Factors Influencing Buying New Or Resale Flat

Whether to buy new or sale flat, solely depends on your choice of living, financial resources as well as time available with you. Hence, to decide on buying a new or a resale flat list down all your priorities and check how far they would be sufficed. Let us now take a look at some of the factors that can influence your decision of buying new or resale flat.

Factors for Buying New or Resale Flat

If you are running under shortage of time, you are recommended to go for resale flat. In fact, buying for a resale flat which is ready for sell would be a good idea. On the other hand, going for a new flat, which is in halfway might incur many risks as in India neither the purchasers nor the builders are sure of the exact date of completion of projects.

Another factor that goes in favor of buying resale flat, is the location of the property. Resale flats are usually located within the city limits. Whereas, the newly built projects usually find their way in suburban location or the city extensions. Hence, if you manage to get a resale flat in good shape, located at a prominent position, do not waste any further time on hunting for newly built flats.

The biggest factor that stays on the way for going ahead for resale flats is that their age. The resale flats are old and hence, all troubles related to the age of the structure might crop up once you have bought it. The newly built flats are competitively younger in age with good structural strength.
If you have limited money, newly built flats would be perfect. Due to their good position the resale flats are usually sold at greater price. The new flats would be costing you about 50% to 60% of the price of the resale flats.

The advancement of technology and the growing competition among the developers have resulted construction of innovative residential projects that are well equipped with amenities of modern lifestyle. The green and eco-friendly surroundings enable the residents of newly developed projects to enjoy a more healthy and peaceful living.

What a Home Warranty Will NOT Cover

Many people think that home warranties are exclusive to new homes. This is not accurate, although for many years home warranties were primarily marketed for newly constructed houses. Today, many people are becoming more aware of home warranties for older homes.

Home warranties can either be purchased for the home by the buyer or the seller of the property. A seller usually purchases a home warranty to solidify a sale, increase the saleability and increase the sale price of the home. Buyers usually purchase a home warranty when they buy an older home to cover the cost of any unexpected, major repairs.

Regardless of why you are purchasing a home warranty, it is important to look at the coverage that is offered by the company. Coverage varies from company to company and state to state. When you talk to a home warranty agent, be sure to ask what is and is not covered on your home warranty specifically.

Most home warranties will cover:
Air conditioning system
Built in dishwasher
Built in microwave
Built in trash compactor
Ceiling fans
Central heating unit
Duct work
Electrical systems
Garbage disposal unit
Plumbing systems
Refrigerator
The oven or range
Washer and dryer
Water heater Most of everything else is not covered. This includes:
Outdoor sprinkler systems
Outdoor water systems
Faucet repairs (unless otherwise stated in the policy)
Spas (you can request/add this coverage in some cases)
Pools (you can request/add this coverage in some cases)
Hot tubs (you can request/add this coverage in some cases)
Permit fees
Hauling away debris
Hauling away old appliancesIt is important to remember that some, or all, of these following are not covered on a few select plans, so if you are looking for this coverage, be sure to ask for these items to be included:
Washers (because they are not built in to the home and are not always included with a home.)
Dryers (because they are not built in to the home and are not always included with a home.)
Garbage disposals
Garage door openers
RefrigeratorsThere are also several things that could cause your home warranty to be invalid for a claim, which is another thing you need to check on before you sign on the dotted line and pay for your home warranty. Improper maintenance of the items covered by your home warranty tops the list for reasons your claim may be denied from the warranty company. Code violations and improper installation are also included in reasons why your request for a claim could be denied. It’s important that you check that your appliances are installed correctly and that your home meets the building codes. Before you purchase a home with a home warranty, have an inspection done and be sure to find out if the electrical and plumbing systems are up to code. Unusual wear and tear on an appliance is also a cause for non-allowance of a claim with a home warranty company. It is best that you ask your home warranty agent what will deny coverage for a claim and have that put in writing with your home warranty policy.