Sameer has shifted many flats over the years. He is tired of moving homes due to the increasing rental prices. One day he shared this problem with Sartaj. Sartaj suggested he should invest money in buying a resale apartment.
Why resale apartments?
Though most people prefer to buy a home from the primary market. But, Resale flats are also an option that money-conscious people can explore. . A resale apartment doesn’t need to be brand new to be a good real estate investment. It can be a newly constructed or an old one. Every resale apartment can have unique benefits. Resale apartments can end up being a very profitable investment. However, before making any decision, a savvy buyer must explore the aspects related to a resale apartment.
Let’s look at some pros and cons to get a better perspective on resale property
Resale apartments have many benefits It can be profitable to buy a flat that has a lesser price in comparison to others in the market. But know that the pricing of the resale apartment depends on multiple factors such as city, locality, builder, and age of the apartment among others.
- And the prices of primary real estate properties are getting out of reach. A resale apartment is a good option for a salaried person. Usually, you can get a resale property at a discounted price in comparison to primary property. To get a cheaper apartment is a good deal. Plus, you can uplift the look of the apartment by investing a little bit in home decor.
- You don’t need to wait and continue to pay the EMI along with rent as you do for under-construction real estate. By buying a resale property, you can move into a property instantly without waiting around.
- One of the other benefits of buying a resale property is you get possession of the property immediately. So you get the tax benefit from the start i.e your first EMI.
- There will be no false advertisement or honey-dipped lies from a builder. Everything you get will be in front of your eyes.
Resale property could have cons and pitfalls if you didn’t do your due diligence before buying.
- Sometimes the previous owner may not clear the dues with the building or society management. Afterward, you became liable for those dues and charges.
- You must check the documentation to find out if everything is in order. It is crucial to check if the seller is also the owner of the house. That means if the house is in the name of the seller.
- And you must inspect the physical state of the home before investing your hard-earned income in a house.
- Buying a resale property comes with a few costs like registration charges, stamp charges, transfer fees, and real estate agent commission among others.
Vision India group has apartments of varying sizes. You can have 2BHK, 3BHK to 4BHK. All the projects are government approved and maintain quality. To know more, get in touch with us.