What to choose – Brand-new apartment vs Pre-owned apartment
One of the biggest decisions to be made when buying apartments in Chennai is whether to buy one that is brand-new or pre-owned as the market in Chennai provides a variety of options for both types of houses.
Here are some key factors you need to consider when you scout for flats for sale in Chennai –
You need to evaluate the kind of materials used, the technology, the amenities provided and features. Compared to older flats for sale in Chennai, newer apartments bring distinctive benefits in terms of constructions as they are built with the latest technologies and materials. Newer constructions tend to be more-energy efficient with improved insulation, latest planning with optimal space utilization, and have fewer maintenance issues.
Also the amenities in contemporary Gated Community flats for sale in Chennai are more in-tune with the times and better in newer apartments. For example – clubhouse, fitness centers, rooftop gardens, solar power, Co-working spaces to support work from anywhere, and many more. These trendy amenities in the New-gen flats for sale in Chennai offer better quality of living.
An apartment with the latest features can make your living more comfortable, secure, and energy efficient. Brand new apartments have an advantage here and a key consideration for home buyers is the fact that there is scope for customisation to meet the unique needs and preferences of your family. This includes the layout, design, fittings, fixtures, and amenities that exactly match your taste and budget. As examples, you may want to add a home office, walk-in closet or a built-in appliance. Such customisations are feasible in the case of new apartments in the construction phase, as small design changes can be accommodated for the convenience of the customers. In case of purchase of resale property customizing the property would involve major structural changes with heavy cost involved
Given how much of your savings go into buying one of the apartments in Chennai, a warranty offers you peace of mind as you know that you are covered in case any problems are discovered after you take possession of the house. Brand new apartments have an advantage here as the property developer takes care of fixing or replacing any items without hassle and free of cost during warranty period. Typical warranty coverage extends to the structure of the building, the finish, and appliances, to name a few.
Typically, the maintenance costs are higher for a pre-owned apartment mainly due to the passage of time and factors like wear and tear. In case of pre-owned property, on possession, the home buyer may have to undertake rewiring, changing of pipelines, changing bathroom tiles, etc. However, brand new apartments are built with modern techniques and materials that require lesser repair and maintenance effort. Therefore, out of pocket expenses for maintaining a new apartment are likely to be less than those for pre-owned.
Return on Investment
In general, brand-new apartments see faster capital appreciation than pre-owned apartments because they are in better condition. You can also earn a higher rental income from a brand-new apartment as tenants would be willing to pay more for its trendy appearance and modern facilities. Modern apartments in Chennai in thriving localities earn excellent rental returns and also have witnessed tremendous asset appreciation over the years.
Summarizing the above factors, it is obvious that buying a brand-new apartment in Chennai has many advantages over buying a pre-owned flat. With diligent research and careful planning, you can find a new apartment that exactly fits your family’s needs and offers good return on your investment.