Resale Property: Advantages and Disadvantages

Sujan Afi S

The Story

Every day you walk through the busy road of your town, you think of the sacrifices your parents have made for you. They have worked hard for you. Your father has also worked during the nights so that you can have admission to a reputed school. Your mother has always ensured that you get each and everything that you need as well as desire, even if she had to sacrifice her dreams. You murmur, “They have always given me everything I need. They have always tried to make my path smooth! They deserve a better life. I need to give them the comfort they deserve.”

You wonder how you should make their life easy. After considering several things, you feel that you should shift your parents to their own house. “Mom has always wanted to have a small kitchen garden. Papa has always desired to have a small reading room.” You smile at last! A sense of pleasure covers your entire self. You immediately get your laptop and google the latest news of the housing market of your town. You contact your relatives and your friends too. At last, you think of buying the house of one of your friends.

However, will that be a good decision? You wonder. Well, do not worry. I have got the entire picture for you! In this blog, we will see the pros and cons of buying a resale house! So, let’s get started!

What is a Resale House?

A resale house is being sold by the person who had once bought it. For instance, suppose Mr. Ronit has bought a house from Mr. Sameer. Now, if Mr. Ronit tries to sell the house then that will be considered as resale property.

Now that you have decided to buy a resale property, let us have a look at the various advantages of a resale property.

Advantages

The advantages of buying a resale property are as follows:

  1. The very first advantage is that you will get a handsome amount of discount on the price of the property. We know that the price of a second-hand item is quite less than that of a new one. Similar is the case with a house! The house you are going to buy has already been used by someone. Hence, you will get a discount. You can also negotiate the price if you feel that’s necessary.
  2. The house is going to be ready to move in a house! You will not need to do anything extra (if you are satisfied with the old ones). The seller might also repair the broken or malfunctioning parts of the house.
  3. You might also spend some amount of money and make the necessary changes, as per your convenience. For example, you can paint the house, you can change the locks of the doors, you can renovate the washroom, etc. A little renovation can change the entire look of the house, thus, making it a brand new one!
  4. If you buy a new house, the property taxes will be high due to its high assessed value. However, if you buy an old/resale property, you might have to pay less amount of property taxes. This is a great benefit!
  5. You will have a good connection with the locality and you don’t need to bother about making a new connection with the neighbours.

Everything has its disadvantages too. Likewise, buying a resale house too has some disadvantages.

Disadvantages

The disadvantages of buying a resale property are stated below:

  1. The first thing that would come to mind while weighing the cons of a resale house is the age of the property. A house that is too old can be dangerous to buy. Further, you will not be certain of the materials used during constructing the house. Hence, there will be always a question in your mind regarding the quality of the building materials used.
  2. If you buy an old property then there can be hardly any chance to change the structure if you don’t demolish it. Thus, there cannot be much personal touch in the property you buy. However, if you construct a house then you can build it in your way!
  3. If you buy a house that is quite old then you might require a huge amount of money to repair or renovate it to make it suitable for your living. This might be quite irritating and time-consuming too.
  4. If you do not make sure that the seller had cleared all the dues of the property, then you might have to pay the dues! This might be an extra headache for you.

Conclusion

I hope that I have been able to present the entire picture of buying a resale property in front of you. Just as it has its advantages, it has its disadvantages too. Weigh them as per your requirements and make a decision. One important thing to consider here is that you should never trust the other party (seller) blindly. Make sure that you check all the legal documents properly before buying the property. Make sure that there is no loan on the house. You can also hire a lawyer if you are not very confident with the papers. You might also take the help of a professional real estate agent to make a better decision. Roodland India can help you in this regard. Drop a mail at info@roodland.com to reach out to us at the earliest! We assure to provide you with the best solution and guidance always!

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