Resale property is the property is being sold by the person who was allotted the same property at one time or is the property selling by the person who once a buyer of that property. Resale properties includes independent house, site or plot, apartment that applies for commercial properties also. Buying resale properties maynot cause any difference while choosing independent house or site, it may difficult only while choosing apartment. Many people may confuse while buying resale apartment. Is it good to buy resale apartment? Here is the answer Buying resale apartments depends on some factors like, city, locality, brand name of the construction or builder, age of the flat, etc. As if living in rented apartment, we all desire to have own property, but the price of real estate market, we couldn’t touch it. While opting for a home loan has it is a good solution to this problem but many people do not want to take the risks associated with a loan.
Resale properties is the good option for the people wants to enjoy their privacy without any limitations as of in rental houses, with a low cost and immediately occupancy, no need to wait as like in under construction properties and here the some lists of resale apartments in Bangalore.
There are many benefits of buying resale apartments are some are mentioned below:
Immediate Possession
As you buy the resale apartment you will get instant possession, a good money-saving deal for all those people who are living in a rented house. While, when you buy an under-construction property, you are required to pay the EMIs. And still, you will not be living in the property unless it’s is constructed properly.
Price varies
Prices for resale flats can vary depending upon a number of factors like the city, locality, brand name of the construction company, age of the flat, etc. Often, the price of your property is valued based on its surroundings. And also resale property varies price from new buildings. Normally, the rate of a resale flat is lower than the actual market price. The rates might be 5 to 15% lower depending on the city. Apart from this, the age of the property can also make a lot of difference.
Get what you see
Despite strict provisions by RERA, many homebuyers are complaining that they are not getting the home as they see in blueprint. Also, many times, builders promise to provide endless amenities, but the property buyers get only a handful of them. These issues will not be there in resale, what you see the flat, infrastructure, amenities, everything you will get.
Rental Income
If you want to buy the property for investment purpose or for rental income, it is good to invest in resale apartments, as it is immediate possession, you can get rental income immediately.
Low maintenance cost
A resale flat requires a lesser expenditure on maintenance. This is because in older buildings many useless facilities are not available. Therefore, you will not be charged any amount for their maintenance.
Affordability
The price of a resale property is depends on its age of construction, as old has the property, lesser the price. Plus, in most cases, the home sellers are ready for price negotiation in order to sell their property quickly.
If anything as the benefits will have some issues, if these issues will not problem you then you could go forward to buy a resale apartments.
- As it a resale property someone may already used it, that may not look new.
- Interior is almost done, you could not change it as you want.
- Absence of transparency in the marketplace suggests that it’s difficult to identify real worth for a resale building, making it more difficult to negotiate offers. [Go through trustworthy agents]
Things to know before buy resale property
- Before finalizing the property, is to check all the relevant documents of the property.
- If the prices are fair, do check that there are no loopholes related to the property.
- Check whether the property is constructed under RERA guidelines, if there are any pending EMIs, are there any legal issues related to the property and check if all the documents are in place.
- Check the physical condition of the flat. If the property is not in good condition then it’s better drop that or look for some other properties
- Check the reason for selling the property, is there any problem in the property like maintenance, area, noice, litigation etc and know clearly about property documents.
Conclude
Buying resale apartments, as many benefits which are more helpful, hope you get some idea about the resale properties. And buying resale property is not a wrong decision, no need to feel less or low than who buyes a new property. The property are all depends on quality, connectivity, is that fits for you or not, like for your price, as your mind’s vastu, totally as per your requirment. If you want help regards buying resale properties contact us, our expert team will advise you the best.