Buying an apartment or flat in Kerala is a very tough decision to make. The choices is humongous and to pick one out seems to be very difficult as this a big investment from the buyer's part.
Advantages.
Economical price of the property.
The main point of interest for the customers is the cheap price of these properties compared to the developer's price, being a second hand property.In some cases the seller is forced to sell the properties at low prices due to the need of quick money even though some loss is occurred on the side of seller.
Waiting period.
One can buy a second hand property in matter of months when compared to flats and apartments that is under construction.One will have not wait for a long time to move to newly owned property and one will not have to pay the rent and EMI simultaneously.
Minimal risk
The risk of a second hand flats or apartments is very less compared to the properties that is under construction since there is no risk of project being delayed or nor getting completed at all.A second hand property does not have these type of risks as the property is already completed,or it is almost nearer to the completion.
Amenities
The amenities in these pre-owned flats or apartments will be up to the market standard as the seller have already constructed the project.The interiors, wood furnishings, cupboards and some appliances are already in place for the new owner.
Disadvantages
Payment of the cash
The sellers of the properties demand solid cash in most cases in order to avoid the capital gains tax.This is actually an illegal way of doing as it is hidden from the books and the amount cannot be accounted for through a home loan.
Time period of the payment.
In the case of second hand property be it flat or apartment one has to pay the entire cost within a short period.
But in the case of a new project one does not need to pay the entire money within a short period.
Uncertainty of the project.
If the residential property is fairly new, there is a high risk attached to it. There is no guarantee that the developer will deliver all the amenities that were promised to the first buyer. There is also a big chance that the project may get stuck in the final stages.
Huge maintenance cost.
The maintenance cost for an older building will be very high compared to a newly constructed one.In the case of a second hand property there may be chance for repairs and many hidden facts that may come into existence only after the purchase of the property.
Advantages.
Economical price of the property.
The main point of interest for the customers is the cheap price of these properties compared to the developer's price, being a second hand property.In some cases the seller is forced to sell the properties at low prices due to the need of quick money even though some loss is occurred on the side of seller.
Waiting period.
One can buy a second hand property in matter of months when compared to flats and apartments that is under construction.One will have not wait for a long time to move to newly owned property and one will not have to pay the rent and EMI simultaneously.
Minimal risk
The risk of a second hand flats or apartments is very less compared to the properties that is under construction since there is no risk of project being delayed or nor getting completed at all.A second hand property does not have these type of risks as the property is already completed,or it is almost nearer to the completion.
Amenities
The amenities in these pre-owned flats or apartments will be up to the market standard as the seller have already constructed the project.The interiors, wood furnishings, cupboards and some appliances are already in place for the new owner.
Disadvantages
Payment of the cash
The sellers of the properties demand solid cash in most cases in order to avoid the capital gains tax.This is actually an illegal way of doing as it is hidden from the books and the amount cannot be accounted for through a home loan.
Time period of the payment.
In the case of second hand property be it flat or apartment one has to pay the entire cost within a short period.
But in the case of a new project one does not need to pay the entire money within a short period.
Uncertainty of the project.
If the residential property is fairly new, there is a high risk attached to it. There is no guarantee that the developer will deliver all the amenities that were promised to the first buyer. There is also a big chance that the project may get stuck in the final stages.
Huge maintenance cost.
The maintenance cost for an older building will be very high compared to a newly constructed one.In the case of a second hand property there may be chance for repairs and many hidden facts that may come into existence only after the purchase of the property.
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