Pros and Cons of Buying Resale Property
Making a choice of buying a new house or resale property depends on individual needs and requirements. There are plenty of options available when it comes to buying a resale or new property and it becomes even more difficult when you have both choices in front of you to choose from. Both resale and new property has their own set of pros and cons but amongst the two, a resale property needs to be checked more carefully before finalizing a deal. A resale property is a home or a condo which can be purchased from the previous owner of property rather than the builder. One must have good knowledge about which positives and negatives one need to check before dealing with resale property. We have listed certain pros and cons of buying a resale property.
Pros of buying a resale property Cost Factor: A resale property is not a newly built structure and available for second sale. Since it is not a brand new property, the prices of resale property is much lesser compared to buying a new property in the same location or area.Location: A resale property already has a set-up of clear landscape and surroundings set up to meet the needs of residential owners in the area. The landscape is mature and even the neighboring areas are well constructed to meet the requirements of citizens, children, adults and old people.Facilities: Resale property has completely developed community and other services like schools, hospitals, parks, shopping complexes, malls and other requirements.Neighborhood: One key thing about choosing a resale property is that one already gets a property with people residing in neighborhood.
This helps you feel more comfortable and secure about the surroundings.Unique Architecture: A resale property is usually an old house with unique architecture. Sometimes people prefer to buy such properties just to admire the location and its architecture. Most purchasers even pay heavy prices for older architecture just be have the feeling of living in such unique constructions with touch of nostalgia.Taxes: While buying a resale property, you don’t tend to pay the dues of GST, although this depends totally on the location and government rules.Maintenance: If there are any chances of repair or construction required, then purchaser can ask the previous owner to do the same. This includes settling for cracks or any other maintenance required. Even the owners have contacts of electricians and plumbers who understand the structure of old resale properties and can easily maintain them or repair if required.Features: Some resale property owners customize their property according to your needs.
If purchasers like the customizations, they can get continue it or do some customizations of their own. This depends upon the choice of the purchasers. Such customizations can be easily performed while living in the property, doing one room at a time.Ready to move: New properties may take some time before moving into the property. On the other hand, a resale property is ready to move as already owners are living in the place. This gives flexibility for buyers who are in hurry to move into a home, rather than paying rents.
Cons of Buying a Resale property Old Property: There is no doubt that old property can have certain issues with maintenance due as the property could be constructed long time back. Even the equipment’s installed in the resale property could also cross the warranty date and needs immediate attention.Cost of renovation:
This depends on the condition of resale property but some properties may require hefty amount of renovation cost required for customizations or repairs.Old Set-up: Old homes don’t have the modular rooms and kitchen and built with old style of construction.Chances of Hidden defects: it is not easy to understand how a resale property would work unless you start living under the home. There could be certain issues with electricity or water commonly faced with old resale properties.Final Words Choosing a resale property requires a good knowledge about the property, checking its background and performing detailed check in surroundings. It may have certain negatives but a resale property does offers large number of benefits which are hard to overlook.real estate resale property resale property guide