New Home vs. Resale Flat: What’s the Best option in the Current Market?

While the present market conditions are quite conducive to buy a residential flat even in the metro cities, homebuyers often get baffled when it comes to make a buying decision. The biggest dilemma that seems to haunt you is whether a resale flat or a new home would make a smart investment choice. Considering the pricing variation, many would opt for resale alternatives, but alongside you must also think of some grey areas associated with this investment choice. Let’s just take a look on the following factors:

What You Need to Check if Resale Flat is Your Investment Choice?

• Checking the documentation is the first and foremost things to do when resale flat is your investment choice.
• It is essential to check whether the seller is the true owner or a broker is involved in the process. After all paying an extra brokerage charge for a resale property makes no sense.
• The buyer should ensure that the seller ( if he is the true owner) doesn’t owe any dues related to the property
• Finally, the physical condition of the flat should be checked before making any investment

It’s pretty obvious that buying decision of a resale flat is involved with several concerning factors. And that’s why, the investment in a new flat seems like a wise option. We have explained some more reasons why a new flat should be your one and only choice in the current market scenario.

Key Advantages of a New Property

A fast-growing population and urbanisation especially in the metro cities like Kolkata upshots an ever-increasing demand for new home. Most of the homebuyers are looking for flats that are smart (in terms of design & construction) as well as located close to the economic and commercial centres of the city. For example, the residential projects in Behala, Kolkata are built keeping the lifestyle needs of the urban folks. Quite obviously, when it comes to the demand for homes, new properties win an unrivalled preference over resale homes. Here are the reasons, experts have quoted:

• Smart & stylish constructions keeping in line with urban lifestyle demands.
• Flexible finance and home loan tenure.
• Easy and effortless documentation.
• State-of-the-art amenities.

Financing options for resale and new properties

The financing options available for a new home are way more flexible than the one available for a resale property. For a new property, homebuyers can opt for a loan with tenure of 20-30 years. On the contrary, a resale property aging about 10 or 15 years, the home loan options tend to get extremely limited. Worse even, the properties aging more than 15 years are not entitled to have loan coverage. So, even if you are getting a resale flat at comparatively reduced cost, there are chances that you might need to bear the entire property cost yourself without any financial assistance from the bank.

Other Significant Factors

Though resale flats come with “ready-to-move” tags and comparatively lower rates, you simply can’t ignore their set of restrictions. Moreover, finding a Vastu compliant resale property seems like a hurdle. If you are looking for your dream home with a long-term prospect, opt for budget friendly residential complexes that are coming up in the major locations across Kolkata.

Summary: Homebuyers remain always baffled with their home buying decision. Here’s a guide whether a resale flat or a new home would be the smart investment choice.