How old flat should we buy?
1) The age of the property should ideally range between 1 to 5 years to a maximum of 10 years. 2) Know about the reputation of the builder and the quality factor associated with his past developments. 3) Understanding the reason behind the sale will help in uncovering the problems and issues with the property, if any.
Is it good to buy second hand flat?
Nothing can be more profitable than purchasing a flat at a price much lower than the market rate. Moreover, resale flats are fully-constructed and come with a ready-to-move-in tag. Hence, if all the other factors work in your favour, it might be a good idea to invest in a resale flat.
Is it good to buy an old apartment?
If the building is located in a good locality one can get an old apartment at a lesser price than a new one. Besides banks allow maximum repayment period for 30 years in a home loan. So if quality of construction is good one may purchase an old flat at a lower cost than a brand new house.
How do you value a second hand flat?
Answers ( 2 )
- You can check the resale value of flats or old flats by applying the following formula:
- Value or resale flat = value of undivided share of land + depreciated value of building and amenities + value of overheads, expenses, etc.
Is it good to buy a 10 year old apartment?
No definitely not. Apartment reduce in its value as it ages. Unlike land that appreciates with time, apartment starts depreciating and losing its value typically after 7 years of completion. This is because the building has a definitive age unlike land.
How many years can you live in an apartment?
The normal design life for a house or an apartment is about 60 years. If it is a commercial complex the design life is about 80 to 100 years.
Should 10 year old buy flat in Pune?
Old flat will be definitely hard to sale after 10 years. Pune is an area that has come up in last 10 years, so MANY good options will be available for resale after 10 years.
Is new or flat resale better?
But resale flats often cost as much as (if not more than) new apartments because the relative cost of original acquisition was higher. Also, a new flat can yield a higher value on being resold in the market as the shelf life of the building is relatively more than many other second hand flats that are up on sale.
What is the life of a flat?
Ideally, the average lifespan of any concrete structure is 75-100 years. But, it is considered that the average life of an apartment is 50-60 years while of a house it is 40 years.
Is it good to buy flat on EMI?
It’s good news for first-time buyers and will give them massive relief in terms of financial stress. However, the amount of EMI that one would pay monthly on a dream house is way more than the monthly rent, due to variables like size, amenities, location, etc.
Is it OK to buy 10 year old house?
Buying very old property: If you are looking for an apartment, go for societies that are less than 10 years old. This means you will spend less on renovation and they will come with a fair discount to the market price for new apartments in the same area.
Are Resale Flats as good as new in Delhi?
The resale flats might be as good as new and can be obtained at a discount of no less than 10\% of the price of a novel construction. Rahul was tired of shifting flats due to the ever increasing rental rates in Delhi until he decided to invest his money in purchasing a resale flat.
Can I buy a resale flat from HDB?
With resale flats, there is no balloting process. As long as you and the seller come to an agreement, you can buy the unit, provided of course that you satisfy HDB’s eligibility requirements. #3.
Should you buy a resale flat or a new one?
Rather than waiting endlessly for the real estate prices to fall or falling in the sugar coated trap of the developers, a money conscious person looks for options that offer a good solution. The resale flats might be as good as new and can be obtained at a discount of no less than 10\% of the price of a novel construction.
Can I buy a resale flat in Malaysia?
Before you can buy a resale flat, you will also need to ensure that you are within the ethnic quota of that particular block or neighbourhood. If you are a non-Malaysian PR, you will also have to make sure the quota for PRs has not been exceeded.