Making a choice of buying a resale or a new house largely depends on individuals need and requirements beside other factors. There are plenty of options available in the resale as well as new property market. However, both types of properties have their set of pros and cons. There are many factors which guide an individual’s choice for a buying a resale or new house.
Location - New projects generally come up in suburban and peripheral areas while resale properties are available in the main city as well as the suburban areas. So, location preference is critical while finalizing an option. It will also be related to the security aspect. Since, resale properties are available in main city areas they are more safe than new projects in distant localities.
Infrastructure - Linked to location is the infrastructure facilities. Resale properties are available in the main city and also on the outskirts. So, those on a look out for a home in the main city opt for resale houses. Infrastructure facilities, connectivity and transportation network are well laid out in the main city areas. However, availability of these facilities could be a problem with new projects coming in developing localities.
Making your own home - One reason buyers opt for the new construction is that they have the freedom to customize the house according to their choice. As L K Mehta realtor says, “The younger segment of buyers take a lot of interest in the designing aspect of the house. They go for new constructions so that they can decide on the color scheme for their house, furnishing and fixture options, flooring, walls, tiles as per their wish.”
Wide range - A new home buyer have wide range of choices. There is an array of new projects by different developers. Each project offers an assortment of features and amenities. One can select a home basis what all features they want and how much they can pay for it.
Budget - A very important consideration is budget - how much one can spend. Resale properties generally are priced higher. This is because they are situated in a developed locality with well laid out infrastructure. New projects are priced comparatively low. Moreover, one has a varied range of new properties to choose from and can bargain as well.
Maintenance - The maintenance cost of new house is minimal. Depending on the age and quality of the building maintenance cost of resale property can vary.
Innovations - Developers today don’t hesitate to try on new concepts and technologies. With wi-fi, intercom and other such facilities new projects offer contemporary homes. Also, the concept of environment safeguard is increasing among the developers and buyers are also getting conscious of the same. So, new projects tend to be more eco-friendly. Green buildings, eco-friendly building material, eco-products - paints, furnishings are new concepts and many developers are incorporating then into their new launches.
The crux of the matter is that a buyer has to be vigilant and clear about his requirements while making a choice.
George Gonigal provides you the best and latest info on Real Estate India. He would also let you know about where to buy property in India and sell property in India.
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