On many occasions, while hunting for a property or house, we come to a deadlock of choosing between buying a new house or an old one. Purchasing a home or a property is a crucial investment decision that we take, and it has to be the right one. Whether you are buying your dream home or only for investment's sake, the money should be put in the proper place. Therefore, you must look into all the factors before making any decision to buy a new property. It also depends on the individual choice and lifestyle of the property buyers. There are both advantages and disadvantages of buying new as well as old property. Hence, you must know both of them thoroughly before making the purchase decision of the property. Here are some of the factors that you must look into before you buy a new or old property.
Cost
The new projects that you buy generally offer a lot of discount offers and attractive packages along with the property for attracting customers. Besides, according to your budget, you can choose options for the new project and select the flat of your choice. There is sometimes room for negotiation with the developer regarding the cost of the apartment apart from the price they are offering.
On the other hand, the old property price is generally high if the house in an established posh locality. However, there is room for negotiation with the selling party about the cost of the home over here as well. However, while zeroing in at a price for buying the house, you have to consider other costing also. These mainly include the registration and transfer cost, renovation and furnishing, taxes, and brokerage, if any. These are the factors that will determine the price of the house.
Auxiliary issues
Whenever you buy any property, whether it is new or old, there are some issues that accompany it. Mainly in new constructions, there a lot of hidden costs by the builder which you have to pay up later before taking the possession of the flat. In the old ones, though, there is no such thing. There is often some delay in handing over the possession of the property in case of under-construction property due to not finishing the project on time. In old property, the flat is ready to be handed over.
In general, old houses are located in areas where markets, schools, hospitals, and all the essentials are close by since they are primarily available in established neighborhoods. The new constructions are mostly built in new areas where development is still in progress. Old houses have more wear and tear than new ones, and hence you have to look for signs of visible damage before buying the property. The new construction also has issues of build quality which often brings up the issue of wall seepage and damage in the early stages. The old homes, most of the time, are already furnished with minimal scope of modifications, whereas you can decorate and modify the new one according to your choice. Hence, keeping all these factors in mind, you have to make the decision whether you will go for a new home or for a resale property.
