Why is Buying a property in resale is better than new booking in a new project?

Most people who visit us for consultation are confused over whether to book a new property in new project or go for a resale purchase in a completed project, since in both the case there are some pro's and con's but I advice my clients to go for a buying a property in Resale and reasons for which I recommend this are based on the following facts.

More space for a lower price, who wouldn't want that?

In any new project the booking price would be on little higher side as per the current market but in a completed project if you look for a property in resale you'll most probably get huge difference in the total cost for same carpet area in-comparison with a new project, reason being the property in resale was booked at least four five years back if the builder has given timely possession in some cases more than five years so the prices then were definitely way less than what they are today and even the owner selling the property lower than the market price he/She is still getting good benefit on the investment.

What you See is what you get

In new booking you only see plans on papers plus there is always the chance of the developer over-promising and then not delivering. Typically, every new project has a swimming pool and a club house built into the design at the launch stage, and gradually such things disappear when the time to deliver nears on the other hand when you go for a completed project its always what you see is what you get.

Tax Benefits

Not many of us know that you can not claim a tax deduction on the interest you pay on your home loan until you take the possession of the flat. So, if you chose to buy an under-construction flat then you have to pay an interest on the home loan that you have taken, but at the same time you will not be able to claim it as a tax deduction until you get the possession of the flat from the builder whereas there will be no such problem if you settled for an old flat where you can move in immediately, and that will allow you to claim the deduction from the current financial year itself.

So, even though it comes with several compromises, there are times when buying a flat in resale makes sense.

Author is a property consultant based in Dharuhera/Bhiwadi

We guarantee you the best deal in the market.

Sanjay Singh
Property Junction
(The resale experts for Dharuhera and Bhiwadi)
+919992726944
flatnplots@gmail.com