Owning a new build versus a resale property has been a debate that never seems to conclude. Over the years, more buyers have been inclined to own a new home. However, there is still a sizable percentage that would prefer a resale unit.
The most significant advantage that having a new build gives you is flexibility. You will have an array of available options, which you can select from based on preference. The availability of choices also means that your house will have the latest fittings and fixtures.
This saves you from the hassle of replacing worn-out parts. The house would also last for a more extended period. You can also integrate new technologies into your home. Whether you are looking into smart alarms or EV charging stations, you can easily have them in a new setup.
This does not mean that resale properties do not feature the latest technologies. However, it would not be easy to incorporate new technology that was not available. As a result, new homes are more space-optimized since they are tailored to meet your needs, similar to student housing in Tempe, AZ.
With the emphasis on going green, many buyers look to add energy-efficient structures to their new homes. Financially, owning new property is more advantageous. For example, buyers can pay up a percentage of the total cost upfront. The rest is paid up as the construction progresses.
This puts you in a better position to manage your finances even better. Developers are reluctant to fix some of the structural defects you might face five years after acquiring the property. This is another major reason new builds have been popular over the years.
In many parts, the land is limited, and many central metros do not have the space for new residential projects. This means that resale properties are one of the most viable options left. Resale property is very economical in the long term.
You have to inspect the property and check for flaws when acquiring one. For example, there might be cracks or leakages, which you should always look to avoid. This prospect means that there is no project delay. Since there is no construction, there is no waiting time, and possession is immediate.
It goes a long way to attract more buyers and save on rent money since you can immediately move in. You can also avail of tax benefits if you take immediate possession of the house. A resale property also makes it possible to verify the legal titles of the property.
These titles assure the legal status of the property. Another interesting benefit of the resale property is that you can get a vivid idea of the kind of neighbors in your residence. You also get better clarity of the charges you have to pay for, such as maintenance charges.
Are Resale Properties Cheaper Than New Ones?
You might be quick to think that resale properties are cheaper than new builds. This is, however, not the case. It all comes down to the age of the property, where it is located, and the amenities available in the area. Often, you will find that an under-construction unit in a new project is cheaper than a resale unit.
You have to consider the costs of refurbishing and renovation before deciding. A resale property is not the same in a new build where you are availed of various payment schemes. However, you won’t be as flexible when acquiring a resale property, and some of the sellers might need you to arrange the finances within a short period.
There are other ways to secure a great deal on a resale property. Some investors might buy a property only for investment purposes. They get in early to get a new-launch price benefit. When looking to exit the investment, they might resale the property at a much more competitive rate than a developer. In such a case, you might look to steal the deal and get a substantial value on a resale property.
There are other cases where the owner is looking to dispense the property quickly. This can be due to several reasons like a country change or upgrading to a better property. In such a case, you can grab an outstanding deal.
Deciding on whether to go for a new build or acquire a resale property can, at times, be challenging. Instead, look for alternatives that suit your situation better, as each has its advantage over the other.
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