Are you planning to buy a new home, but confused between the primary and resale options? Well, home buying is a decision in which you have to weigh various options. Once you decide on the location, you will end up seeing multiple resales and new properties, and that’s when taking the plunge gets more difficult. Both the options come with their own set of benefits and shortcomings, and it is for this reason decision-making becomes tough.
A New & Resale HomeA new home is one, which you directly buy from the developer. While a resale one, you get from the previous owner. Other than this fundamental difference, there is much more to it when it comes to buying the property. Read on to gather the pros and cons of both the options, and then decide which one will be apt for you and your family.
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- The Price Factor: Once you decide the property location, the pricing is a fundamental factor in buying the house. Most people plan a resale property, thinking that they will pay less. However, there are various other costs involved like, registration charges, stamp duty, transfer fee, and utility charges. Besides, there will also be wear and tear costs involved. You will have to spend money on the repair and maintenance of the house as it might have been occupied previously. Moreover, the fittings and fixtures would be old. If you try to ignore the expense now, it will be a reality soon. While if you invest in a new house in an upcoming location or suburb, the price will be less. Sometimes, even the developer offers discounts on booking bringing down the cost, further. Besides, the wiring, fixtures will be new, and you can rely on the investment for a longer time to come.
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- The Home Design: In a resale apartment, changing the design of the complete home will be difficult. Some impressions, some design of the previous owner will always be there in your home. However, that is not the case when you are the first owner. You can design your home your way. Besides, some developers also give the option of customizing things to your fancy. You will not have such benefits in a resale home.
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- The Technology, The Amenities: A lot is changing in home interiors and designs. Change is constant, and the latest technology is making in-roads in the real estate industry. You may not get the benefit of the most recent design, automation and technology if you buy a resale home. Even regarding amenities, a new apartment will have much more to offer as against an old one.
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- Energy Efficient Homes: Green homes are becoming the new norm. Most developers are making an effort to provide homes offering greater energy efficiency. Some come with walls, windows or roof with energy certification, while others have appliance packages. Getting such an energy-saving property will be difficult when you opt for a resale option. Until a few years back, energy usage was also an afterthought, so getting a home catering to the green norms and standards will be difficult.
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- Home Finance: You can get an easier, faster and more loan amount against a new property as against an old one. Every bank and home finance company has certain norms. They may offer a loan for a 10-year-old property, but if you choose to buy that, then you can get a maximum 20-year loan as against 30 for a new one. Even the paper and due diligence work will increase. In a new home, you can do the background check of the developer and hire a lawyer for document verification. But in the case of an old property, there will be additional layer of checks that of the previous owner. Along with the developer, you also will need to get due diligence done for the verification of the seller, his home loan closure documents, title check and verification of other property documents.
- Resale Value: When you buy a house to live in or even for investment purpose, you may end up selling it some years later. It can be for a bigger and better property or to reinvest somewhere else. In such a scenario, you can expect higher returns from a new house as against an old one. The resale value of a 20-year old home cannot be the same as a 5-year old home.
Buying a new home as against a resale one is a wise decision in terms of finance, returns and design. If you are planning to buy a new property in South Bangalore, then Valmark developers have plenty of options. At Valmark Apas, you can also customize the floor plan and make the most of being the first owner of a luxury apartment. Ready for interiors too, so you will not have to wait for years to move into your own home. Comparing the benefits of resale and new home, you should consider this option Off Bannerghatta road. Close to nature, these smart homes provide all the amenities you will want in the vicinity. Learn more about this high-tech, futuristic project from here and connect with us to book this piece of heaven.
