Lower prices, better facilities: The first Advantage of buying a resale property is if you want to stay close to your workplace or your child’s school, Chances are that a new project in an established location close to the business district will be at a premium price. But if you look around the same locality, you have a better chance of finding a resale property which may fit in your budget. Also the difference in the price of a newly constructed apartment and an existing one can be 25-50%, depending on the city, location and age of the structure. Even if you factor in the cost of renovation of the old apartment, it would still be a lot cheaper than a new one.
You get in whenever you wish: Faced by a cash crunch, even large developers have missed their project deadlines by months. Smaller ones are behind by years. Instead of an empty promise of getting possession in a new project, the Advantage of buying a resale property is that you get a ready-to-move-in property when you go for a resale property.
Center locations you can get: The best Advantage of buying a resale property is that you get to live in a well-connected locality. Proximity to the work place, educational institutions, shopping centers and the local transport network are important factors on which buyers base their decisions. They can buy bigger apartments and enjoy a better lifestyle at a lower price in the suburban areas. Still many buyers prefer to live in the city even if it means compromising on the space and facilities.
What you see is what you get: The difference between the super area and carpet area has always been a contentious issue. But, of late, the problem has assumed alarming proportions. The super area includes common facilities, such as corridors and staircases, enjoyed by all the units in the building. The carpet area is the actual living area inside the house. The gap between the two has increased in recent times. In some projects in the carpet area can be 30% smaller than the super area being touted by the builder. In a resale property you get to see the property on the basis of the actual carpet area. So, even though the per square foot cost of a resale property may appear high, it will also offer more usable area.
Lower maintenance cost: Usually, older properties have lower maintenance charges compared to the new ones. This could be due to the slew of additional facilities in new projects. In an older building, certain amenities are offered absolutely free of cost. Unlike in a new construction, the developer would charge you for car parking space and facilities like gym or swimming pool, which the members hardly use.
Savings on rent starts immediately: AnotherAdvantage of buying a resale property is unlike new construction where you have to wait for the possession in resale property you can take possession immediately which will reduce your existing rent expenses if this is your first house.
I am a Certified Financial Planner and want to share the basic ideas about the real estate investment.I am vey passoinate about Comprehensive financial planning and a managing portfolio.Believes in roof under head/house should be for all.Currently I am based out of Bhubaneswar, Odisha, India. With my little endeavor i am hopeful that reader of my blogs will join with me in supporting my cause.The views expressed in the blog are mostly personal in nature.You need to consult with your Financial Planner before taking any investing in any real estate .Take your own time with throrough research about the project.You can contact me at email@example.com