What Does Resale Property Mean?

The resale property meaning is very simple to understand. A resale property is a property that had been previously owned and is being sold again. Suppose I bought a property in 2007 and am planning to sell it in 2025 so that property will be labelled as resale property. As the term itself says, re-sale. There are several benefits of selling a resale property so let me highlight them as well.

Get Free Estimate

What Does Resale Mean in Real Estate?

Resale property, as I said, is a property that has been owned in the past and is again available for sale. Here are some benefits of investing in a resale property:

• You will get a ready-to-move-in property

• Resale properties are more affordable than new properties

• Buyers enjoy more negotiating power for resale properties

• Amenities like electricity, gas, water, security and others are usually available

• Buyers can enjoy capital gain tax benefits

So this is what does resale property mean and the benefits you can enjoy investing in such properties. 

Read More:

As a real estate investor, I can tell you what is resale property. It is not a newly created property; I mean to say it is an existing property. These properties are frequently cheaper, situated in well-established neighbourhoods, and offer a lived-in atmosphere. Whether they are houses, apartments, or flats, resale properties need maintenance because of their age. Let me share the pros and cons of buying a resale property.

Pros of Buying a Resale Home

• Room for Renovations: Resale homes are often less expensive than new ones, leaving room in your budget for upgrades like a new kitchen or home office.

• Lower Cost: These homes generally cost less than new construction, which might have smaller rooms or need a backyard upgrade.

• Negotiation Flexibility: With resale homes, you can negotiate the price. For instance, if a home is listed at 90 lakhs, you might offer 86 lakhs and reach a middle ground with the seller. If you see a new construction property, it has pricing with almost negligible discounts.

Cons of Buying a Resale Home

• Maintenance Costs: Older homes may come with maintenance needs, like an ageing roof or heating, ventilation and AC system. Buyers of fixer-uppers should budget for repairs or renovations.

• Outdated Layouts: Resale homes might lack the open layouts and modern amenities of new builds, with smaller rooms and narrower hallways.

• Potential Safety Hazards: Because of age, resale homes may contain lead paint, mould, or termite damage. Always get an inspection to check for issues and negotiate repairs or credits with the seller.

I hope now you understand the resale meaning in real estate. 

Read More

Do you want to purchase your dream home but don't want to wait for it to be finished when it's still under construction? Then, a resale property could be the most viable recourse.

Get Free Estimate

Due to depreciation, the age of the property, the known end cost of the asset, and other variables, buying a resale property is a more cost-effective choice than choosing a ready-to-move-in house. However, purchasing a resale property involves too many legal, technical, and procedural considerations.

A house that has been bought and is currently listed for sale is resale property meaning. When a property is sold as a resale, it means that the previous owner is selling it to a new owner. In essence, the beneficiary who previously purchased the same property from another person may sell it as well as the original allottee.

• Location:

These residences, which are a little older, can be seen in the city's older neighbourhoods. New flats are found on the outskirts and newer or developing parts of cities. These areas are thoughtfully designed and already have everything you could want nearby.

• Larger Houses:

You'll note that houses are getting smaller and smaller as the city expands. Older houses have taller roofs, are typically larger, and are still located in the centre of popular residential layouts.

• Ready to move in:

You won't need to wait for the building to be finished or worry about setting up your internet, cable, gas connection, etc. because all of those facilities will already be set up. The previous owners often already have practically everything in a house that you'll need installed and functional.

• Tax Saving:

You will pay less tax if you purchase a resale property. The Income Tax Act states that you are eligible for a tax exemption of up to Rs. 1 lakh (on principal EMI can be availed under 80C). A tax deduction of up to Rs. 5 lakh is also available to you for house loan interest under section 24B.

You may require a variety of documents for a property resale, depending on the state and location, including a sale deed, mother deed, Katha certificate, tax paid receipt, Katha certificate, occupation certificate, no objection certificate from the bank, society, maintenance office, Aadhar, etc.

The resale property can need maintenance, be ineligible for house insurance, and incur additional costs for building new facilities.

I’d conclude my discussion here about the resale property. I hope this helps:)

Read More: