In many regions of Delhi, the price of residential properties is still out of reach for the middle class & upper-middle-class buyers, and day by day becoming more and more complicated for impending home buyers to get home. Even as in 2020-21 sales of residential property expected to a big hit, so there has been no indication of property prices come down.
At this time when property values seem to be more away from the reach of end-users, resale is the only option. In the comparison of the current price, resale properties present properties at a much lower price with negotiation chances.
Resale property market
Homes that are available for resale are not often a home belonging to years of old developments; these are the units that have been vacant since launch by real estate investors. Many people think how is it possible that the price of the resale properties is lower than the current market price, actually real estate investors buy units during the launching period with heavy discounts. In that way investors offer these units much lower than the current market price and get an excellent return, this is a win-win condition for investors and home buyers.
Advantages of resale property
The price of residential property has been constant for some time now and there is little scope for the price increase in the festival season. In this condition, many homeowners would have bought a residential property a few years back and now want to cut their losses and exit from their investment. With this low demand, their only option to exit is to sell the property at a lower price point.
Another cost advantage is that you don’t have to bear the interest cost paid on a home loan during construction. Also, the possibility of delay in project construction is eliminated.
One more advantage of the resale property is that in a nearing completion development you will able to get a complete idea of space, ventilation, natural light, and outside view, etc. Which you cannot observe in a sample flat.
Important points before buying resale properties
- When finalizing the deal, ensure that you have an arrangement of 30 – 40 percent amount of the total price of the property, the reason is that almost every case in resale down payment is higher than what is asked by the developer and you may also have to pay a large amount in case.
- Carefully check all the necessary documents related to the property. Make sure that the home is registered in the name of the present possessor. As well, confirm that the possessor has no dues and taxes relating to the property.
- Buyers have to pay extra charges excluding the property price – registration & transfer charges and any other hidden charges.
- If the home is mortgaged, then get a confirmation letter & no objection letter from the related bank stating that no dues are pending.
- Last but not the least, make sure if the possession is not a disputed one and also inquire into the possible motive behind selling the units as there may be problems like locality or water & power shortage, etc.
There are many other best reasons to buy a resale property, if you are looking for the best apartments available in resale in Delhi then you should visit DLF Capital Greens at Moti Nagar. Here you can choose your home from 2, 3, and 4 BHK Apartments at a very attractive price.