Buying a house is like a basic & must necessity for an individual for a permanent stay. Thus whether to buy a new construction property or a resale property remains a big question. Thus buying a resale property is also a better decision unless the condition of the building is good. The resale property can be purchased at a negotiated price from the seller; thus, the buyer can save money on the purchases. The new construction projects are comparatively costly for the buyers and also take a long time to possess. But yes, it is sensible even to buy a resale property. The buyer has to arrange money at a one-go for the purchase of a resale property. The buyer can also avail of home loans on the resale property subject to bank approval can get loans up to 80-90% of the property value. Thus easy loans can be availed for the purchase of the resale property. Only if the building is dilapidated ones then, in that case, the bank may reject the loans. Also, the property documents should be available with clear titles for the processing of the loans.
The purchase of the property is a crucial decision. Thus the buyer should think carefully before deciding whether to buy the property at a particular place or not. Also, the buyer should ensure that the water supply is proper and also there are no major faults inside the flat or the building. The building should not be in a dilapidated stage, and also from inside of the flat may involve a major concealed electrification work or else flaws or cracks in the building. The house should have good connectivity of the public transport and good condition of the roads in the vicinity. The buyer should also consider various other factors like in case of having kids should have a children’s play area for kids or a big size playground. Buying a house in a congested locality does not make any sense. Also, the house should be conveniently located close to the office, school, and market area. There should be shops of daily necessities like the grocery store, stationery, dairy & salon. etc. is also necessary as it helps the property owner save time in traveling for the shopping purpose. The age of the building should be preferably 5-15 years in case of the purchase of the resale property.
Following are the benefits of buying the resale property:
- Easy availability of finance:
Home loans are easily available for the purchase of resale property. The loans can be availed with similar conditions as for the new construction ones. The bank only rejects the loans in case the building is dilapidated, or else it is an illegal structure or without clear property titles. Otherwise, the home loans are approved very easily for the buyer. The bank makes the full payment at one go to the seller for whatever amount of loan is being approved.
- Good negotiation can be done for the property:
The buyer can get the property at a much-negotiated price from the seller in case of the property is not getting sold easily. There are various property portals where the buyer can search for the resale property projects and choose the property from the given listings. Due to online property portals, the buyer has a wide scope to select from the resale property.
- Savings on electricity & water connection charges:
In the case of the new construction, the buyer has to bear the additional cost of water connection and electricity connection along with the per square foot rate and the taxes on registration stamp duty. In the case of the resale property, the water & electricity connection is already available, and thus the buyer does not have to bear that cost again. Thus the buyer can save money in lacks.
- Benefit from higher FSI during redevelopment:
If the building goes for redevelopment, then the resale property buyer who has paid for the lesser per square feet area can get a higher area during redevelopment. Thus, getting a higher area for the flat can be very beneficial in the redevelopment of the old building.
- Resale properties can be acquired in very prime localities anytime:
It is unnecessary that there could always be new construction, especially in congested localities. Thus, in that case, the buyer can only purchase a resale property which is usually all around the 12 months of the year; some of the other properties are available. Thus acquiring a prime location property becomes easy in the case of the resale property.
- Immediate possession:
In the case of the resale property, there is only one month grace period being provided to the seller to vacate the property after the completion of the transaction of the house. Thus by getting immediate possession, the buyer can save money on rentals. The new construction projects take a long time, and thus, the buyer still has to spend a long time getting possession and paying the rent for the project.
There are multiple benefits for the resale property. Also, easy home finance from the bank is available for the housing project. Thus buying a resale property is an equivalently better idea like the purchase of the new construction ones.