With so many new residential projects cropping up these days, a new buyer is easily inclined to purchase a fresh piece of property due to a lot of attractive reasons. The secondary real estate market on the other hand has other benefits but its advantages are quite outweighed by the shortcomings. So, it is fading a bit in front of all the new projects. So, what is the reason that buyers prefer new projects over the prospect of getting one on resale?
There are many factors which have given rise to the trend such as increased awareness, lifestyle consciousness and the like. Let’s take a look at the factors which attract a new buyer towards fresh property -
New constructions give buyers a choice to choose from a variety of options. One can choose the space, the facilities and aesthetics of the flat that he/she intends to buy. Today, there is so much variety in the real estate sector that the buyer is spoilt for choices. One can choose from a studio or a 2, 3, 4, BHK apartment depending on the budget and the individual requirements. One can opt for the various amenities such as swimming pool, spa, club etc. and other luxuries such as fully furnished to semi furnished apartments. Such wide choice is not available when one looks for a resale unit.
Age of construction
A new construction definitely has better life simply because it’s more recent. The construction quality however depends on the builder. But a project from a trusted and popular builder boasts a good quality construction and hence a longer shelf life. This also means that you will get a better resale value if and when you wish to upgrade or simply sell it off for other purpose.
A newly constructed project is bound to be more energy efficient than an old one because of the advancements in the sector and technology in general. The developers keep track of changing technologies and upgrade themselves to remain competitive which is then implemented in their latest projects. This plays an important role in attracting buyers as they would naturally like to go for a house having better technology. Being energy efficient, the electricity and water bills also tend to be lower as compared to old constructions.
A newer house or residential flat won’t require any sort of maintenance for at least the first few years as compared to a resale property. The reason for this is that a new construction has newer and better fittings and fixtures. When you buy an old house, various such fittings may be old and require repair.
Value for Money
With growing competition and the aid of advancements in building technology, the newer projects tend to prove better value for money in the longer run for the buyer. The newer construction technologies tend to be more cost efficient as opposed to the obsolete ones used in resale flats. The new flats are also better in terms of space utilization which gives new buyers more bang for their buck.
Although, the resale market in the real estate sector is quite big along with their some unique advantages, but the recent trends show that buying a new property is more preferred option.