When you wish to buy a flat, buying a flat for resale is one of the best options to crack open a cheap best house deal. Apart from the advantage of being cheap these flats also come with an advantage of instant-shifting. Instead of waiting for a fall in the real estate prices you can simply opt to buy a property on sale. The flat on resale can be a new property as well that can be obtained at a discount of not less than 10% of theprice of a newly constructed property.
How does the price of resalable property vary?
The prices of the resalable property vary depending on the factors such as the locality, brand name, city, the Construction Company, surroundings, theage of the property, etc. The value of the property is mainly based on the surroundings. If the property is located in or close to a developed area then the price of the property would be higher. Development of the area can be ascertained by the facilities in the nearby areas such as easy access to good hospitals, schools, colleges, airport, railway station, bus stop, good infrastructure, clean and safe locality, thegood road all add up to the cost of the flat. The other factors that contribute towards the price of a flat are the brand and builder’s name who has constructed the property and also the age of the property.
What are the benefits of buying a flat on re-sale?
There are a number of benefits that come with the purchase of flat on re-sale some of which are enlisted below:
☞ Buying a new property can be expensive most of the times, therefore, when one purchases a property that is on resale, the first and foremost advantage one can grab is to buy a house at a cheaper cost.
☞ If you are not certain about staying in a particular city property at resale works well and also goes easily in your pocket.
☞ Purchasing a property at resale will help you save your money on the rent, which you would have to bear in case of purchase of property which is underconstruction. In such cases where you buy a property under construction you will have to bear both the EMI of the new home as well the rent for the accommodation you are living in.
☞ When you purchase a property for resale you get what you see.
What to check while buying a flat on re-sale?
Before you purchase a flat for resale you must check the document carefully. You must check that the seller is the true owner of the property. The buyer should also ensure that the seller does not owe any dues towards the building, society or against the house. Without a question you must check the physical condition of the flat before making an investment.
What if the flat is mortgaged?
If the flat is mortgaged to the bank the owner of the flat needs to procure a document from the bank stating that there it agrees to give the documents to the buyer upon full payment of the loan. As soon as you transfer the money to the seller’s account the bank will release the original documents immediately along with the “No Dues Certificate”.
How to Choose
There are a number of things to keep in mind while selecting the flat on re-sale some of which are listed as under:
☞ You should ensure that the age of the property is not too old. Ideally the age of the property should be within the range of 1 to 10 years.
☞ Another thing you must consider while purchasing a property is that the builder has a good reputation and thus you be able to ensure the quality and make ofthe house.
☞ You should try and find out the reason behind the sale of the property that way you will be able to ascertain that there are no disputes or issues associated with the property.
☞ You should consider the surrounding environment, access to important amenities and areas around the vicinity before finally making thedecision to purchase the flat for resale.
☞ There can be nothing that can be more profitable than buying a property which is being re-sold as the price of theflat that is being resold is cheaper compared to a brand new property.
☞ Another advantage of purchasing a flat that is being resold is that you will be able to find a property that is furnished with modular kitchen, inbuilt cupboards, etc. so basically you do not have to consider refurbishing your home immediately on thepurchase if you find a good and almost new flat.
☞ Buying a flat which is being resold, can also fetch you tax benefits under the Section 80C of the Income Tax Act. You can avail a deduction of Rs.1.5 Lakhs on the principal amount of your Home Loan EMI and upto Rs. 2 Lakhs on the interest component under the Section 24B of the Income Tax Act.
Buying a Flat on resale is not only the cheap available option but also aquickoption, as you can move in the house as soon as you purchase the property and save on the amount you would have spent on rent. If you are looking for a Home Loan for thepurchase of a flat forresale you can visit Letzbank and enjoy 100% waiver ofservice fee.Main Category: Finance, Others