Advantages And Disadvantages Of Buying Resale Properties
- One can bag a handsome discount owing to the slowdown in the realty segment. Anxiousness of the previous owners to sell might make the negotiation process a cake- walk for you.
- It is ready to move in with the basic furnishings in place. The owner might have updated a few things like the lock system, etc., which saves you the extra cost that can be incurred. A resale home might be in a settled locality with transportation, markets and leisure stuff already sorted.
- It is also cost efficient as the owner gives you a haircut on the quoted price for the whole reason that he is reselling it.
- If the house was constructed even a decade ago or so and has been renovated, it will still retain its charm and uniqueness.
- While buying a new house, you can negotiate the instalments and work it up with your loan plan. When it’s a resale house, you will have to pay the whole amount upfront which isn’t feasible for everyone.
- Buying a house sometimes takes up a person’s whole life savings and if one finds out after buying a house that it wasn’t worth the money or needs more work; it can be very disappointing.
- You might be stuck with a house without a sustainable, eco-friendly model.
- The kitchen might have been constructed in the older style. Also, you might have to make peace with less energy-efficient appliances or spend a bulk of money into changing all of that.
- The house will need regular maintenance and might also need change in flooring or roof.
- There is a chance that the previous owner would have used cheaper materials to increase the asset value, which is an issue. For instance, the paint or the furnishings used.
- Check the documents of the house carefully. After you pay the token amount, you will get a copy of the ownership document; get it checked by a lawyer to be on the safer side.
- You need to make sure that the seller has no due amount with the builder or the bank while selling it to you.
With a house, one can never be completely sure but with a few precautions and thorough research, you can make the best out of the situation. Just look up the above tips before you set out to buy a house.
Last Updated: Tue Feb 21 2023