Complete Guide to Buying a Resale Home in India

For buyers who do not want to wait for moving into their new home but cannot afford a new ready-to-move flat, resale homes come as a rescue. Resale homes get homebuyer’s attention as they save them from the misery of paying rents, waiting for the possession or paying huge amounts as taxes on a new property. Though the skyrocketing property prices do not allow a person to save a lot on the resale property, other benefits attract a number of homebuyers.

Complete Guide to Buying a Resale Home in India

Complete Guide to Buying a Resale Home in India

Direct Benefits of Buying a Resale Home

  • Unlike an under-construction project, a buyer will not have to pay EMIs or rents or both, as he can immediately shift to the new house.

  • There is no misrepresentation or cloaking of the property’s limitations. Everything is in front of your eyes.

  • Resale flats are available at a cheaper rate and the prices are highly negotiable according to the age and condition of the property.

  • Tax benefits can also be availed in case of resale properties.

Things to be Cautious About

There are a few grey areas of buying a resale home which should be cautiously dealt with. Firstly, you must physically check the condition of the building, the age of it and how it has been maintained over the years. You do not want to be stuck with a dilapidated flat after wasting your hard-earned money on it. Secondly, ownership status of the building is a very important concern. You must make sure that the seller is the true owner of the flat and he has all ownership documentation in place. Thirdly, make sure that the seller does not have outstanding payments on the property owing to the maintenance, society charges, etc. [Read more…]

Things to Keep in Mind before Buying a Resale Flat

Things to Keep in Mind before Buying a Resale FlatAre you in a hurry to shift to your own home? You must be searching for a ready-to-move-in property. However, being the last stage of a property’s sell-out, flats are the costliest in ready-to-move-in stage. Instead of waiting endlessly for the real estate prices to fall or moving to a not-so-good apartment, you can think of putting your money into a resale flat.

A resale unit is one that someone has bought directly from the builder and now wants to sell. Though people want to sell their house on premium, you can also get it on a discounted price. Like any other property purchase, buying a resale flat also has several implications.

To make your deal a success, you should keep these things in mind before taking the final call:
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