Posted On March 27, 2020

Primary or Resale Property? Which One should you Consider Buying?

Primary or Resale Property

Buying a home isn’t just another financial transaction. It equates to the security of your family and yourself while ensuring that it is a safe investment, which will reap rewards with time. In that sense, homeownership is not just aspirational, but it is guided by a deeply practical logic, as well as, emotions. This is why buying a home is undoubtedly one of the biggest financial decisions of someone’s life.

When someone is looking for a home, the first point of consideration is going to be the location of the apartment or flat. What makes an apartment appealing is the availability of business centers, schools, grocery shops, hospitals and such other public amenities nearby. This is one of the primary reasons why 2 and 3 BHK flats in North Kolkata, especially BT Road are gaining popularity.

Apart from location, the facilities and amenities that come with the flat are also taken into consideration. Some of the amenities that people usually look forward to include 24/7 security, community hall, swimming pool, gymnasium and games room. Thanks to lower rates of interest on home loans and RERA, a lot of fence-sitters are quickly converting into homeowners and the sale of flats is showing an upward trajectory.

If you are currently on the lookout for 3 or 2 BHK flats in BT Road, you must have come across a looming question regarding whether to purchase a new/primary flat or a resale property. This question has plagued many homebuyers for a very long time. Read on to know everything about new and resale flats so that you can make a better and informed decision.

Primary Property

Primary property is defined as a residential unit that is brand new, for example, Orchard 126. This property is for sale to a customer. The customer is going to be the primary or first owner of the apartments in this property. Some of the advantages of buying a primary property are:

  • Financial Benefits

Buying a primary property is considered to be a financially sound investment because you can get incentives or discounts offered by the developer for a limited time period. Moreover, such properties have a higher resale value in the future and home loans are readily available for buying new flats.

Do you want more reasons? You will be able to save on repairs and renovations. Resale properties usually come with defects that have to be fixed by the new owner.

  • Superior Quality

New flats and apartments are built with better quality materials and the latest construction techniques. For instance, our Orchard 126 is an earthquake-resistant RCC structure. You might not find earthquake-resistance in older properties.

  • Interiors are Brand New

New flats have fresh paint, new fixtures and fittings. You will get everything new and also be able to customize the space as per your specific sense of design and aesthetics. The developer of the building might even ask you how you want to decorate your flat and personalize it accordingly.

However, it is not all benefits for new 2 and 3 BHK apartments. There is one possible downside that you might face, which is the expensive price tag that new flats come with. But, there is a way around it. You need to keep an eye out for the limited offers and freebies that developers offer and take advantage of the discounts.

Resale Property

Resale properties are those units that have had one or multiple owners. So, you are going to purchase a property that is already a few years old. There are a few things to consider when you are purchasing a resale property:

  • You can purchase resale properties for a hefty discount, but in case you need to take out a loan, your EMI is going to be higher than what you would have to pay for purchasing a new property.
  • Whether you are looking at 3 BHK flats or 2 BHK flats, you might not be able to make any big additions to the flat. You cannot personalize or choose the layout, configuration, amenities or size.
  • The resale value of such properties is lower compared to the resale value of a new property.
  • You may have to shell out additional money in fixing and repairing the property before you can call it home.

The only major advantage of previously owned flats in North Kolkata is that you can get them at a lower price. But, the transfer fees, registration fees, stamp charges and such other charges are additional expenses that you will have to bear.

So, it isn’t a question of what you should opt for when it comes to buying your home, but it is more about your preference, lifestyle and budget. If you want to live lavishly, you can check out newly built apartments. However, if your budget is low, purchasing a resale flat might be your best option. Weigh your options properly before investing.

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