What are the first things that come to our mind when we hear the word “Home Buying”?
A Beautiful and clean home with the best interior decor and a vibe of newness and freshness all around, isn’t it?
Yes, buying a new home is definitely on the cards for everyone of us here, but did you know that resale properties also have their pros?
Let’s discuss the advantages and disadvantages of buying a resale property in India.
Pros of Buying a Resale Property
When you buy resale properties in India, there are huge advantages to the buyer. Some of these include:
The first one is the Low down payment which can save a lot on your monthly outgoings. Cheaper interest rates, when compared with new property financing options, make it more affordable for buyers with low-income levels.
For those who seek the Ready to Move In option, Resale properties are a boon.
The resale market is filled with good deals and offers at highly discounted prices, suitable for most budgets. One can find resales ranging from Rs 30 lakhs onwards depending upon location and amenities that they offer, making them an ideal choice if one has a limited budget or needs quick cash flow benefits, etc.
Cons of Buying a Resale Home
There are a few disadvantages of resale homes too, which buyers should be aware of. These include:
The process to buy resale properties is lengthier and more complicated as compared to buying new homes.
Lack of transparency in the market means that it’s difficult to ascertain true value for a resale property, making it harder to negotiate deals.
Since most resales happen through word-of-mouth or personal networks, there is often little or no marketing done on behalf of the seller, making it difficult to know about new listings.
As they are older homes, the previous owner might hide many faults like maintenance issues, leakages and sell them on the pretext of a perfect home. So always be careful to check in detail before buying.
It’s important that you do your research well before buying any resale home and weigh both pros and cons carefully before making a decision. At times, Sales can work out better than buying a brand new home, but that completely depends on your individual situation.