Why are resale homes better than new ones?
When it comes to buying a home, the decision between opting for a new flats or a resale home is significant. While new homes offer modern amenities and customization options, resale homes present unique advantages that often go overlooked. This article delves into the compelling reasons why potential homebuyers might prefer resale homes over their newer counterparts, illuminating the benefits that can influence a well-informed decision.
In India , Chennai is considered to be the second preferred location for real estate investment next to hometown. Chennai is witnessing a 2.5:1 ratio of pre-owned homes sales i.e for every one new sale 2.5 resale is happening. The volume is more in the emerging markets Pune, Gurgaon, Hyderabad and Bangalore. The demand for pre-owned gated community apartments in Medavakkam ,Chennai is increasing steeply.
Benefits of Choosing Resale Homes
Character and Charm:
Resale homes carry a sense of history and charm that new constructions struggle to replicate. From classic architectural details to unique interior features, these properties offer an aesthetic and atmosphere filled with character. This distinctiveness can turn a house into a treasured home, resonating with those who value individuality and charm.
Cost-Effectiveness:
Financial considerations play a crucial role in home buying. Resale homes are often priced more affordably than new constructions, providing buyers with the opportunity to live in their desired neighbourhoods without exceeding their budget. Additionally, the cost of land, which significantly contributes to a new home’s price, is already included in the purchase of a resale home. The cost of new properties are 40 – 50% higher than the resale properties.
Established Neighborhoods:
Resale homes are typically located in established neighbourhoods, offering mature landscapes, well-defined community amenities, and a sense of belonging. These areas often boast better infrastructure, including schools, parks, and shopping centres, contributing to a higher quality of life and community engagement. In Chennai those who cannot afford a flat in the IT corridor pick a resale flat in Perumbakkam which is affordable for them.
No waiting time:
The process of buying a resale home usually allows for quicker possession compared to new constructions. Without the wait for construction to be completed, buyers can move in soon after closing, making it an ideal choice for those on a tight schedule or eager to start their new life.
Potential for Value Increase:
Investing in a resale home offers the potential for significant value increase through updates and renovations. Unlike new homes, where improvements are limited to what the builder offers, resale homes can be customised extensively, allowing homeowners to add personal touches that enhance value and appeal.
Low government charges:
In some cases, resale homes may come with the benefit of lower property taxes compared to new constructions. As property taxes are often based on the sale price, older homes can offer financial savings, contributing to their overall affordability.
Environmental sustainability:
Choosing a resale home is a nod towards environmental sustainability. By repurposing existing structures, buyers reduce the demand for new materials and construction, thereby minimising their carbon footprint and contributing to conservation efforts.
Considerations When Buying a Pre owned Home:
While the benefits of resale homes are compelling, buyers should conduct thorough inspections to identify any potential issues. Considering the possibility of renovation costs is also crucial, as some homes may require updates to meet current standards or personal preferences.
Resale homes offer a unique blend of character, cost-effectiveness, and community benefits that new constructions often cannot match. By considering these advantages, potential homebuyers can make a more informed decision, potentially finding a home that not only meets their needs but also exceeds their expectations.
