Which of the following is the Best Buy – a Second-hand House, a New House or a House under Pre-launch Stage?

Buying a home of your own is a dream that everyone grows up with. But then there are so many options available on the kind of home to buy that it can send your mind into a tizzy. While there are villas, villaments and apartment homes to choose from, there are also options on second-hand homes, new ready-to-move-in homes or homes that have just reached the pre-launching stage.

Best Buy - New Home - Villas in Trivandrum - iCloud Homes

To begin with, no one really wants someone else’s leftovers, especially when it comes to buying something as important as a home that you plan to live in for many more years to come. The people who buy second-hand homes are usually the ones who won’t be able to afford a new home or simply investors who want to renovate the home and sell it off at a profit or use it for earning a secondary income through renting.

This takes you to the second and third options which include the new ready-to-move-in homes as well as the under-construction homes. For those of you who are not in the know, ready-to-move-in homes are a little bit more expensive than under-construction homes – where you have to pay lower charges for each stage of construction reached. But if you look at the ready-to-move-in form of investments carefully, you will find that you don’t have to spend a couple of years or more paying rents on your current home as well as EMI’s on your under-construction home. All you have to do is make a full payment, collect the keys and shift right in – no boring waiting periods.

Since most Indians use home loans to pay for their homes (aside from the initial deposit), paying the rent as well as the EMIs every month can leave a gaping hole in your pocket and create a mess out of your finances, leaving very little money for daily expenses. So in the long run, you realize that it’s better to pay the slight extra difference between the ready-to-move-in homes instead of waiting for your home to be constructed- and possible delivery delays – and still spend the same amount, courtesy of the rent paid out along with the compulsory EMIs.

And all this is aside from the inconvenience of living in rented homes and kowtowing to the whims of your landlords for a further period of time.

This makes the option of new homes as the most lucrative ones!