Many people come across this confusion about buying a resale flat. If Anyone would ask me, I would say, buying a resale flat is totally worth the price. Here is why:
a. Normally, the rate of a resale flat is lower than the actual market price. The rates might be 5 to 15% lower depending on the city. Apart from this, the age of the property can also make a lot of difference.
b. You can find a flat in a better locality at the same price.
c. As it is a resale flat, you can move in immediately - ready-to-move flat!
d. You would buy what you see as the flat is already constructed and society is already built. There would be no sugar coating saying we will provide these facilities and others.
e. You can also avail the Tax Benefit from the first EMI itself.
There is no harm in buying a resale flat, but there are some important factors which must be considered before making a decision, i.e., is it worth buying resale flat or not? If you buy a resale flat or are planning to buy one, the first thing after finalizing the property, is to check all the relevant documents of the property. If the prices are fair, do check that there are no loopholes related to the property. Check whether the property is constructed under RERA guidelines, if there are any pending EMIs, are there any legal issues related to the property and check if all the documents are in place. After going through all the details regarding the property and ensuring everything is in place, it will be worth buying a resale flat.It is worth buying an old flat because you will get the property at a cheaper rate than a newly constructed property. Benefits of Getting a resale flat:
Less expensive as compared to newly constructed flats.
In an old flat that is up for resale, you have the option to shift immediately after making the payment. However, in an under-construction project, it may take some time to get possession of the property, which can be heavy on your pocket.
So, Is it worth buying a resale flat? I will say yes, it is worth buying an old flat especially if you are on a budget.
A resale flats meaning is a flat which is currently owned by someone else and is up for sale by another interested buyer. The word resale means the property which is sold by the person who has been allotted the property legally.My sister was checking out a new flat in Bangalore and after looking at each and every aspect she liked a new flat worth Rs. 1Cr. Since it’s a huge amount she decided to purchase a resale flat. Run due diligence before purchasing a property! Hire NoBroker lawyers now!Contact NoBroker interior designers and get your house newly renovated!The price of a second-hand flat varies on various factors such as city, locality, brand, construction company, age etc. I totally agree with all the points mentioned by Vashali Bansal and PSK Murali but I would like to point out the things you should check if you are thinking ‘is it good to buy resale flats’.Before buying a resale property you should check:
Check the documents of the property carefully. My sister was looking at one of the resale flats which was joint property. She did not purchase it as the owner’s wife got divorced and the owner won't take the consent of his ex-wife before selling the property. It is always better to stay away from these types of confusion and miscommunications.
You should see if the person who is selling the property is the real owner. You should always run due diligence before purchasing a property.
You should check if the owner has paid all the dues, and repaid home loans before purchasing the property.
Check the physical condition of the flat. If the property is not in good condition then it's better to look for some other properties.
Yes, resale or used homes are frequently more cost-effectively priced than new residences. You can also bargain for a lesser price on the basis of the property's age, interior design, and fittings. You will get to know about the benefit of buying resale property with the above answers.
What things to keep in mind for buying a resale apartment?
Are you confused about your preferences because there are so many different apartments for sale? When limiting your options for a resale apartment, there are a few things to keep in mind.
Look through the builder's earlier projects and output to get a sense of the quality factor.
Finding any flaws or issues with the property, if any, will depend on understanding the reason for the sale.
Think about purchasing an apartment with a maximum lifespan of 5 to 10 years.
The surrounding region and closeness to important areas will be a bonus. Additionally, check for nearby amenities and convenient transportation.
Make sure the seller has no outstanding debts to society, the property, or the land that you could have to settle in the future.
Our neighborus were selling their house and that was just 6 years old so my father planned to purchase it. We were worrying at that time about is it worth buying old flat and after much consideration, we did buy it. There are several benefits of buying an old flat.
Why is resale flat worth buying?
There are several benefits of buying an old flat like-Affordability:Old flats are generally more affordable than newly constructed ones. If budget is a significant concern, buying an older flat might be a more feasible option.Condition:Detect the condition of the flat carefully. Older properties may require more maintenance and renovation work, which can add to the overall cost. Factor in these expenses when making your decision.Aesthetics and Design:Consider if the layout and design of the old flat meet your requirements and preferences. Older flats might have a more traditional layout, which may or may not align with modern living standards.Resale Value:Look into the potential resale value of the flat in the future. While older properties may appreciate in value, newer properties might have a higher potential for capital appreciation.Construction Quality:Check the construction quality of the old flat. A well-maintained and structurally sound property can be a good investment, while one with significant issues could lead to higher repair costs.Amenities and Facilities:Consider the amenities and facilities available in the old flat and its surrounding area. Access to schools, hospitals, public transportation, parks, and shopping centers can significantly impact the convenience of living.Legal and Documentation:Ensure all legal documentation is in order, including ownership papers, building approvals, and property taxes, to avoid any future legal complications.So you can understand is it worth buying resale flat.Avail of NoBroker’s Buyer Plans to get properties at affordable pricesRead More:Is buying resale flat worth it?How to calculate resale value of flat in Bangalore?How to determine the resale value of a flat?
I was sick of changing flats because Bangalore's rental prices were always going up. So I put my money into buying a resale apartment. After purchasing, one question came to mind: Is it good to buy resale flats in Bangalore. As per my experience, it is good to invest in resale flats. I got my flat readily available with an instant-shift tag and at a low price. Now that I have saved money, I can use it to decorate my home. Apart from this, I have shared more benefits of buying an old flat below.
Is Buying an Old Apartment a Good Investment?
For me, yes it is a good investment. Taking possession of a resale property has several advantages like:
As I mentioned above, when compared to newly constructed properties, older apartments are often less expensive.
Older apartments have somewhat lower maintenance costs than newly constructed ones.
By updating, or renovating the resale house, you can create a stylish flat.
Many older apartments are already rented, giving the owner a reliable source of income.
Resale homes are typically structures that were constructed within cities when land was available. However, most of the new projects are being constructed on the outskirts of Bangalore.
Tax benefits from the first EMI itself may be obtained by the immediate possession of resale flat.
When a flat is old, it usually comes with basic fixtures and amenities already installed.
When I was looking to buy a home this year, I was also wondering is it worth buying resale flat. Will it meet my needs just like a new one? I consulted a few realtors and they told me that resale homes are less expensive than new ones. On the other hand, resale houses in prominent neighbourhoods may command a higher price than those in less desirable areas. I will tell you why you may or may not choose to invest in a resale flat.
Is it Good to Buy Resale Flats?
Why should you purchase a resale flats?A resale property costs a lot less than a brand-new home. You already know what to expect because the property has already been constructed and is prepared for your move-in. A property that was constructed some time ago will already have a well-established neighbourhood.Why should you not purchase a resale flat?Older homes typically have a lower market value due to their depreciation. The amenities that modern apartments offer are not present in older homes. Parking your car can present challenges. Obtaining a home loan may present challenges if the property is really old. Similarly, there may be comparable benefits and drawbacks when purchasing or disposing of real estate in a new development.I hope now you have an idea of is it worth buying resale flat or not.Buy Resale Flats or New Flats Without Any Brokerage Via NoBroker Buyer PlansRead More:Do I Need to Pay Stamp Duty on Resale Flat?
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Is buying resale flat worth it?
athulnarayan
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August 29, 2020
2020-08-29T12:24:08+00:00 2023-07-30T20:35:42+00:00Comment
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Resale Property
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