How to Buy a Resale Property?

Do you think resale property cost less?

It is not necessary that resale property will cost less. For instance, cities where property supply becomes limited in central locations, the resale properties in such locations probably do not offer any discounts. Normally, discounts are common in places where the real estate market is in sharp competition. Resale properties put up for sale either by property owners or by investors and so, the flexibility in terms of payment is possible.

Possible challenges faced by buyers:

When buying a resale property, there are certain things which buyers need to keep in mind. In resale property, all the documents may not be arranged properly, mainly in properties that have changed number of hands in the past. Problem in registration may also occur in cases where the age of the property is more than 18-20 years.

Buyers may have to spend extra money for renovations. Also, it is tough to secure a home loan for properties that is almost 50 years old.

To conclude, residential property market in India is changing at a fast pace and buyers need to keep in mind that facilities and features which they will get in new residential projects will not be available in a resale property it the property is old.