NEW IS NICE
Should you buy a new apartment or one on resale? There appears to be no easy answer to this question. People buy resale flats instead of new ones for various reasons. Sometimes, a certain location just does not offer suitable options in the primary market.
At other times, buyers do not do enough research and are unaware of the availability of very good new projects. They also succumb to the pressure tactics of persistent real estate brokers and buy resale flats even when new apartments are available in an excellent location, and within their financial reach. Many buyers believe that a serviceable flat available at a slightly lower price is always a good bargain.
Most often, people buy resale flats because they are in a hurry for immediate possession and are not willing to opt for a flat in a project which is under construction, even if completion and possession are only a few months in the future.
Because real estate is an eminently resalable asset, many Flats in new projects by good developers tend to be more energy-efficient, environmentally compliant, user-friendly and space optimised. Assuming that one has bought it from a reputable developer, a first-sale flat has newer fixtures and fittings that come with a minimum guarantee of problem-free performance
people put perfectly acceptable flats on the market after a few years of use because they want to upgrade. This fact makes the market for resale flats almost as big as the primary market. However, this does not mean that resale flats and new apartments fall in the same value chain.
Assuming that a buyer learns of both new and resale options in the location of choice, it is important to understand the benefits of opting for the former: A home, both as an asset and a possession, is very much like a car - neither offers the same value or experience when it is second-hand. The feel of a used home or car cannot iPhone cannot perform with the same speed, efficiency and reliability as a first-generation one.
Flats in new projects by good developers tend to be more energy- efficient, environmentally compliant, userfriendly and space optimised. Reputable developers are like doctors - they are constantly upgrading their knowledge, techniques and equipment. They do this to remain relevant and competitive in a market which they know to be replete with other options for buyers. The benefits of this mind-set are directly passed on to the buyers.
It is very difficult - if not impossible - to paint a unique masterpiece on a used canvas. Previous owners of a resale flat always leave a certain indelible part of their personality or culture imprinted on the property. While it is possible to fill in and paint over nail holes in unwanted parts of the wall, undoing serious structural modifications is a challenge.
New flats in under-construction and sometimes even ready- to- move- in projects can, in fact, be cheaper than resale flats. In the case of under-construction projects, the sale value of individual units rises only in tandem with the stages of completion. But resale flats often cost as much as (if not more than) new apartments because the relative cost of original acquisition was higher. This is because of obsolete construction methods, which are costlier and more wasteful than more evolved construction technologies.
New flats have higher resale value and also longer shelf-life on the resale market because of the lower age of the building.
Home purchase is never a decision one should make in a hurry. Also, regardless of whether a new flat is slightly cheaper or marginally costlier than a resale apartment, it should not be made solely on the consideration of budget. Few investment decisions have as many long-term financial implications and appreciation potential as property purchase.
It is, therefore, important to understand the pros and cons of old versus new flats, and to always take an informed call when it comes to buying a home.
According to the Chinese Lunar calendar, your zodiac sign is Rat if you were born after February 4 in the following years: 1900, 1912, 1924, 1936, 1948, 1960, 1972, 1984, 1996, 2008.(If your birthday is before February 4, then your astrological sign is Pig, not Rat)
Sheep stay out in broad daylight whereas the Rat hides in dingy nooks and corners. The Sheep does not welcome the Rat and they hardly share an amiable relationship. Obstacles and challenges multiply in 2015 so put in the necessary hours and lower your expectations. You can alway travel, make merry and ‘play’ in the next few years. So hold on tight and bide your time till 2016, the year of the Monkey.
Career: Improvise and strategise your career plans but only launch them in 2016 - The year of the Monkey. Beware of the gossip mills and malicious coworkers who intend to tarnish your reputation. Your urge to socialise will be high this year, but be prudent in your associations. Communication is the key to avoid quarrels and build your reputation. Keep a low profile and centre within.
Money: Bonuses, an unexpected helping hand, an out of turn promotion is foreseen. At the very least your efforts will According to the Chinese Lunar calendar, your zodiac sign is Ox if you were born after February 4 in the following years: 1901, 1913, 1925, 1937, 1949, 1961, 1973, 1985, 1997, 2009. (If your birthday is before February 4, then your astrological sign is Rat not Ox)
Although Sheep and Ox both live in farms and are herbivores of mild disposition they keep their distance and ‘mark their territory’. Despite commonalities the two share a ‘fighting relationship’. Thus, this is the time to recover and wind down from the bumpy and chaotic Horse year.
The Ox is a strong willed and strong headed animal. The key to triumph over unexpected challenges and changes in 2015