Should I Buy a New Home or an Old Home?

Many buyers feel the dilemma that buying an old home is better as it has already been fetching rent and could be headed for further appreciation. But this is not always true. Property appreciation may slow down after 10 years of construction and in some cases property may start depreciating. Buying a New home always makes more sense if it is from a quality builder like CMRS Group which is appropriately priced. If you buy a New Home from an over marketed builder after the launch, you risk the expected appreciation.

A new property will last you through a full property cycle of 15 years or more with extremely minor maintenance issues and virtually none in the first 10, provided that you chose a property by a builder like CMRS Group with a good track record. 

Problems in Buying an Old Home:

1. Legal Challenges : Property title may be unclear due to lack of proper chain of documentation, especially in cases where the property has changed hands more than a couple of times in the past. 
2. Higher Stamp Duty : If the proper registration is not done then registering put the onus of paying the stamp duty in arrears on the buyer. T
3. Higher Maintenance : You may need to spend significantly in renovation and repairs to masonry, plumbing, electrical wiring and fittings. 
4. No support for Home Loan : Obtaining a home loan for a property which is very old could be a daunting task.

Benefits of Buying a New Home:

1. Lower Price : New Homes are priced lower than Older homes as old homes have multiple owners and each one of them would have paid registration charges. In an Old home, all such accumulated charges would be expected from the next buyer. The price of New Home is a fair price to pay for peace of mind and a superior, more desirable property.
2. Vastu : You can choose a New home as per your Vastu perference since multiple options would be available in the same building.
3. Low Maintenance : As all the fixtures are new, they hold up better than those of Old homes, which may have experienced years of use/misuse.
4. Flexibility : Many Builders like CMRS Group allow you to make some changes in your under construction property (without violating the by-laws), which helps create a home suited for your own taste. New-home buyers can often decide where their bathroom fittings, choose their flooring or pick the interior paint colour.
5. Modern Outlook : A New Home will have better facilities and amenities with the advancement in technology and change in taste. You can expect next buyer much quickly for a New Home compared to an Old Home.

The Only advantage of going in for an Old property like flat is to buy a home in a strategic location where no new supply is coming in, but Builders like CMRS Group provide such advantage even for New Properties. CMRS Sai Flora, CMRS North Star and CMRS Oasis are the examples of flats which are available in areas where demand is huge but the supply is limited due to unavailability of vacant land. You are Guaranteed to have unexpected price appreciation.

For any property advice, free legal advice and any other assistance while buying a property, feel free to call at  +91-7676-122-000 or send an mail to info@cmrsproperties.com