There is always a dispute to decide what to buy; a resale property or a new development property. Why do some people want to have resale property while some want to have new development?
So, what basically is resale property?
The resale property is property already used by one or more owners. So, suppose if one is the owner of the property & he is willing to sell his/her property to book profit on his/her investment or due to some financial issue. Those properties are known as resale properties.
New development is the properties which are sold by Developer to first owner. This is fresh property & is normally free from any defects.
So, how to decide between resale & new development property.
Rates: The rates of new development & resale will be vary as resale property rate depends upon the appreciation since the time the property was delivered.
However, new development rates depend upon the current market rate of that place. Usually, resale property rate is lower than the new development rates.
Quality: The quality of construction is more about the same. But, the only difference that remains between new development and resale property is usage. The resale property is used property hence there will be some defect in this property. However, new development property is fresh and usually away from any defects.
Amenities: If the property is in the same vicinity resale property owner & new development owner have access to the amenities.