Do you know the investment of time is better before deciding to invest in any property? If you are planning to buy a resale house, invest your time to choose the location, property rates, returns (if any), interiors, property age, amenities, carpet area, etc.
Let’s understand the advantages and disadvantages of buying a resale residential apartment in Thane
Pros You Must Know Of Buying A Resale House:
1. Affordability: Property rates are parallel to their age. The older the house, means it’s available within the budget you can invest in. The rates of resale homes or apartments are, of course, less than buying a new one. In fact, the probability of negotiating is also maximized with building age, fixtures of the house, and interiors.
2. Commute And Planned Locations: Typically, old houses are found for resale in the city center region. Living in an old house constructed inside the city, which is well connected to the market, health centers, shopping malls, academic institutes, etc. ensures to make life easier.
3. Basic Amenities: Resale housing properties have basic facilities fixed by the previous owner. You can easily find pre-arranged amenities such as gas pipeline, electricity, water pipeline, security, etc. However, it is important to check if any amenities need any repair or need to be changed.
4. Tax Benefit: If you have applied for a home loan and moving into an old residential property, you can get a good tax benefit in the first monthly installment. This is really a great tax deduction benefit on home loan interest in case of resale houses.
Disadvantages Of Buying A Resale Home
1. Constructional Building Age: Yes! Building age matters a lot, so ask the broker or owner for it. You should not buy a house older than five or maximize with ten years if maintained well. A property older than ten years can be a risk to buy.
2. Does Not Match Your Actual Needs: Pre-installed amenities in older residential properties might be missing from your actual needs. The facilities, design, and spaces are not appropriate as your desire. Buying a resale 1 bhk residential flat in Thane or any area for that matter will reflect the choices and interests of the previous owner.
3. Renovation Charges: Obviously, an old house even if means buying a luxury 3 bhk in Mulund needs renovation to make it appropriate to your own choices and preferences. It can be related to plumbing, woodwork, flooring, polishing, painting, new electricity supply, etc. Go with old houses with the least renovation work.
4. More Down Payment: Resale property owners have to pay at least 20% of the down payment if they want a home loan. Therefore, arranging for a wholesome amount for the down payment can be trouble.
Whatever the pick of a new residential property in Mulund or a resale residential apartment in Thane explore it well. You can find endless options of affordable flats in Thane in the resale or secondary market of properties. Weigh the pros and cons before buying a residential resale property to make an informed decision.