Pros and Cons of buying a resale or new construction home

Buying a home is one of the biggest dreams of any individual! When you are at a stage where you have enough savings to pay the down payment and procure a decent loan that is when you really seriously start thinking about buying a home.

Now the dilemma one faces is whether to buy a brand new flat or go for resale? That’s a tough one. However, there are pros and cons for both the options. The major factors are the budget and the locality that you want to invest in.

Usually, the fresh constructions are at a higher rate compared to resale flats owing to appreciation in land and overall prices. One needs to consider the committed time of possession for a new flat, because you will start spending on your loan amount once you book it; in comparison you can almost immediately occupy a resale flat.

If you have budget constraints then going for a resale flat in a prime locality is preferable than moving away from the city for a new flat in the same budget. Owing to the location the resale flat will almost always fetch a good price whenever you are ready to put in more sum and upgrade your lifestyle. Another important factor that should be taken into consideration is the age of the construction of any resale property. A thorough health check up for quality of wiring, leakages etc. should be conducted by a professional to determine the estimated cost that would incur for refurbishing and maintenance of such property. The credentials of the builder regarding quality and high standard construction matter when buying a resale property.

The amenities in a resale flat also vary depending upon age of the building compared to that available in brand new property. One should ensure that basic modern amenities like lift and parking space are in place in the resale property.

On the other hand though it may go on the higher side of pricing, a brand new home comes with all the modern amenities and facilities that are up-to-date with times. It could be latest safety and security systems, elevators, garbage disposal systems, smart modular kitchen etc. You get the choice to design your home keeping in mind your choices and comforts. The refurbishing cost is nil which balances out the extra amount you will be paying for a new home.

Mr. Pradeep Runwal, MD, Runwal Reallty suggests, "So, whether you buy a brand new home or invest in a comfortable resale flat, the above points should be taken into consideration. It must be an informed decision so that you do not regret later!"