Purchasing a 10 year old apartment - Indian Real Estate Forum

atipra · 17-08-12

Hi All,

We are trying to buy a 10 yrs old flat .

Details:

Its 1 km from the Main Road
2 Bedroom,1dining room,1 balcony,1 bathroom,1 kitchen,Semi Furnished.Its a small building with four flats in it.
Its 850 sq ft.
Price : 270000 lacs

Is it fine to go for it?We basically buying it to resale it later at a higher cost.Shall we get a good apprciation value for this flat considering the flat is old but is in a developed area and posh and is almost preferable by many IT ians.

Please help?I dont have much experience in this ?It wd be very helpful if you guys give some suggestions.

rmpriya · 17-08-12

Which area ?

atipra · 18-08-12

AECS Layout.

Manas007 · 18-08-12

As you are saying its 10 years old apartment it much be in a posh area. Generally what I have seen is people like to rent in posh area rather than buying because the aim of staying in posh area would be nearer to work place and similar reasons.

And one more reason I'll say no because apartment value remains stagnate after 10 years because of depreciation in building.

Another connception is people want to stay in bigger buil-up area slightly far from the city rather than small unit in posh area. This is applicable if someone want to buy and stay in there.

So, I'll suggest not to go for it, if its only for investment.

Thanks & Regards,
Manas

atipra · 19-08-12

Hi ,Yes even i thought so.Moreover it has no Parking area for cars and its own borewell.

Thanks Manas for reaffirming it.

sweetyankita · 21-08-12

i want to add one more point here,

as you said, you want to sell it later, if the buyer want to take it on loan, his eligibility on old apartments will be low when compared to the new ones.

as its 10year old, the loanamount disbursed from the bank will be low.

singhblr · 22-08-12

Its always easy to rent out given the flat is located in a developed area(IT proximity). But at the same time since the flat is already 10 years old thus it'll be always difficult to sell it. And it'll be even more difficult to sell it even closer to market price.

I suggest you to look into this before buying any property...
getinvested . blog spot . in/2011/12/pointsfactorscriteria-to-be-considered.html

You can also refer...
getinvested . blog spot . in/2011/12/investment-in-sarjapur-orr-real-estate.html

atipra · 23-08-12

@sweetyankita singhblr Hey Thank you so much

I read your blog link.Its really a nice blog.Thanks for sharing the info.

17-08-12	#1
atipra New Member Join Date: Aug 2012 Posts: 19 Likes Received: 0 Likes Given: 0 My Mood:	Purchasing a 10 year old apartment Hi All, We are trying to buy a 10 yrs old flat . Details: Its 1 km from the Main Road 2 Bedroom,1dining room,1 balcony,1 bathroom,1 kitchen,Semi Furnished.Its a small building with four flats in it. Its 850 sq ft. Price : 270000 lacs Is it fine to go for it?We basically buying it to resale it later at a higher cost.Shall we get a good apprciation value for this flat considering the flat is old but is in a developed area and posh and is almost preferable by many IT ians. Please help?I dont have much experience in this ?It wd be very helpful if you guys give some suggestions.

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17-08-12	#2
rmpriya New Member Join Date: Feb 2012 Posts: 8 Likes Received: 0 Likes Given: 13 My Mood:	Which area ?

18-08-12	#3
atipra New Member Join Date: Aug 2012 Posts: 19 Likes Received: 0 Likes Given: 0 My Mood:	AECS Layout.

18-08-12	#4
Manas007 New Member Join Date: May 2012 Posts: 28 Likes Received: 5 Likes Given: 0 My Mood:	As you are saying its 10 years old apartment it much be in a posh area. Generally what I have seen is people like to rent in posh area rather than buying because the aim of staying in posh area would be nearer to work place and similar reasons. And one more reason I'll say no because apartment value remains stagnate after 10 years because of depreciation in building. Another connception is people want to stay in bigger buil-up area slightly far from the city rather than small unit in posh area. This is applicable if someone want to buy and stay in there. So, I'll suggest not to go for it, if its only for investment. Thanks & Regards, Manas

19-08-12	#5
atipra New Member Join Date: Aug 2012 Posts: 19 Likes Received: 0 Likes Given: 0 My Mood:	Hi ,Yes even i thought so.Moreover it has no Parking area for cars and its own borewell. Thanks Manas for reaffirming it.

21-08-12	#6
sweetyankita New Member Join Date: Dec 2011 Posts: 22 Likes Received: 0 Likes Given: 0	i want to add one more point here, as you said, you want to sell it later, if the buyer want to take it on loan, his eligibility on old apartments will be low when compared to the new ones. as its 10year old, the loanamount disbursed from the bank will be low.

22-08-12	#7
singhblr New Member Join Date: Jul 2012 Posts: 20 Likes Received: 1 Likes Given: 0	Its always easy to rent out given the flat is located in a developed area(IT proximity). But at the same time since the flat is already 10 years old thus it'll be always difficult to sell it. And it'll be even more difficult to sell it even closer to market price. I suggest you to look into this before buying any property... getinvested . blog spot . in/2011/12/pointsfactorscriteria-to-be-considered.html You can also refer... getinvested . blog spot . in/2011/12/investment-in-sarjapur-orr-real-estate.html

23-08-12	#8
atipra New Member Join Date: Aug 2012 Posts: 19 Likes Received: 0 Likes Given: 0 My Mood:	@sweetyankita singhblr Hey Thank you so much I read your blog link.Its really a nice blog.Thanks for sharing the info.