Should You Buy A New or A Resale House in 2022?

Among the many decisions a homebuyer must make, one of the most crucial ones is whether it is wise to buy a new house or a resale property. Each choice comes with its own pros and cons, and ultimately, the buyer has to take a call.

You’ll be surprised to know that it is not only about the costs, but one must consider other factors before picking a side. So, what are those factors, then?

List of the factors that you must consider while buying a home is as follows:

1. Favourable location

When buying a new house, your options and choices depend on the availability of houses within your preferred location. You know your budget, and often, you do not find a property within your preferred location because of the strict financial plan.

On the other hand, if you buy a second-hand property in India, you are open to many more options. You can find better houses in better locations within your budget.

2. Maintenance

Used properties are a convenient option when you want to move in readily. You do not have to stress about the designs or paint choices. However, don’t be surprised if you eventually run into maintenance problems, stretching from plumbing issues to worn-out appliances. Lack of maintenance can lead to such problems.

On the other hand, the newly built property will have new utilities, and you don’t have to worry about maintenance issues. But, a used home may be the right option if you need a home quickly.

3. Investment

Are you purchasing a big, vintage-style house with a lot of value? Then it is fine. If not, buying a new property may be the better option. Modern houses come with modern amenities, ideal neighbourhoods and advanced features that will benefit you in the long run.

Unless it is the first case scenario, buying an outdated home will not benefit you after a few years.

4. Cost Efficient

The first thing that comes to our mind when considering buying a second-hand home is that it will be cost-efficient. If you have a fixed budget, you can get a much better pre-owned property than a new one. If you don’t want to spend big, buying a used house is probably the best idea. 

5. Availability of Finance

Finance is not the same thing as budget. Those wadho plan to buy a new house have easier access to finance as the finance providers/lenders are more supportive of the new or community developments. On the other hand, buying existing homes involves a lot of paperwork, and lenders often hesitate to sanction the finance. So, you must have a detailed discussion with the lender and complete all paperwork before paying any amount.

CONCLUSION

The decision is always hard to make. Whether you buy a new home or a second-hand property in India, both have pros and cons. Your money and, most importantly, your livelihood are at stake, so you must pick the best option. You need to decide on your priority and buy a house. We can advise you to take it slow and think it out. Avoid rushing into buying a new property unless you’re sure it’s the best option within your budget.