Are you looking to buy a property and confused about whether to opt for a new one or a resale flat? It’s a common query that comes up in everyone’s mind before investing in any residential property, but you need to thoroughly think about all the possible points involved in the both the scenarios. Looking at the present status of the real estate sector, there is a huge number of new projects inventories left across the nation. For instance, there a hundreds of flats for sale in Noida which hasn’t completed yet. And buyers are stuck between paying loan and rent. So a proper thought process is required.
Though it’s a critical question to answer as both the cases are different from each other and each one of them has their own pros and cons. And above all it depends on your priorities, whether you just want a property for investment purpose or you want a ready to move-in and then comes your budget.
Some buyers prefer resale flats, may be due to certain locations where they can’t find a new property and they have their reasons to settle in that particular location only. Or another reason might be the buyer liked a property very much and its within their budget. It can be the belief of the buyer that the resale flats are available at a lower price and they guarantee possession and also the recent scenario of the new flats for sale in Noida which are delayed for the unaccounted time, that scares them. In this case resale properties win the race.
On the other hand the condition of the resale flats might not be at par with the new properties. They might have some presence of the prior owner like the fitting and the fixtures or the paints, so here the buyer has to incur some extra amount to modify them apart from the buying amount.
However, many real estate builders, or brokers highlights that new flats are much cheaper than the resale flats, but there is one thing to notice that in case of under-construction property the price increases with the stages of construction. But still buying new flats have their own advantages such as you can design it in your own way and you will be the first hand owner of the flat. And above all, new properties have higher resale value and have a higher shelf life in the market which further increases the price.
Also, builders these days are using modern technology and equipment to accentuate the property such as modular kitchen, therefore the buyer does not have to spend extra amount in these cases. And if the buyer has already bought an under construction flat so he can ask builder to do it in his/her way. Reputed developers constantly keep themselves updated with the latest trends, choices and techniques in the market, which they use in their project and further these features automatically gets passed on to the buyer. Thus the buyer is in win-win situation.
Hence, it is advisable to check the pros and cons in both the cases of new as well as resale flats and looking at your priorities you should decide which way to go.