"The displaying Property is available for Resale"
Are you looking to buy a house but don't want to wait for three to four years that developers take to complete projects? Or do you want to live in an area where basic infrastructure is already in place? If yes, your best chance is buying a house in the resale market. This will reduce the waiting period for developing the property and the locality.
Though this will eliminate some risks, still there are many things you must remember while buying a property in the resale market. Such houses are not necessarily old. The market has a large number of recently-built houses that are owned by investors who want to cash out.
Properties in the resale market can be put into two categories. First, ready houses owned independently. Second, units in projects which are in the construction phase. In such projects, the seller does not own the property yet, but has an agreement with the developer entitling him to ownership in the future.
One reason for buying a house in the resale market can be non-availability of new projects in the area where you want to settle. A property in resale is not cheaper than a new one-unless, of course, the structure is old. In urban locations, where land accounts for a very big part of the cost, the difference, if any, between a new and an old structure is small. Resale properties are available at a lower price in many markets, especially where there is high investor participation. Investors usually sell when they get a reasonable profit and when they feel the valuation has peaked or started to stagnate. Same thing apply for commercial property as well. Buying a residential or commercial property in resale is a nice option in today’s scenario. This is the reason huge number of resale transactions takes place in cities and towns.