Choosing between a new or resale apartment is frequently challenging because each choice has pros and cons of its own. Making the best decision depends heavily on factors like prices, location, quality, facilities, and loans. This article delves into these elements and offers insights to assist you in making a choice that fits your tastes, lifestyle, and financial situation.
There is one question that nags at you whenever you are considering buying an apartment for your family: Which should you get? A brand new building or the sale of an existing apartment? The decision of whether to buy a property that has already sold or one that is currently being built is never an easy one. Why do some people prefer to buy already-sold real estate while others prefer newly built homes?
Let’s explore and first understand the difference between resale and new property.
An owner or owners have used the property that is being sold at some point. Imagine a situation where a homeowner decides to sell their home in order to recoup their investment or because they urgently require cash. These homes are referred to as “resale homes.”
A brand new apartment is a property you purchase directly from the developer. Most likely, you begin paying for it even before it is constructed. You discover a brand-new apartment that is affordable, and you are prompted to make a down payment. New apartments are sold to individuals directly by builders and construction companies.
So, how do you choose between newly developed and resale properties?
Several elements, including your budget, your family’s needs, and your personal preferences for living, will determine whether you want to purchase a new apartment or a resale apartment.
Let’s delve into details about the following factors before taking the plunge:
Rates
New development and resale rates will differ because resale property rates are based on the increase in value since the property was delivered. New apartments are generally. After moving in, you might need to make an investment in redesigning the interior after moving in.
However, the local real estate market determines newly constructed homes’ prices. Resale property prices are usually less expensive than those for brand-new buildings.
Relocation
Refurbished apartments are an option if you don’t want to relocate far from the city and no new housing developments are planned. Resale apartments cost more due to their advantages, so you should be prepared to pay more.
Quality
The construction quality has not changed significantly. However, usage is the only factor separating a newly constructed property from a resale one. The resale property will undoubtedly have some flaws because it has been used. But, newly constructed real estate typically has no flaws and is immaculate. In accordance with clause 14(3) of RERA (Real Estate Regulation and Development Act), developers are responsible for fixing any structural flaws for five years after handing over the property or giving the buyer possession.
Amenities
When purchasing a new apartment, it is possible that certain areas may not have the same civil amenities as older neighborhoods, such as hospitals, schools, colleges, and public transportation. While in other locations, both newly constructed homes and previously owned properties may have access to these amenities.
Loan
Obtaining loans from banks or other financial institutions for properties older than 20 years is another problem; even if they manage to do so, the repayment period will be very brief.
Conclusion
Lastly, ensure a thorough check of the legal documents before making a final purchase decision. Buying a new home or a resale home has both advantages and disadvantages, and you must make an informed decision based on the nuances involved in each of the options.
Furthermore, whether you should buy a new or renovated home depends on your lifestyle and tastes, your financial condition, and the value you place on features like high energy efficiency, useful interior layouts, and facilities. Additionally, it depends on the budget you want to stick to, your capacity for maintenance, and capital investments.