Which Is Better For Real Estate Investment, Fresh Booking Or Resale?
Fresh Booking Or Resale property- A crucial life decision is purchasing a home. As a result, choosing a house to buy can be challenging for buyers, particularly when considering newly listed or previously owned properties. You should be aware that the kind of property you should purchase depends heavily on your needs and tastes since it will be a big investment. However, in order to choose wisely, you must be familiar with all aspects of both newly listed and previously owned properties. In this article, we’ll examine both of their benefits and drawbacks so you can decide which is ideal for you.
Are you searching for new projects in Borivali?
What are properties with fresh bookings?
New projects that are accepting reservations are known as fresh booking properties. These properties include the newest features and architecture. First-time buyers can purchase these recently built or under construction properties.
Advantages of fresh booking properties
Flexible payment
Customized payment plans are offered by new booking properties, especially those that are still under construction. This might also be a plan that is related to construction, which would make it simpler for you to manage payments.
New property
Because these properties are very new, there won’t be any significant problems. Everything is up for grabs, from colour to design, based on your preferences.
RERA protection
The adoption of the Real Estate Regulatory Authority (RERA) is crucial. RERA made registration for new and under-construction properties mandatory in 2017. This will shield you from fraud and pointless delays.
Disadvantages of new booked properties
Late possession
Projects that are still under development could take a long time to complete. You could need to pay both the rent and the house loan EMIs at the same time as a result of the delayed possession.
Total cost of the property plus GST
Property purchases made on the primary market are subject to the Goods & Services Tax (GST). The GST is 5% of the entire price for new houses. However, ready-for-sale properties are not covers by this.
What exactly are resale properties?
A property that has previously been owned by a buyer & is now available for sale again is referred to as a resale. It may come from the original purchaser or someone who previously purchased the identical item from another person.
Benefits of resale homes
Negotiation
An opportunity to bargain is present by the resale property, particularly when the market is slow. As investors or sellers would want to get out of the market as soon as possible, this enables you to obtain huge discounts.
Ready-to-move
Options for ready-to-move properties are frequently available. As a result, you can reserve your rent and move in considerably earlier than you could with newly booked residences.
The drawbacks of resale homes
Payment
Owners of resale properties typically demand a lump sum or a few installments over a short period of time. This will prompt you to make urgent arrangements for a sizable sum.
Broker commissions
Involving a broker in a resale transaction will result in additional costs. They often charge 1% to 2% of the transaction’s total value in fees.
Exclusion of RERA
Properties with an Occupation Certificate and those built before May 1, 2017, are not covered by RERA. As a result, investing in such homes is riskier than doing so with younger ones.
A fee transfers
When a house is resold, some developers charge a transfer fee, thereby increasing the price.
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