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Purchasing a 10 year old apartment
August 17 2012 , 11:05 PM   #1
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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.
August 17 2012 , 11:17 PM   #2
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Which area ?
August 18 2012 , 07:22 AM   #3
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AECS Layout.
August 18 2012 , 07:56 PM   #4
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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
August 19 2012 , 09:31 AM   #5
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Hi ,Yes even i thought so.Moreover it has no Parking area for cars and its own borewell.

Thanks Manas for reaffirming it.
August 21 2012 , 11:30 AM   #6
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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.
August 22 2012 , 11:13 AM   #7
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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
August 23 2012 , 01:06 AM   #8
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@sweetyankita singhblr Hey Thank you so much

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