Which is better: A new home or a Resale home

Buying a home is still a dream for many and while fulfilling that dream, certain doubts visit the way. You might want to buy a house, but might not be able to figure out whether to buy a new house or a resale home. Want to know whether to take a home loan for this or not? 

Well, this article will cover all these things for you and will help you reach a decision. In this article, we will learn about new homes and resale homes, their pros and cons, and which one you should prefer between them. 

NEW HOME: Pros and Cons:

Buying a new home is a good preference for many just because of the simple reason – it’s a fresh start. You can buy a new property using home loans, or use the money you have been saving for a long time. New homes give you the sense of being the creator of your own home.

Let us discuss the pros of New homes:

1. Diversity of choices:

One of the best things about a new home is that there is an availability of choices. You have plenty of options while constructing your new home. You can optimize your needs and explore your creativity as much as you want. You can paint your bedroom magenta, have extra space in your washroom and choose a view for your glass window. 

This is a very big advantage as everything is set up according to what you feel is right. 

2. A sense of newness:

All your fixtures, fittings, and other accessories are new and furnished in a new home. This gives you a complete sense of entering into a new zone. In case you have taken a home loan to build your house, it gives you a sense of accomplishment and tells you that your decision was worth it. 

When you build your own house, you have your favourite colour walls, your favourite view from the window, and new fixtures which impact your quality of life as well. 

3. Latest technology:

Your new house is built with the best of technological force which gives it a nice finishing touch. Besides that, all your appliances are new as well which is another advantage of having a new house. 

4. No extra expenditure:

After you build a new house of your choice and requirements, there is no extra expenditure because nothing is there to be fixed. Since everything is new and furnished, there are very less chances that you require extra money to fix anything. 

Cons of a new home:

Speaking of cons of a new home, there are very few disadvantages and mostly depend on an individual level. 

1. Making it up on time:

Maybe due to some reasons, say you have extra expenses – then it might get tough for you to manage money at the right time. This might spell trouble but it’s an imaginary situation and depends highly on an individual level. 

2. Difficulty repaying home loan:

In case you have taken a home loan from the bank to build your house, you might face difficulty while repaying your loan. This is another situation and again depends on the individual. 

3. Construction delay:

In some cases, due to episodes of recurring bad weather, a disaster or simple construction problems, work might get delayed. This often doesn’t happen and is generally not a thing to be concerned about. 

RESALE HOME: Pros and Cons:

It is a very viable option for people who are facing the problem of unavailability of land for constructing a new home or lack of space for a new residential project.

In certain cases, a resale home seems to be economical and meets your needs exactly the way you wanted. 

Pros of a resale home:

• No chance of project delay:

There isn’t any chance of project delay in a resale home as everything is readily made. You just have to purchase the property, fix things if they are not in good condition and live in it. 

• You have options:

You have the option to choose whether to go for the property or not. In case you don’t like the property, you have the option to say “no” to it and look for another. In case, you like it and it seems to fit your preference, you simply purchase it. 

• No construction worries:

As a resale property is already built, you don’t have to get into the mess of construction. All the construction tension and management are not there in buying a resale home. You simply buy it, curate it and start living in it. 

Cons of a resale home:

• Sometimes Unfixable:

Some resale homes have a lot of things that are not done properly. So, you have to invest a huge amount of money to change all of those things and make them fit you, which is a big disadvantage. 

• Old fixtures and Accessories:

You are now in a house where all your accessories, fixtures, and fittings are already being used. So, there are chances that these things will create problems for you in the long run. 

• Home loan issue:

Like in new homes as well, you might face difficulties in repaying your loan in case you have an increased financial burden. 

Conclusion:

Both homes have their pros and cons, but in the case of a new home, the pros are way more than the cons. You should prefer a new home over a resale home in case you have the scope to do so. You should take a home loan in which the interest rate is minimal and is easily payable. 

If you ever consider taking up a home loan or a personal loan, you should visit Piramal Finance. They have a variety of services and content on home loans, personal loans, investments, financing, etc.