Buying home includes very critical decisions to be made as it is a big decision which will require you to shell out most of your savings and a loan commitment which will go on for years. Besides a lot of emotions are attached to it as it will be the place where you will build numerous memories. The first question that arises to your mind when you go out to buy a property is whether you should buy a new property or you should by an existing property in resale. There are both pros and cons for both. Let us detail the advantages and disadvantages of buying a new property or a resale property which will aid you in making your decision.
1) Investing in a new Property.
i) When you buy a new property you have a greater flexibility with regards to the home loan amount and tenure. The new property can get a home loan to the tenure of 20-30 years thereby the EMI is greatly reduced
ii) The new property will obviously hold all the latest features and -amenities giving you a very fresh feel.
iii) The documentation of the new property is considerably easier and hassle-free.
iv) The new property will have a better resale value in the future.
v) The new property has vast options available, and you can choose the floor, direction, vaastu-friendly location, etc. according to your preference.
vi) A number of real estate portals in India give a huge variety of projects to choose from online enabling you to compare and expedite your decision.
i) The biggest drawback of investing in a new property is that it is comparatively expensive as compared to the resale property.
ii) You have to wait for a long time to move in as the property is still under construction’
2) Investing in a resale property
i) Investing in a resale India property online during the recession period gives you the power to negotiate. You can get the benefit to some extent in the rates as the market is very slack
ii) The India real estate property for resale are in ready to move in condition and hence the wait period is zero. People who are looking for immediate move-in, the resale property is best for them.
iii) If you are considering buying a property in the prime location or in a posh area, then going for a resale property is only better as going for a new property might not be affordable.
i) The property for resale might be very old and might not have the latest amenities and luxuries.
ii) The home loan rate previously was as high as 10%. Now the said rates have come down to 8.85%. Therefore, if the property id bought with a higher rate of interest in the past then its cost is going to be high.
The aforesaid mentioned pros and cons would help you in your decision while investing in a property in India.