Should one consider buying a used builder floor or stick only to a new builder floor?
Of course, a new builder floor will cost you more and a used one will be relatively cheaper. But sometimes you might end up getting an almost new builder floor for a few crores (or lakhs, depending on the segment) less. Just like buying a used BMW which is only run 10000-30000 KMs and which feels and looks like new, for about 20-30% less than the new one, one could get a much better deal on a 2-5 year old builder floor for the same size, same quality etc. as the new one. It is more of a mindset problem. Some people only want NEW, UNUSED AND JUST GOTTEN READY PROPERTY. So let us examine the pros and cons:
- External Facade: With a new builder floor you get the latest and modern facade (external look, elevation etc. however you want to call it). That definitely looks great. With a used builder floor the facade would have gotten a bit dull, or may not be so much in vogue anymore etc. On the other hand, sometimes a used builder floor may have a great facade, and may not have gone bad. Even some much older properties have a great and new looking facade because the owners of all the floors get together and give the building a facelift.
- Testing: In a used property, you already know how it looks after a few years from outside and inside and also gets to see how the other owners maintain the property. In a new property, you don’t really know how it will look after a few years and how fast the look will fade away. Also, you can’t evaluate how common maintenance is going to be when other people move in. Also if there are any seepage problems, or any other structural issues in the property, who are the neighbours etc. can all be understood more easily in an older building. In a new building or an under construction project, you would have to just go by the usual quality provided by that particular builder and take a call. That is not to say that most new buildings have issues. In fact, most new properties being built right now in South Delhi turn out just fine and trouble free. But yes in a used floor it has been tested already and what is currently there after the wear and tear are in front of you.
- Payment: In South Delhi, let’s face it, you will have to pay some cash to the builder. If you do not have the cash and want to pay all in white (cheque, not cash), you have better chances in a used deal. Some builders though will be able to accept full cheque payment from you. Also, if you do not have the cheque and are looking to pay more in cash (which I do not suggest and is illegal), builders will generally speak, be more “flexible”.
- Size: In the same amount of money that you pay for the new builder floor, you can find a larger used floor. If that is very well kept and needs no or minimal renovation, you might want to consider it. Also, that expands your options in the same budget and makes you able to buy a particular size property in the same locality that you could not afford. For example in Defence Colony, if you can’t afford a new builder floor for 7.5, you could find something used for 5-6 crores.
I hope that helped.
Please feel free to call me on 9818968866 for getting a great deal in South Delhi.