Pros and cons of buying a resale property

Q: Hi i'm looking to buy an resale property on sarjapur road, but before that i would like to understand the pros ans cons of doing so. my budget is 60-80 lakhs and i want to buy the apartment for enduse.

Sree Potamal, Bangalore

15th February 2013

Buying property in Bangalore

properties in bangalore

bangalore realty

resale property on sarjapur road

apartments on sarjapur road

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Replies (7)

Hi All, I am planning to buy a resale property in Bangalore. What all should I check before buying a resale property?

Samrat,

20th August 2015

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Checklist before buying a resale property are as follows: 1) Encumbrance certificate, 2) Completion Certificate, 3) Commencement Certificate, 4) No Objection Certificate, 5) Khata, 6) Occupancy Certificate, 7) Joint development agreement (if any), 8) General Power of attorney (GPA), 9) Building plan approvals, 10) Allotment letter, 11) Tri partite agreement (if any), 12) Land-use Certificate / Conversion Order, 13) Details of electricity, water and power backup.

Other than that you have to check all these:

a) All the above mentioned documents are to be obtained at the time of registration, b) Up-to-date receipts of property tax paid by the owner, c) GPA in case of another person authorized by the owner for selling the property and handle all transactions and d) Transfer certificate

Sishir,

20th August 2015

The biggest problem while purchasing a flat is whether to buy a Resale flat or Under construction flat. These days a new trend has started, wherein most of the buyers prefer purchasing under construction flats. Both resale and under construction flats have advantages and disadvantages.

Veena K,

18th February 2013

Comment

Can anyone tell me which is a better option buying a resale flat or under construction flat?

Pranab Malakar,

18th February 2013

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Hello Sree, In this budget you will get 3bhk flats in Kristal Jasper, Hamilton Surbhi, Hamilton Surbhi, Navya Gruha and Coronet Greens Apartment in Sarjapur Road.

Abhilasha, Bangalore

18th February 2013

Comment

Advantages of resale flats:

a) You can verify legal tiles and can be assured of legal status.

b) No waiting period. Immediately you can occupy your new flat until and unless you are planning for some re- furnishing.

c) Cost including home loan interest is low compared to under construction flats.

d) You can check out construction quality with the help of structural engineer.

e) You can pay right price because you will get an idea on real estate trends of complex and locality.

Disadvantages of resale flats:

a) Check out for wear and tear or any other visible damage.

b) No major changes is possible in house structure or layout.

c) You do not have choice available for selection in terms of floor rise, view etc as not many flats are available for sale.

d) If you are planning to do a complete makeover the it will cost you a bomb.

e) Society rules might not suit you and you cannot change it.

Amarnath, Bangalore

18th February 2013

Comment

For a resale flat it is difficult to home loan easily if the propety is alos under bank loan and the owner doesnt agree to bear. You wont feel good to pay extra 30 - 40 percent for a property which is less then 5 years old. You cannot register the flat for lower value.

Ramesh Reddy, Bangalore

18th February 2013

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Pros: 1) You may get a better deal than going with builder directly.

2) A brand new flat usually has some issues with society formation, issues with builders etc. With resale flat of 5 yrs usually these issues will be sorted out.

3) You get what you see unlike in under construction.

Cons: Only major Con is that it is difficult to sell resale flats. But if you are looking for yourself and never gonna sell it, then resale flat is good.

Dharmesh Shukla, Bangalore

18th February 2013

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