The purchase of a property is a significant decision. Keep the secondary or resale market in mind when faced with hundreds of possibilities in the primary market. When the primary real estate market is experiencing a decline, a resale market is a great place to find savings.
Pros:
Costing less money
Resale homes are typically more cost-effective than newly built ones. You can also bargain for a lesser price based on the building's age, interior design and fixtures.
Great location
Resale homes are usually constructed inside the city. Living in a resale property is usually simpler because it is situated in an established neighborhood.
Good neighborhood
Older homes usually have lots of space and a certain degree of character. It is a deal if you discover a larger resale home offered at a lower price in a residential area.
Rent without EMI
You can avoid paying the extra interest on EMI for a property still being built when you buy a resale home.
Installed features
Basic fixtures and utilities like gas, power, maintenance, security, and water are frequently present in second-hand homes. Before moving in, it could need some repairs, though.
Tax benefits
As per the Income Tax Act, a tax deduction of up to Rs. 5 lakh can be claimed on home loan interest in the case of resale homes under 24B. Tax exemption of up to Rs. 1 lakh on principal EMI can also be obtained under 80C.
Cons:
Age of building
The house you purchase should be 5 to 10 years old at maximum. More than 10 years old real estate is not a wise investment.
Unpaid fees
Before purchase, ensure that the former owner has paid all dues, such as fees for upkeep, membership, property tax or contributions to society.
Exorbitant renovation costs
Despite a resale home being fully furnished, you should be aware of any renovation costs like painting, flooring, woodwork and plumbing that require to be done. Go with the option that requires the fewest renovations.
Affordable home insurance
Most private insurance companies base their insurance coverage calculations on the age of the property. They also pay minimal returns when there is a theft or natural disaster.
Before you move in:
- Look for minor things like hidden flaws.
- Deficiencies in the house and try to have them fixed.
- If choosing a furnished home, request all.
- Warranties of appliances.
- Talk to the immediate neighbors and tour the community.
Get in touch with us at 8889350111 to learn more.
