New vs Resale Home: Which one is better for you? | By ResaleAdvisor

New or Resale Home: Which one is better for you? | By ResaleAdvisor

The question of whether to buy a new or resale home has long been debated in the real estate industry. While some buyers are particular about a new home, a good percentage of people still prefer a resale unit. What is the reasoning behind this choice?

If you were also confused about whether to buy a new home or resale a home, then you have come to the right place. In this article, we will provide you with a comparative analysis of new homes and resale homes to help you make an informed decision.

New Home 

First, discuss the pros and cons of buying a new home.

 

It is important to note that the availability of choices is an important advantage of purchasing a new home. As there are numerous options on the market, one can choose a unit according to their preferences. The fixtures and fittings in a new home are also modern, ensuring hassle-free performance for a long time.  

In addition, new properties score the highest when it comes to technological features. Resale properties may be in good condition, but they may not utilize the latest technology. Furthermore, new homes are more user-friendly and space-efficient.

It is not surprising that most new properties feature an energy-efficient structure, in line with the go-green attitude of today's buyers.

A new property requires paying between 10 and 20 percent of the price upfront and then another 10 to 20 percent as the construction progresses. This gives buyers some extra time to manage their finances in a more effective way. At the same time, with the RERA in place, developers are liable for fixing any structural defects for at least five years after they hand over possession.

Are there any cons to buying a new property?  Not really, but if a property is under construction, there could be a number of reasons for construction delays.

So, if you are considering buying a new home, or want to get more information about it then you can connect with us by visiting www.resaleadvisor.com

Resale Home

In most metro cities, due to the lack of land, it is difficult to build new residential projects in central localities. Resale properties offer a viable alternative in such situations. Resale properties are like an open book; one can check them for cracks and leaks in construction.

Also, there is no waiting period, so there is no risk of project delay. Buyers can also take immediate possession of their resale house and enjoy tax benefits on the EMIs. Moreover, there are no waiting periods. One can also be assured of the legal status of a resale property by verifying the legal titles and being assured of the property's legal status.

A resale property also offers the benefit of getting a good sense of the kind of residents and neighbors. There is also better clarity about maintenance costs, but are resale properties cheaper? There is never a guarantee. This depends on how old and where the property is located. 

Usually, an under-construction unit in a new project is cheaper than a resale unit Although it is slightly cheaper, it is also more expensive to renovate and refurbish.

A prospective buyer will have to arrange for finances at the earliest possible time in a resale property, unlike a new property where developers provide flexible payment schemes.  However, there are scenarios where buyers can get a good deal on a resale property.  

Buying a unit as an investment: Some investors invest in new projects purely for the sake of investment. As they enter early in the development process, these investors are usually eligible for pre-launch or new-launch price benefits. Typically, such investors offer a property at much lower prices than developers when they exit a project. In such a case, one can steal the deal with this investor.

Also, there are many cases where the property owner is in a hurry to sell the property for various reasons, such as moving to another city or country, upgrading, etc. In such cases, buyers can take advantage of good deals. 

So, if you are considering buying a resale home, or want to get more information about it then you can connect with us by visiting www.resaleadvisor.com

What about the home loan?

There are many similarities between the loan requirements for a resale property and those for a new one. However, the list of documents would be longer since one would have to present documents stating a change in ownership and those for the existing loan if the property is already underwater. 

In most cases, banks and housing finance corporations offer loans for resale properties, but they often have strict repayment terms. The loan may be denied if the bank insists on a larger down payment for a home loan than for a new property. Some lending institutions refuse to offer loans for homes older than 20 years. Even if they did, repayment would be much shorter.

Now we've covered the fundamentals of what you should know about new and resale properties. It's time to analyze your requirements and finances and get in touch with www.resaleadvisor.com  who can help you find your perfect home.