Pros and cons of buying a resale home

Pros and cons of buying a resale home

Nothing is better than purchasing a home less than the market value. However, in the market, you will get maximum resale properties.

Everyone is confused that how they can know the rate of the resale property so here is the best formula for that:- the price of resale flat = price of an undivided share of land + depreciated price of building and amenities + value of overheads, expenses, etc.

Many factors come to the mind of home buyers like building age, any problem related to leakage and many more. There are many pros and cons of buying a resale property, before that let us discuss some of the important factors to buying a resale property.

Everyone wants to buy a resale property it is available with many benefits like you will get instant ready to move. Not only this you will get home at a very good price. Everything has a good and bad part.

Pros of buying a resale home

There are many profits of buying a resale home, the most important is that if are going to buy a raw under construction room, then remember you will face a double problem, first one is of the EMIs and second will be of modifications. So, that becomes a huge load on the home buyer.

So, the resale flat will escape you from these types of problems, I am not saying that you can just start moving to the flat, that will cost some the repairs but as compared to the new one, the cost of this home will be less. This is the main profit of buying a resale home.

Apart from this, there is also a positive factor that increases the sale of the resale is the physical presence of the flat. The most famous line of the business factor is "The thing that is seen, that will be sold".

So, the resale flats fit for this factor, the buyer just does a visit and decides to buy. Apart from these, you will also get tax benefits. The main benefit of the resale flat is that you can shift immediate, on the other side if you are looking for under construction project then you have to wait for many years. Not this if any pandemic comes the delivery time increase to more years. 

If you are choosing a resale property, the term that suits it is "instant buy shift". So, buying a resale flat is a good option.

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Now let's know the cons of buying a resale home

If we talk about the cons of buying a resale property then, the process of buying a resale property is much lengthier than buying a new property. In the new property, you will be the first owner so this is will be easy to buy. But in resale, you will be the second or third party in which you have to collect the documents and do multiple verifications, which is a long-term process. In the resale property, you will get a lack of transparency. 

Also read:- How to choose a budget-friendly home?

The main disadvantage of resale property is that it is very hard to know the age of the building, not only this buyer cant able to check the quality of the wall properly because it is very hard to analyse the wall quality of ready-to-move flats. This is a very risky factor because in the resale property, in most cases buyers use to face many problems like seepage problems, walls start flourishing which decreases the look of the room.

Not only this, but you will also see a problem in woodwork, in that you will get to see problem of termite, termite problem is a very serious problem. They will vanish your all things. Buyers will also get to face a problem in electrical parts like short circuits, and wrong meter readings.

These are the basic problems which buyers can face in future.

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Conclusion

In this blog, you read about the Pros and cons of buying a resale home, I hope this blog is very useful for you, tried my best to explain things properly. If you have any queries just drop your query in the following form.