Generally, homes are viewed as tangible, prudent, and relatively safe investment instruments that provide security and stability. Because of the country’s housing shortage, the increase in nuclear families and the growing population will create a strong demand for new homes. However, the most crucial question is, “Should one buy a new home or a resale home?”.
It all comes down to one’s preferences, needs, and financial situation, as each option has advantages and considerations.
Read on to learn more about new vs resale houses and which is the best option.
Why Should One Buy a New Home?
Listed below are some of the benefits of buying a new home.
Benefits of Buying a New Home
Customising a new home is one of the significant advantages of buying new flats or houses. The homebuyer can often choose interior design elements, fixtures, and finishes that fit their style and lifestyle.
- Latest Features and Amenities
Most new homes feature modern features and amenities, such as energy-efficient appliances, upgraded electrical systems, advanced security systems, and smart home technology. One can benefit from these conveniences and comforts.
- Requires Less Maintenance
The maintenance requirements of new homes are generally lower than those of older houses. No immediate repairs or replacements are needed because all structures, systems, and appliances are brand new.
Buying a new home can reduce utility bills and environmental impact, as new homes are typically fitted with energy-efficient materials and electronics.
- RERA Certified Properties
A game-changing piece of legislation known as the Real Estate Regulatory Act (RERA) has been in place since 2016 to safeguard buyers, improve accountability, and completely overhaul the home-buying process. The RERA enhances the builder’s credibility and ensures the rules are followed.
Cons of Buying a New Home
- Negotiable But Limited
The developer often determines the pricing structure of under-construction homes. As a result, potential buyers may have fewer negotiating options and may have to accept the price as presented.
- Delays May Occur
Depending on weather conditions, labour shortages, or permit complications, one may experience construction delays when building a new home. As a result, buyers’ move-in date may be extended.
- Construction Issues May Arise
New homes can have construction defects or problems that can arise later despite builders’ best efforts. Plumbing, electrical, or structural problems could occur. There may be additional costs and inconveniences associated with addressing such issues.
Why Should One Buy a Resale Apartments or Home?
One can understand the importance of resale flats or house buying from the following.
Benefits of Buying a Resale Home
- Legal Status Assurance
The legal status of a resale property is typically more secure as compared to a new property. Generally, it is easier to investigate the legal history of a property that has already existed and transferred ownership.
- Available Immediately
One can move in immediately when they purchase a resale home because it is already built. Unlike new construction homes, one doesn’t have to wait for construction to finish.
- Possibilities for Negotiation
In some cases, it may be possible to negotiate the price or closing costs with the seller. As a result, one can save money or obtain better terms.
Cons of Buying a Resale Home
- Limited Customization
The previous owners often made certain design choices and layouts in resale homes. A resale property might not satisfy one’s preferences or needs if they desire a customized house.
- Potentially Hidden Issues
When purchasing any property, home inspections are essential. Still, older homes may have hidden problems that could result in unexpected expenses.
- Limited Technology Integration
Smart home features and technological advancements are becoming increasingly prevalent in new constructions. They might not be available in older homes. These technologies may require additional effort and expense to integrate.
The decision to purchase a new or resale home depends on personal preferences, financial considerations, and lifestyle preferences. Homebuyers consider long-term plans, evaluate their priorities, and weigh the pros and cons before buying a house. The more convenient way to buy homes, however, is by bestowing their trust on premium real estate builders like Piramal Realty.
Investing in Piramal Realty’s luxurious apartments in Mumbai is a safe and stress-free opportunity for all homebuyers. Piramal Realty’s homes redefine luxury and safety through quality construction and thoughtful and meticulous architecture. Piramal Realty amalgamates opulence and sustainability to create dream homes.
Explore the luxury home through an e-tour!
Disclaimer- This article is based on the information publicly available for general use as well as reference links mentioned herein. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim /disown any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.