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Real Estate

New v/s resale property – what to opt for?

If you’re looking to buy a home, there’s a high chance that you’ve already asked yourself the question – new versus resale property? You will always have a debate about what would be a better choice when it comes to buying a home. With so many new luxury apartment complexes being constructed in Goa, the demand is booming. And yet, many homebuyers choose to go in for a pre-owned home. Why is that?

In this post, we will present you with a comparative analysis of the two types. This will hopefully help you make an informed decision.  

Brand new house  

Before you decide on the best option, it’s important to understand the pros and cons of buying a new property.

One of the most visible advantages of purchasing a new home from the best real estate company in Goa is the availability of options. As you have plenty of options available in the market, you can be a little picky, You can choose the home that meets all your requirements for a new abode. A new purchase has not been used by a prior owner. Hence all the piping and electrical wiring would be of the latest material and technology. This would help you in the long term as it brings down maintenance costs. 

Another plus point about purchasing a new luxury property for sale in Goa is that it will come with all the latest technologies. If you’re lucky, the condition and outlook of a resale space may be great. But it is not necessary that it would have any smart features. That’s where a new home gets a point over a resale one. Another good point to note in comparison is that a new home will be much more user-friendly and space-optimized.  

When it comes to buying a new villa in Goa, you might have to pay a certain percentage as the downpayment. You can then pay the balance as and when the construction progresses. This gives you some time in hand to plan their finances in a better way.   

When it comes to the cons of a new property, there aren’t many. But one may face delays in the final product being ready due to numerous reasons.  

A resale property

When you wish to buy luxury real estate for sale in Goa in a certain locality, it may happen that there is no land left to occupy. In such a scenario, where there is no space for a new residential project in Goa, a resale home might come to your rescue. 

The best thing about buying a home that’s up for resale is that it is like an open book. You could completely test the property out for any construction damages or significant leaks. Furthermore, you’ll also be able to move in as soon as you wish to move. In this way, you wouldn’t have to worry about any construction delay. 

An interesting advantage when you go to buy luxury villas in Goa that are for resale is that you get a clear image of the kind of neighbors you’re going to be saying yes to. You could also gain a better understanding of the maintenance charges. However, on the downside, you need to be careful about clear titles. In Goa, properties tend to be divided among relatives, many of whom stay abroad. It is not uncommon to find that properties are sold without all the seller parties’ consent. Soon after buying the property (or maybe years later), you may find yourself in a legal battle for your home. 

New versus resale property – what to opt for?

Now that you know a few pros and cons of buying a new versus a resale property in Goa, you are in a better position to make an informed decision. However, you still need to consider a couple of factors to zero down on what’s best for you.

Affordability

It’s hard to say what option would be more affordable for you. A new home, if it’s by a luxury builder in Goa, may come at a steep cost. That’s because they are usually equipped with swimming pools, make use of the best construction materials, and more. But new homes that are bare, with no amenities may be cheaper than a large second-hand home with a garden that’s fully furnished.

Easy Financing

When buying a new home, the process is pretty straightforward if you have a steady income, have a high credit score, and can pay EMIs on time. Therefore, these loans can be quick to get disbursed. However, when you choose to buy a resale property, there is a lot more diligence that the bank needs to do, which can take time. One needs to do a background check of the seller, do a title check on the property, and verify all documents. You also need to check the closure of the home loan by the seller, registration of property in authority, etc.

We hope these tips help make your decision easier.

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