Should I buy new or old home that is in good condition ? Please advise.

Investing in

resale or a new flat is totally your personal choice. The decision to buy a property is based on multiple factors such as availability of funds, property location, facilities and amenities available, resale value, stamp duty and registration charges, etc. Here I have provided the pros and cons of buying resale and new flats for you. Make an evaluation as per your requirements.

• If the house is in the perfect condition and the seller is offering you a discount then it is the major factor for giving a thought. Perfect condition means the property should not be more than 6 years old, because the market value of such property is already less. 

• As Bangalore is developing rapidly, many new properties and projects are under construction and many builders have recently commenced possession. This promotes investors to go for newly built properties. Thus, they ignore buying an old property, sellers eventually have to provide a discount on the property. If the property is located in the top locality of Bangalore and is priced decently, then you should definitely seal the deal.

• If you want to buy a property to resell it after a few years for receiving return on investment, then buying an old property is not a good idea. As you will purchase the second hand property at the deprecated rate and later when you will put your property in the market for sale you have to provide a discount to the buyer. Eventually you will receive less return on investment.

• If you want to resell your property after a few years, then I would recommend you to go for new residential properties on the outskirts of Bangalore. Because when you buy a property on the developing location and after a few years when the location is fully developed with excellent social, physical and civic infrastructure, the property rate spikes up. And so you can receive good returns out of it.

• Currently there are many builder projects which are coming up on the outskirts of Bangalore which offer premium amenities and upgraded lifestyle. Investing in such properties can be a great idea because when the project is newly launched and is under construction, builders sell properties at a lower rate as compared to the price of a built property to generate finances for project development.

• Another reason for investing on the outskirts is the property rates are less as compared to that in other parts of Bangalore city.

• If you go with premium locality the prices of the new property will be higher as compared to an old property.

These are a few points about which you might want to think before arriving at a decision. If you want to buy property in a specific location in Bangalore, tell in the comment section for a clear picture.

Purchasing a resale vs new property is an age-old debate that does not seem to conclude. While some people are particular about a new property, some people prefer a resale unit. The reason? Well, in well-developed micro-markets, it’s usually hard to find new homes. Due to the scarcity of land in these localities and the high cost, purchasing a property in prime localities becomes a difficult task. This is where resale homes come into the picture.

If you’re also confused between a resale and new property, you have come to the right place. I have also dealt with the same situation, so I can share my opinion on resale flat vs new flat.

Generally, a new home is the one that is acquired directly from builders, and a resale home is the one that has had a previous owner. However, whether you should get a resale or a new home depends on your preferences and lifestyle, financial needs, and the priorities you put on features such as functional arrangements of interior living spaces, high energy efficiency, facilities, and your desired budget and aptitude when it comes to capital improvements and repairs.

So, is it worth buying old flat? Now you can decide it for yourself.

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Now you know everything about the resale vs new property.