Which one is better - New or Resale Home?

The most favorite word in the world is home whether it is a new or resale home. Some purchases always think of a new home but there is a good percentage of individuals who believe in buying the resale units. It is frequently hard to search for good options in the primary market in highly-developed micro markets. Due to the shortage of land in Mumbai and high cost, purchasing a home in prime areas becomes an extreme hardship. In this way, the resale unit comes into the mind of an individual.

Purchasing a new home versus a resale home is an ongoing debate that never seems to end. Whether you are buying a new home or resale home you need funds. There are many banks and housing finance who will help you in managing funds by offering home loans. AGRIM housing finance will offer you the best home loan rate. They aim to fulfill the dream of buying the cheapest homes in Palghar Mumbai. A home loan for a resale property is considerably similar to the new home. They are with the motto housing for all for the lower-middle-class families. If you are confused about whether you need to buy a new home or resale home, go through this article to get help in making an informed decision.

New Home

As there is a wide range of options available in the market, the individual can select a home based on their preferences. A new home always comes with the latest and modern fittings and fixtures which ensures flawless performance for the long term. As compared to the resale unit, a new home will be more space-optimized and user friendly. Moreover, most new homes feature an energy-efficient structure.

Regarding funds, while purchasing a new home, one has to pay around 10-20% as the upfront cost and remaining as the construction progresses. This gives buyers some extra time to manage funds in a better way.

Resale Property

Resale property resembles an open book. One can check the whole property for any flaws in development like leakages and cracks. Furthermore, one can evade the risk of project delay, as there is no waiting period. Immediate possession help purchasers in saving rent money. You can also avail tax benefits on the EMIs if you take quick ownership of the resale house. Moreover, in resale property, one can simply verify legal titles and can be guaranteed of the legal status of the property. A most important benefit of purchasing a resale property is that you will get a clear idea about neighbors and residents.

Regarding the prices, the resale properties price might be lower than new ones or higher, it depends on the age of the property, amenities, and location where the property is situated. However, an under-construction home in a new project is more inexpensive than a resale unit. In a new home, you get time to arrange funds but in the resale property, you have to arrange the funds in a short time.

Conclusion

The home loan remains almost similar in both cases. While most banks and housing finance enterprises give loans for resale properties, there are frequent limitations on the residency for reimbursement. When you will compare with the new property, the bank may demand a higher initial down payment for the home loan. To avail loan hassle-free contact AGRIM Housing Finance to avail loan. 

 

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