While considering a purchase in Nagpur, deciding whether to purchase a resale or a new development flat is essential. Each choice has advantages and disadvantages, which depend on your unique needs, preferences, and circumstances. To aid you in making an informed choice, this article will outline the benefits and drawbacks of buying a resale versus a new development flat in Nagpur.
New Developed Property
One of the most important advantages of buying a new home is the wide range of options available in the market, allowing buyers to select a unit based on their preferences. New properties typically come equipped with the latest fixtures and fittings, ensuring hassle-free performance for an extended period. Additionally, new homes tend to feature the latest technologies and are more user-friendly and space-optimized than resale properties.
New properties also align with the current trend of environmentally conscious buyers as they often feature energy-efficient structures.
Regarding financing, purchasing a new property requires an upfront cost of approximately 10-20% of the total cost, with the remaining amount paid as the construction progresses. This provides buyers with some extra time to manage their finances more effectively.
Lastly, under Clause 14 (3) of RERA, developers are responsible for fixing structural defects up to five years after handing over the possession.
Resale Properties
Due to the limited availability of land in most central areas of metropolitan cities, there may need to be more space for new residential projects. Buying a resale property as a real estate investment becomes a viable option in such situations.
Resale properties are an open book, allowing buyers to thoroughly inspect the property for flaws or construction issues like cracks and leakages. Immediate possession is also possible with a resale property, allowing buyers to save on rental expenses. Additionally, tax benefits on EMIs can be availed if control is taken immediately. Legal titles can also be easily verified with a resale property, assuring the property’s legal status.
Another advantage of a resale property is that buyers can get a clear idea of the type of residents and neighbors and have better clarity on maintenance charges. However, resale properties are sometimes cheaper than new ones and depend on age, location, and amenities. In some cases, an under-construction unit in a new project may be less expensive than a resale unit, but buyers should consider the cost of renovation and refurbishment.
Unlike new properties where developers offer flexible payment schemes, buyers of a resale property may have to arrange for finances on short notice. Nevertheless, there are scenarios where buyers can get a good deal on a resale property. For example, investors who bought a unit in a new project for investment may offer a competitive price while exiting the project. Sometimes, the property owner may be in a hurry to sell for various reasons, allowing buyers to grab a good deal.
NMRDA Sanctioned with RL, Residential & Commercial Plots in Umred Road, Nagpur