IS it worthwhile to buy resale flats?

There is always this dilemma among people: if it is worth it to buy a flat that has recently been put on resale. The HSI Index that has been published for 2016 shows a sharp decline in consumer sentiment for resale flats. This means people are looking more than ever towards new properties and are ignoring those that have been already established making it difficult for most flat owners to sell of their flats says property.sulekha.com. There are many options for those searching for resale flats with all amenities in Bangalore

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However, resale flats might just be a viable option for new home buyers. Instead of waiting for long periods of time waiting for the real estate prices to come down or taking for granted the sugar coated glib words of the builders, a financially sound and confident person always searches for options that offer a viable, cheap and competent solution. Although a resale flat may not have the glamour and freshness of a new one, it can be obtained at a discount of no less than 10% of the rate of a new building. Plus, there are many advantages that the water and seepage systems have been tested which make the flats easy to manage because unforeseen problems do not arise suddenly. However, is the comparison of the cost the only criteria to make this decision to buy or invest in a resale flat?

However, you must be aware of the main issues that resale flats face over time. For salaried individuals however, resale flats are sometimes the best options available at a cheap and affordable price.

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  • The flats have been handed from person to person and hence, buying a resale flat sometimes means that you have to pay about 20% down payment at least, which may be in hard cash only, something that is not asked of by the builders who are happy with small payments initially.
  • There are extra expenses involved like the compulsory registration fees, additional stamp charges, property transfer fees, other utility transfer fees and realty agent fees among other such add ons.
  • It is important that you check if the previous owner has cleared all dues before handing over the flat to you so that you don’t have to pay additional charges.
  • Society membership also has to be paid, along with parking and other amenity charges which have to be finalised before buying.

 

 

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