Buying a new home is a dream for a lot of people. New buildings are flourishing everywhere and there is a huge demand for new flats which has resulted in the rise of residential projects in Mumbai. But it is becoming increasingly difficult to decide between a new construction or a resale.
Reasons why homebuyers are interested in investing in new homes
- A new home requires less maintenance: The new homes do not need renovating, modernizing and repairing for many years as it new. The new homes have fitted fascias and soffit boards, double glazing and only need cleaning as maintenance.
- Higher levels of security: The new homes come with strong security, window locks and British Standard 5 lever locks to the main doors. Some modern homes are built using linked smoke alarms and fire-resistant materials.
- New homes meet stringent energy standards: The new flats meet the stringent energy standards and codes. They try to link high-performance energy efficiency with high-tech ventilation and filtration. This results in high indoor air quality.
- Homes with best amenities: The new homes are built with amenities and conveniences such as clubhouses, pools and resort-style community centers. They are also surrounded by new schools and shopping centers also.
- New homes are constructed with latest building regulations: The new homes are very energy efficient and built with higher levels of insulation and modern heating systems. The new homes also have high levels of sound insulation.
Advantages of buying a resale flat
- Saves a lot of time for the buyer: Buying resale properties saves a lot of time as they are ready to move in. It will also make you save on rent that you pay for under-construction properties.
- The monetary gain for the buyer: Choosing a resale flat usually leads to economic gain for the buyer. There is no chance of prices to go up which is common in the case of under construction flat.
- Get instant possession: When you buy a resale flat, you can get possession once the legal formalities are completed. There is no chance of postponement also. The buyer is also aware of the time frame. In the case of under construction flats, the delay leads to a lot of harassment for the buyer.
- Wide choices available: There are a wide variety of choices available to the buyers who are looking to invest their money in buying resale flats. The resale flats are available at a price cheaper than the new ones.
Risks involved in buying resale flats
- Old flats may not have the best fixtures and fittings and may be out-of-date. These fixtures and fittings also require maintenance for which good amount of spending is involved.
- A resale flat will not pay many dividends. These types of flats will bring much lower resale value as compared to a new flat.
- There is a possibility that a new owner who purchases the resale property may have to bear outstanding dues with the society or building management as they are unpaid by the previous owner.
- Buying a resale flat also encompasses a 20% down payment in cash, which is much higher than the amount asked by the construction firms.
Drawbacks of new homes
- The new home is very expensive compared to an existing home. If you are looking for flats with all luxurious amenities, then buying a flat will be very expensive.
- The new homes lack the charm and character of old homes. The old homes have a lot of character due to their design and have a lot of charm because of architectural details.
- New homes are built in developing communities. If you are the first buyer in the neighborhood, then you will end up staying in a development which would not be completed for years. The new developments will be built away from the basic amenities such as schools or department and grocery stores.
Navi Mumbai has many luxurious flats under constructions by reputed builders and developers in Mumbai . Hiranandani Fortune City is a planned township spread across 350 acres of land. This township is easily accessible by road and rail. It is located between the Old Mumbai-Pune Highway and the Mumbai Pune Expressway.
The decision to buy property in Mumbai, a new house or resale home solely rests on the home buyer. For a better idea of which type is more suited, you need to look at various factors before making a final decision. It’s also about figuring out which property will best meet the needs of your family.