Buying a resale property requires many things to be kept in mind, especially its age. Before purchasing a resale property, the very first thing I asked my friend, a real estate agent, how old to buy resale flat. He said it completely depends on your preference, property conditions and its construction quality. He also shared the pros and cons of buying resale real estate, which I listed below.
How Old Resale Flat Should I Buy?
According to my friend, the age of a resale flat may affect its general state, maintenance expenses, and renovation possibilities. He continued, my recommendation is to choose a project that is no older than five years. But, if you are not getting that under your budget or as per your requirement, you can choose a flat which is less than or equal to ten years.
In terms of build quality, future rent, and resale value, a premium builder will be a better choice.
The living conditions there, the association, the maintenance fees, etc. are things to consider before buying resale property.
Here are some pros and cons of resale property he informed me of.
Pros of Resale Property
The price is lower for older homes.
Resale homes are in the planned area.
It offers a better ambiance and neighbourhood.
You can avoid paying extra interest on the EMI when you buy a resale home.
You can receive a tax credit on your first monthly home loan installment if you move into an old house.
Cons of Resale Property
You must spend a significant charge on home renovation.
Investing in a property over 10 years old is not a good idea because the house will yield a lower return.
I hope this was as helpful to you as it was to me.
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Rasmit888
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6 months
2024-12-19T19:35:13+00:00 2024-12-20T09:35:40+00:00Comment
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