Home Buying: Resale vs. New Construction

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Thanks to rising property prices, buying a home these days has become a herculean task. While, affording a 3 BHK flat in city centers of Mumbai and Delhi almost seems impossible, owning 3 bhk flats in Chandigarh, Kanpur, Indore or other tier 2 and tier 3 towns is also becoming increasingly challenging. To counter the increased prices, buyers are looking to invest in under construction or new projects as against resale apartments. However, home buyers must carefully analyze pros and cons of resale as well as new construction before investing their hard earned money in any asset –

New construction

  1. Advantages of buying in new construction: Newly constructed projects offer several benefitsthat includes –
  • State of the art design
  • Meticulous architecture
  • Spacious rooms
  • Ample ventilation
  • Earthquake resistant structures
  • Facilities like elevator, swimming pool, garden, stylish entrance lobby, sports zone, health clubs, gymnasium, etc.
  • Sound security system
  • Dedicated parking space
  • Environment friendly features like rain water harvesting, plenty of trees, green zones, etc.
  • Construction linked payment plans
  • Customized home loan facility, etc

The complete list of new projects on Chandigarh and 100s of other cities in India is readily available on Housing.com, India’s leading property website that facilitates buying, selling and renting of all kinds of real estate assets.

  1. Disadvantages of buying / investing in new construction: While, buying a home in new construction offers several unmatched benefits, there are some visible challenges that buyer must address before executing the deal –
  • Project legality – It is important to check if the project is legally marketable. To begin with, it must be constructed in nonagricultural land and must have all permissions from local municipal authorities.
  • Buyers must also ensure that the project has No Objection Certificate (NOC) from:
  • The tree authority
  • Chief fire officer
  • Storm water drainage, etc.

Thus, it is advisable to either execute the deal through reliable source like Housing.com or take help of experts when transacting in any kind of real estate asset.

Resale home

  1. Advantages of buying a resale home:Resale apartments or home offer several advantages and of the prominent ones is the price benefit. This basically means that purchasing 3 bhk flats in Chandigarhin old building would be comparatively cheaper than buying a 3 BHK apartment in brand new construction. The other benefits include:
  • Ready to move in facility
  • All of offered amenities are on display
  • Flats are based in established location
  • There is no stress related to certifications and NOCs, etc.
  1. Disadvantages of buying a resale home – There are some visible drawbacks of resale home that people must take into account before zeroing down on the property to be purchased. Amongst them the prominent ones are as follows:
  • Construction quality could have deteriorated over the years. Have professionals like Folsom roofing check out the roof, gutters, and other exterior elements of the home before purchase to gain some insight to the structural condition of the home.
  • Access to facilities is very limited and hence the pricing is comparatively lower
  • Percentage of finance granted for such homes is also lower. This means that buyers will have to shell out more money upfront

Nonetheless, it is always safe to take help of property experts before executing the realty deals as this ensures seamless transaction and stress free future.

I am “Daniel Taylor”, a Professional Writer and Blogger. Right now, I’m working on home improvement and gardening topic on behalf of www.theorieslandscapes.org. I love to share my knowledge and experiences with everyone by publishing informative articles on my site.