“Home” is a basic need; buying a new home comes with a high price, then why don’t you try a budget-friendly resale home…!!
Everyone knows that real estate is a vast market, and buying a new house would be more difficult in the coming year as already-priced new homes are extravagant. Many students and employees for education or job purposes travel across India and want to settle down somewhere, but it’s not possible to buy a new home and settle down in metro cities where prices are reaching the sky. The “Resale house” can turn into the solution.
Why buy a new house when you can buy a resale one? Buying a resale house comes with many benefits, and most importantly, it’s a tension-free thing for the buyer who is busy the whole day and new in the city.
Buying a resale house comes with no tension of documentation, already settled neighbours, or semi-furnished or fully furnished homes, and buyers can choose according to their location and nearby job. The benefits do not end here; there are many more to go. Let’s get into depth and start with the benefits of buying a resale house.
5 Things to Know Before Buying a Resale House
There are Certain things people should remember before buying a resale house, and here is the list:
1: Check More Options
Buying a resale house in a new city it’s kind of a challenge for someone who has a full-time job or college. But yes, it’s also essential that, as most people buy a house only once in their lifetime, then why not explore all options? Even though people are busy with their schedules, there are a lot of online portals to help buyers, where people can apply filters according to their needs.
Also, start exploring nearby options and through colleagues or friends and family, who can suggest better options as they have been living in the same city for more years.
2: Property Age
While exploring options for a resale house, the buyer should remember to check the property’s age. Some of the resale houses come with old constructions and require some repairs. So, before buying, the buyer should consider the property’s age because after knowing the exact age and position of the building, the buyer can find an estimated expenditure needed for repairing.
3: Title Search
“Title search” is a legal term but one of the most important factors before buying any new or resale property. Title search means checking the ownership paper of the property to ensure that the property is in single ownership and its benefits to avoid future problems related to ownership. It also stops fraudulent transactions.
4: Loan on the Property
The buyer should check if any dues are pending from the seller. If any dues are pending or a loan on the property, then the amount can be added as an extra amount to the cost of the property. If there is a loan on the property, ask the seller before buying the property about loan repayment or for any payment-related queries.
5: Check on the Documentation
One last thing before buying a house, check all the documents related to the property. This is one of the buyer’s rights to check on the documentation, and it also helps the buyer to check the title and ownership rights of the property. But check the documents thoroughly to understand the things before purchasing the house.
9 Benefits of Buying a Resale House
Imagine being new in the city, getting a new job, and juggling life. It’s been a new task, and one more comes with it: finding a new house. After starting a new job, immediately buying a new house is one of the most challenging tasks, and waiting for the real estate price to fall is endless.
Then the “Resale House” comes as a solution for many buyers with some great benefits. Whether it’s a newly constructed, Old flat, or Under construction one, any kind of resale property has its advantages.
So, the benefits of buying a resale house are:
1: Fewer Chances of Fraudulent Transactions
Buying a new flat in a new city with some unknown developer might be a problem for the buyer in the future, As they don’t know the developer well and invest their money. Therefore chances of fraudulent transactions may increase. But that’s not a part of the tension in resale houses.
Because most of the resale houses are ready to move in nature, buyers just need to check and verify the documents, and for any other queries, buyers can also ask neighbours. Because rather than neighbours, no one can give you the correct information.
Real estate prices are far-reaching, and there is no chance of falling. Waiting to fall is an endless thing. Then the resale houses come with options as they are pocket-friendly, which means they are within the budget compared to a new house.
Additionally, the buyer can get a chance to negotiate with the owner the factors like repair, leakage, age of the property, and interiors. Also, the buyer can compare the price with other houses in a similar locality.
3: Immediate Possession
Completing the payment started Paying EMI and waiting two to three years to get possession. It’s a bit of a lengthy process. Then in the case of resale, house buyers can get immediate possession because the procedure is not lengthy even though it’s legal.
In addition, buyers know the property so that they can choose their interiors and other required things from the start, making less effort for the buyer.
4: Fewer Chances of Legal Disputes
In recent years, it has been noted that under-construction buildings come with many legal disputes or court stays as the lack of permissions or issues with environmental clearance. But when it comes to resale property, the buyer knows everything, and all the permissions are taken previously. So, buying a resale house can skip the things related to legal disputes.
5: All the Amenities
Buying a resale house has many benefits but is also a cost-cutting investment. Because buyers don’t have to invest much in the resale house as it is ready to move in, all the amenities are pre-installed, and that’s a significant benefit. Then buying a new house and adding an extra amount for the interiors and other basic amenities makes a lot of investment for the buyer.
6: Immediate Loan Approval
Loans for resale properties come with less documentation and higher loan amounts. Banks and other financiers quickly approve loans for the property’s resale, which has a lower interest rate. Bank procedures take significantly less time and save the buyers time.
For newly constructed houses, buyers started paying EMI before taking possession of the said property. It is not affordable for many buyers as they must pay down payments and save for monthly instalments. In resale properties, buyers need not pay an extra loan as the buyer can get immediate possession.
As per sections 80C and 24B of the Income Tax Act, on purchasing a resale property, the buyer can get up to Rs.1 lakh tax Exemption on principal home loan EMI and up to 5 lakhs on home loan interest rate. After moving in immediately, buyers can avail of these offers on their first instalment.
9: Choose According to the Needs
Everyone owns a flat or house as their primary need and wants to find a good home according to their needs.
When buying a new house as per choice and as per buyer location turns into an over-budget thing, the resale house becomes a solution. Buyers can purchase houses according to their needs, like nearby their job or school or college location, nearby hospitals, bus station or railway station, good locality or community area, and many more facilities.
Because the place where you live is the most affecting factor in everyone’s life, it’s even more important in raising children.
Required Documents for Resale Flat
The documents that need to check before purchasing resale property:
- Sale Deed,
- Occupancy Certificate,
- Building Plan,
- No Objection Certificate,
- Payment Receipts
- Possession Certificate
- Encumbrance Certificate,
- Mutation Deed.
How to Choose the Right Resale Flat?
Certain things will make an easy choice for buying a resale property:
- The property’s age should be between 1 to 5 years because buying a house over ten years old will turn into a risk factor.
- Having more information about the builder or developer of the building will be great in the sense of checking the building’s security, construction, and fixture. Also, buyers can guess the estimated life span of the building.
- Knowing the reason behind selling the property is one of the most important things, and buyers can know about the same through the seller himself or the neighbours. Because some things learned previously will help buyers to unveil the problems and issues related to property.
- The buyer should consider the locality and overall environmental surroundings that will impact the decision.
Pros and Cons of Buying a Resale House
|Affordable price||Age of the Property|
|According to the buyer’s need||No customisation|
|Better environment and neighbours||Unpaid dues|
|Lesser EMI||Low home insurance|
|Tax benefits||Repairing charges|
|Quick home loans||Intention behind selling the property|
Settling down is the biggest thing in everyone’s life. According to the Indian mentality, settling down means getting a degree, a job, getting married and buying a house.
Buying a home is the biggest thing in everyone’s life; whether in the 30s or 50s, it still gives you the same pleasure and satisfaction. As per our elders, nothing can give you enough sleep as your home does..!!
Buying a new house is kind of impossible for the younger generation as the prices are far-reaching, then the “Resale House” comes like a magic wand with great benefits. Affordable price with great amenities and immediate possession makes resale houses unique. Apart from that, it’s a significant investment with minimal cost and money saving.