Why is it always better to buy a brand new home?
Well, buying a property is no easy decision. There are ample things to consider and ample decisions to make before you finalize one. Amidst your decision-making train, you will once have to choose between brand new property or a resale property. We would advocate buying a new property and we have our solid reasoning base to advocate so.
If you are looking forward to buying a property, opt for a brand new home. Here’s why.
Built to match the latest advancements
One of the primal and solid benefits of buying new construction or a brand new home is that it is completely new. It is built taking into consideration the latest specs, technological advancements, designing trends, sustainability approach and smart technologies. Modern technologies like solar power panels, rainwater harvesting, wastewater management and others would help you cut down on costs and be prompted towards sustainable living. You get benefits of everything advanced for the value of money with a brand new house. Now, even if the resale property is in good condition, it would lack in terms of advanced features.
Secured foundation
With brand new development you can be assured that the project is RERA approved. This means you can stay assured that the related paperwork and permissions are in place. You deal with transparent processes throughout with no hidden costs.
As per the clause of RERA, developers are liable to pay for structural defaults arising in property within 5 years of possession. Now, isn’t this wonderful? You can be lightheaded and live stress-free as any such expenses would be covered. You don’t get such security in old buildings. Hence, despite the nice deal in resale property, you may want to reconsider the decision.
Ease in procuring long term loans.
In the current scenario, procuring a brand new house is better as you can avail of loans with the lowest rates in the last decade. You may find a new property expensive compared to a resale flat, but that amount can be neglected given the benefits on other hand.
Most branded developers offer flexible payment schedules and competitive rates on new properties. You can easily avail the high-value loan at lower interest rates with no hassles of ownership and paperwork. Developers have tie-ups with banks and as long as you fit the criteria laid by financial institutions, you will get the loan. On the other hand, the loan on a resale property may come with caveats. There is a lot of hassle involved which can be avoided by choosing a brand new house.
Better resale value.
Since the property is made with the latest techs and specs in the industry, you can stay assured that the property will sell well in the future. The branded developer properties are maintained well. With the latest amenities and features, these properties tend to prove best when you are moving in. Besides, these properties go on rent easily and can offer appreciated value when sold.
Summing up, the benefits of owning a brand new house is far more than investing in a resale. There sure are cons to this if the brand developer doesn’t have a reputed image in the real estate market. But with correct research and understanding, you can power a well-informed decision.
