Learn The Boons & Bans of Purchasing Resale Properties
Purchasing a property is the most significant decision of our lives, especially if it’s a residential one. Though there are numerous options in the primary market, there are secondary markets too. Now, what are secondary markets? Secondary markets are incredible places to get excellent properties with great discounts. Resale markets are a very good option when primary markets are confronting a drop.
There are so many reasons behind the popularity of the resale market. Flexible payments, easy moving options, and inexpensive prices are some notable perks. But selecting a resale property is not an easy task until you know some major aspects. Therefore, we are going to describe the most common advantages and disadvantages of resale properties that you should know. You can see different property ads to get a clear idea about resale properties.
Boons of Resale Properties
If you are looking forward to investing in resale properties by seeing a property ad, there are many more to assess. Such as locations, interiors, return potential, amenities, carpet area, and many more. So below are the boons of buying resale properties that you should know.
The very first advantage of resale properties is their prime location.
This is because there is no place in the inward locations of a city. Therefore a resale house already possesses a well-developed neighborhood in comparison with a newly built possession. This is an excellent feature of buying a resale property which makes it worthy of buying.
The next reason why you should opt for resale properties is their inexpensive nature. Resale properties are generally available at a more reasonable rate than the newly built possession. There are many people who are searching for properties in various free property postings.
Because they can not afford a new possession. For those people, resale properties are a nice option because these properties come at a very low-cost rate. If you purchase a resale property, you can get additional fixtures, furniture and many other things with the property.
No Headache of EMI
Most people get tired of paying continual EMIs for their properties. But if you buy a resale property, there would be no chance of any such event. This is because a resale property is already constructed, therefore, there is no need to pay EMI and interest.
The next benefit of buying a resale house is a spacious area. In older times, houses are made with spacious areas and free spaces. But due to the increased demand for homes, most buildings are now made in smaller sizes. This makes the possession both small and congested. This is why; if you buy resale homes, you can get a spacious home with so many other amenities.
Bans of Resale Properties
Though there are so many boons to buying a resale house, there are some drawbacks too. Before investing in a resale property by seeing property ads, you need to know the drawbacks of having it too. Below are some of the resale properties that everyone should know.
The first major drawback of a resale house is its age. It’s needless to cite that resale properties are older and therefore include some deterioration. You should evaluate the property well before making any payment. It\\\’s recommended not to invest in properties that are older than 10 years. This is because the return potential from a property is directly dependent on its age.
If you buy a resale property, there will be zero personal touches on your property. When you buy a new under-construction property or construct a property on your own, you can make rooms, bath areas, kitchens etc as per your choice. But if you buy a resale property, there would be no chance of any such convenience.
Though this is true that resale properties are inexpensive in comparison with newly built properties, they require tremendous renovation. Yes, resale properties possess some deterioration for regular usage. Therefore, you may need to spend a heavy amount to renovate the property as per your demand. So this makes a resale property an unworthy option for investing.
Heavy Down Payment
The next disadvantage of buying a resale property is the heavy down payment. You might need to pay 20% of the total worth of the possession as a down payment to purchase a resale property. This charge is generally higher than the charges taken by most builders.
If you are completely dependent on home loans, then it could be difficult for you to arrange a heavy amount like that. Additionally, the insurance amount of a resale property is also inferior to that of a newly built possession. So this makes a resale property an inconvenient choice for investing.
(Read Also: – 6 Best Locations In Belize To Purchase Real Estate)
So, these are the primary boons and bans of a resale property. Before buying a resale home by seeing various free property postings, evaluate these aspects well.