Budget Homes

Buying seconds home or old home is profitable than buying new budget home?

Either seconds budget home or new home, I guess there will be no difference in cost. Unlike electronic system and automobiles, flat or land prices get appreciated year by year rather than depreciated.

If you are buying a home through housing loan, you have to pay more 20% as down payment, whereas, new house requires 15% to 20% as down payment from the cost of the home you purchase.

Moreover, construction quality of old homes will be always lesser than newly constructed flats.

The house owner may try to sell the house quickly due to his financial need or he may be going to settle in foreign country or wanting money for his children marriage or education. To make the sale happening, he or she may reduce the price. That' it. Other than there will be no price reduction for old home.

The cost benefit of buying a seconds/old home may arise due to the urgent financial need of the seller, not by realty standards.

Builders buy old homes to demolish it and build new homes and business. It is different strategy. It should not be confused with a man buying home for his shelter.