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Going from renting an apartment to owning a home is a big step that can impact your finances and your lifestyle.

Before making a decision, you must first comprehend the advantages and disadvantages, as well as assess your needs. You may desire greater space and control over your living spaces. Alternatively, you may prefer the comforts of living in a smart house, especially one that offers numerous additional benefits such as automation or efficiency.

Here are a few things to consider as you decide between a house or an apartment:

•             Cost

Typically, when looking at buying a house, you’ll compare the amount you would pay every month to the rent you’re currently paying. But experts say that’s just the starting point; you must pay service charges, renovations and additional charges if you have been living in an apartment. Consider upfront costs when renting or buying. As a renter, you’ll have to pay a deposit every time you sign a lease on an apartment. These range in price and they may not be refunded at the end of your lease.

On the other hand, investing on a MVIVO smart luxury home could save you from all those charges mentioned earlier. Cost-wise MVIVO homes come with much cheaper price tag and more features such as autonomy, high customizability, an extended warranty for the structure up to 20 years and imported materials such as MVIVO roofs are coming with the manufacturer warranty.

•             Maintenance

If you’re a traditional homeowner, the day will come when you’ll need to spend a significant amount of money to repair or replace something like a hot water heater, HVAC unit, or appliances.

As a renter or apartment owner, you’re not responsible for maintenance and repair of items that break down or wear out, but you’ll have to pay service charges and deposits which may not be refunded at the end of your lease.

However, compared to traditional houses and apartments, MVIVO smart luxury homes are equipped with high quality European fittings which comes with a warranty a 5-year maintenance warranty. Moreover, as a MVIVO homeowner, you can save a lot of money when it comes to repainting, structural damages and other maintenance costs.

•             Flexibility

Both renting and owning a property provide different levels of independence and flexibility. If you own a home, you have the freedom to paint the walls any colour you like, replace the flooring, and recreate the space in any way your money allows.

As a renter, you don’t have that kind of freedom. On the other hand, you can build your house wherever you want and however you want it to be built. MVIVO also help you find you a reliable land for lowest prices in the market.

•             Amenities

We know it’s hard for traditional apartments to compete with the kinds of amenities offered by apartment complexes today. However, MVIVO is the solution for your problem as we can provide most of the amenities provided by the luxury apartments for a better price. Also, when it comes to space and storage, homeowners always win, you have the advantage of utilizing the space for your requirement by adding garages, storage rooms and more closet space

•            Apartment market bubble

When talking about the property market in the country the word that mostly comes out during the conversation is ‘Bubble’. Common statements such as ‘we’re in a bubble’ or ‘it’s about to burst’ are frequently said by the masses.

Urban Development Authority (UDA) Chairman, Jagath Nandana Munasinghe told the Business Times that Sri Lanka’s residential apartment market is likely to face a serious bubble in another five years.

“As per UDA estimation, somewhere around 2020 or 2022 the country will come to a peak for the bubble to burst. Sri Lanka now is experiencing an upward movement in development which shows that the market is healthy. The demand for apartments and condominium is high and the supply is increasing to cater the demand.”

This is happening everywhere in the world and many countries are facing difficulties in selling apartments due to inflation, which is the root cause for the bubble, he added.

Mr. Munasinghe further elaborated that by 2020 the supply of apartments will rise while demand will ease. “Residential apartments won’t be a good business at that time. The industry can topple and burst the bubble leading to a scenario where not a single apartment or property could be sold,” he noted.

In comparison. MVIVO homes are built with the cutting-edge technology for durability, efficiency and flexibility and are less likely to be affected by the apartment market bubble. The demand for smart homes will be increased due to all the reasons mentioned above and as we move towards a more sustainable future.

In conclusion, Think about your needs now and in the future. If you ‘re planning on starting or growing a family soon, it could make sense to buy a house that offers the space you’ll need. In addition, as you consider your retirement plans, contemplate a more self-sustainable, automated, efficient and functional options, for your peace of mind.  Likewise, you can experience the same benefits if you are a young newly married couple or an individual looking for investment opportunities in Sri Lanka.

+ discover the construction process

To give you a better understanding of the entire construction process, we have outlined all steps you will go through to answer all your questions from design, construction to handing over the key.

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To give you a better understanding of the entire construction process, we have outlined all steps you will go through to answer all your questions from design, construction to handing over the key.

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+ discover how to book a free design consultation

Let’s talk about the home of your dreams. MVIVO Design Office is a unique place where you can go straight to our building experts with all your questions.

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