Buying a home is a big decision. There are many things to consider, from location to price. The biggest question is whether to purchase or rent. If you decide to buy, should you go for new construction or resale?

Also it takes time and effort to save enough money to pay for a down payment, closing costs, and other expenses. In addition, buying a home means you’ll likely spend several years paying off the mortgage.

A new home has many advantages over a resale property. New homes typically come with better features, such as newer appliances, modern bathrooms, energy-efficient windows etc. They also tend to cost less because they haven’t had their value depreciated.

A resale home in prime real estate can be worth much more than one that’s not located close to amenities. However, there are some disadvantages to buying a resale home. For example, resales often need repairs before they’re ready to move into.

If you want to find out which option will work best for your situation, read on! We’ve got all the information you need to make an informed choice.

Why Buying A Resale Home Makes Sense In Today’s Real Estate Market?

It has become increasingly difficult for first-time homebuyers to purchase their dream properties due to rising prices on existing inventory as well as lack of affordable housing options in metropolitan areas. However, there are still many reasons why building new makes sense today!

Here are some of the advantages of buying a new home:

Affordability

When compared to resale houses in established localities of a city, first hand homes built in future areas or suburbs will cost less. It’s much easier for people who don’t have a lot of money saved up yet to afford them so they can live closer to where the jobs are located.

Customization

When purchasing an older home, you may feel limited on what changes can be made due to budget constraints or materials already being in place (i.e wood floors). New construction allows buyers more freedom when it comes time decorating their new space because there are no restrictions! This means that homeowners will be able to customize their dream house just how they want without worrying about spending extra money down the road redoing things again later which could lead into greater savings overall if done right during initial stages itself.

Loans and Financing Facilities  

Home loans on resale property are more complicated to get than new home mortgages because they need more paperwork. New homes have longer loan tenures, as is the case with banks. Some lenders do not provide financing on properties older than 20 years old.

Government Schemes and Subsidies  

The Real Estate (Offer and Purchase) Act, 2016 had allowed the creation of new home buyers by providing a tax incentive scheme. Other government initiatives like Pradhan Mantri Awas Yojana, Apna Ghar Scheme, and so on help and encourage new house purchasers.

Low Home Insurance

In the case of a resale home, insurance premiums are typically lower than those for a new house. The insurance coverage is determined by the age of the structure. Insurance firms may also provide extremely low reimbursements in such instances when there is theft or a natural disaster.

High Down Payment

When you take out a home loan to buy a resale property, you must pay 20% of the total value as a down payment. This sum is greater than the amount charged by builders. The down payment for newly built properties may be as less as 5% to 10%. If you only have one source (bank) of funding for your home, arranging the whole down payment might be difficult.

No Repair and Renovation Costs  

This is one of the most important reasons to buy a new home. In case of an existing property, you will have to spend on repairing it before you can move in. This could include plumbing, painting, electrical wiring, and so on. All these come as part of the cost when buying a new house.

Quality

The quality of construction materials used in new homes is much higher than that of resale properties. For example, modern homes are made with better insulation, energy efficiency, fire safety, and durability. It is also easier to add features such as a swimming pool, spa, sauna, etc.

Value

In most cases, when you buy a new home, it will be worth more in the long run than if you had purchased a resale house. This is because new homes tend to appreciate faster than resale houses, which means they will increase in value over time.

Safety

New homes are generally safer than resale ones. They are designed with better fire protection systems and are usually equipped with advanced security features like automatic locks and alarms. With these added safety measures, it becomes harder for burglars to break into your home.

Whether you decide to purchase a new home or a resale home, there are pros and cons associated with each option. However, most people can agree that the advantages of buying a new home outweigh the disadvantages. If you plan carefully and do your research, you should be able to find a good deal on a home that will suit your needs.

Above all, newly built townships and apartments have amazing amenities and facilities to keep in sync with the times and demands of buyers. We can find facilities like laundromat, automatic car wash, infinity swimming pool, gymnasium, jogging track and more. In fact, townships have begun to offer different zones for kids and adults as well. There are separate play areas for children of all age groups with specific facilities that keep them engaged at the same time keeping their safety as a priority through constant monitoring by security personnel.

According to the survey, “The 25-40 age group made up roughly 49 percent of purchasers until recently. The proportion has now risen to a staggering 63 percent.” It also says, “Around 57% of customers want ready-to-move-in homes, while 27% are searching for resale houses.”

This is a clear indicator that there has been an increase in demand for ready-to-move-in homes and it would be sensible to buy a new home instead of resale. So there you have it! These are some key benefits that come with buying a newly constructed home instead of a resale unit. We hope this information was helpful and encourages you to make the best decision for your family and future!

Looking for a New Home?

If you’re thinking about buying a new home in Indore, come to The Residence. It offers you a finest living experience at one of the most coveted locations of the city.

Feel the fabulousness in every corner – Live ‘The Residence’ life.

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