them later at a high price, I actually think this would be better categorized as an ‘illiquid investment’. And so do most people with $40k+ saved up.
Let’s say you buy one of those houses for $150,000 and you do all the renovations yourself to save money. You then sell after 3 years for $225,000. Great! Except now you have to pay 5% withholding tax on that $75,000 profit = $3,750(5% of $75k is $3,750). And then you also have to factor in realtor fees and other closing costs (which I believe is around 3-4% of the sale price), so we’ll just call it 4% total. That means you would be losing at least 1.5% per year due to these costs! You could definitely make a decent amount if you timed the market correctly and bought when prices were low and sold when they got higher, but this is much riskier than simply keeping your money in a savings account and making at least 1%/year.
This type of investment could also be categorized as an illiquid investment because it takes you 3 years to buy and sell the house, which can be a very long time if you want to move for any reason (job market, family reasons, etc). If you invest your $40k elsewhere instead of using it for a down payment on a house, you don’t have to worry about these problems. You could have made around 2-3%/year during that time period from something like stocks or index funds . And because you didn’t need your $40k in your down payment for this investment, you still have it (in case anything goes wrong)! So if you don’t know where to invest your money and are looking for safe, solid investments with pretty good returns , I would recommend getting a HELOC or checking out http://newera.mycvbank.com/ the New Era Investment Club. If you’re not sure what that is or how it works, just shoot me an email! My email address is in my profile 🙂
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