New apartment Vs Resale apartment
Choosing between a new apartment as opposed to a resale one presents a host of challenges to the buyer. It places the buyer in a conundrum as to which option to go for, especially when he/she has to take a decision based on which one outweighs the other in terms of pros and cons. Arriving at an appropriate decision requires considerable prudence and can be time consuming.
Attractiveness of Resale apartments:
What are the instances in which buyers generally go for resale apartments when compared to a new apartment?
Even though in general, buyers prefer a new apartment compared to a resale apartment, there may be various instances when a resale apartment may appear more attractive. The most common instance is when there aren’t any new apartment projects in an area of the buyer’s preference or when the options available are not suitable for the buyer in terms of its value or other considerations. In other instances the buyer may not be aware of new projects coming up in the area due to paucity of adequate research.
They may also be influenced by realty brokers trying to sell a resale apartment in the area of the buyer’s choice when a new apartment may be available within the buyer’s budget. In rare instances, buyers would prefer resale apartments as they would want immediate possession of the apartment, in an area in which new apartment projects have only been launched or are under construction and would take considerable time to get complete. However, the most obvious reason in most cases would be the cost factor.
Attractiveness of New apartments:
Even though resale apartments have their pros, a majority of first home buyers would like to purchase a new apartment compared to a resale apartment. In this context, it is important to understand the benefits of a new apartment compared to a resale apartment. The most important factor that will tilt the balance in favour of a new apartment is the psychological factor governing buyers.
Whatever said and done, a new apartment will have a newer feel and ambiance about it, with new fittings and fixtures that come with a minimum guarantee of quality and performance. Comparatively, resale apartments even if modified and re-painted, may have many fixtures and fittings that would have been subject to wear and tear with time. Moreover, the materials used in the construction of the apartment as well as the fixtures and fittings may also be inferior compared to the latest products used in new apartments.
New apartments, besides having a new look and feel about it, are equipped with the latest products and features in terms of various appliances, fixtures and fittings due to the technological advancements in residential construction. Such apartments may be energy efficient, environment and user friendly, as well as making optimum use of available space. Considering the competitiveness that exists in the residential realty industry, reputed developers always strive for perfection in their projects, trying to incorporate features that are ahead of the times, employing the latest technology, equipment as well as techniques in construction.
New apartments over resale ones:
In many instances, the cost of newly launched or ongoing projects may be lesser that the resale value of apartments in a particular area. As is the case with under construction apartments, their value increases only with the stage of completion. Hence the value that the buyer has to pay the developer during the earlier stages of completion is considerably lower. The possibility of resale apartments costing higher than newly launched apartment projects is high in many cases as the cost of original purchase of such resale apartments would have been relatively much higher.
Arriving at a decision:
Given a scenario in which a buyer has to make a trade-off between purchasing a new apartment or a resale apartment, he/she should evaluate the pros and cons of the available options. Cost should not be the lone consideration while arriving at a decision. A decision should be arrived at based on a complete evaluation of the available options.
