Buy From Developers Vs. Resale Market?

Buying a propert in Chiang Mai, whether brand new or resale, can be a daunting process with each having its own advantages including disadvantages. It's important to understand these before making a decision. In this article, we'll discuss the steps involved in the brand new property buying process and the resale property buying process, as well as their pros and cons. Let's get started.

Brand New Property Buying Process

Purchasing a newly constructed property provides the freedom to make decisions on everything from the exterior design to interior decorations, allowing for a unique including personalized touch. However, there are several essential steps to follow when buying a brand new property.

1.Determine the Type and Size of Property Needed
Before making any purchase, first of all you need to determine the type and size of property needed. While some newly developed properties are completed and ready for occupancy without any involvement in the construction process, others may allow for involvement from start to finish.

Consider the number of people who will be living in the property and how much space will be required to accommodate them.

2.Plan a Budget and Financing Options
It's important to determine a budget including considering all possible expenses related to property construction. Evaluate whether you have the means to finance the property, and explore potential financing options such as property loans to aid in financing the development.

3.Research Potential Neighborhoods
Once you've determined the type and size of your ideal home, it's time to explore potential locations. Consider whether you want to reside in a community that's conveniently located near various amenities, such as shopping centers, hospitals, places of worship, schools, and universities. Crown Asia, a prime developer, offers properties and lots in Cavite, such as Vivace, Ponticelli Hills, and Amalfi. Alternatively, you may prefer a more remote location outside of the central city. Keep in mind the overall security of the area and the available amenities.

4.Find Reliable Home Developers/Builders
Conduct thorough research to identify the best home developers and builders in your area who can construct your dream home. Choose someone with a trustworthy and reputable profile and who comes highly recommended. This way, you can rest assured that your investment will be worthwhile.

Additional information on purchasing a new property can include advantages and disadvantages.

Advantages and disadvantages of purchasing a new property:

Advantages:
Since everything is brand new, the maintenance cost for the property will be low. You may also save on other expenses if you already have old furniture that can be useful in your new house. Buying a brand new property gives you the freedom to customize it to your liking and also lifestyle. You have complete control over the design and  can make it the perfect property for you.

Disadvantages:
Brand new properties, especially those ready for occupancy, may look the same. Building a brand new property can be inconvenient including stressful before you can move in. Expect to experience inconveniences and also stress due to the construction. Some property developments are built further from the city due to the availability of land.

Resale Property Buying Process

Resale property is a property that was previously bought and owned by someone else. When purchasing resale property, such as a property and lot in Cavite, you do not have to worry about new construction, but you still need to be hands-on and assess the condition of the property. This ensures that the property is in good condition and that the resale value is fair. Here are important steps to take when buying a resale home:

1.Consult experts
Experts, such as real estate agents, can provide valuable knowledge about locations and other important factors regarding resale properties. Make sure they are experienced and knowledgeable in this field.

2.Check required documents
As you will be purchasing the property from another owner, it is important to be aware of the necessary requirements involved in the transfer of ownership to avoid any problems.

Advantages and disadvantages of buying resale property are as follows:

Advantages of Buying a Resale Property
Resale properties are usually built in the middle of cities, making entertainment, business centers, and other establishments accessible.

Are resale properties cheaper? Not necessarily. The price of the property might be lower than its original cost, but there might be hidden costs, such as easy wear and tear.

Resale properties qualify for housing loans and grants, which help in financing the property.

Disadvantages of Buying a Resale Property
Resale properties tend to have higher maintenance costs for renovations and repairs if the property is not properly taken care of by the previous owner.

You don't have a sense of control over its structure because it was fully built when you bought it, unless you plan to completely demolish and rebuild it, which will be costly and even more expensive than buying a brand new one.

Summery

Overall, both processes have their advantages and disadvantages, and it is crucial to weigh them carefully before making a decision. By understanding the steps involved and considering your priorities and preferences, you can make an informed decision that suits your needs and budget.