Nothing can be more profitable than purchasing a flat at a price much lesser than the market rate. Moreover, the resale flats are fully constructed and come with a ready-to-move-in tag. Hence, if all the other factors work in your favour, it might be a good idea to invest in a resale flat.
Should I buy a 30 year old flat?
If the building is located in a good locality one can get an old apartment at a lesser price than a new one. Besides banks allow maximum repayment period for 30 years in a home loan. So if quality of construction is good one may purchase an old flat at a lower cost than a brand new house.
Is it OK to buy 10 year old apartment?
Yep, there is always chances of price getting hiked in bangalore. So it always a good choice to have an apartment or land of your own. 10 year old doesn’t matter, the only thing which matters is the area. Try buying it in some good place.
What happens if flat expires?
Once the set period in the lease expires, the ownership of the property is given back to the land owner. Most leases are roughly given for the period of 99 years. It is possible to extend the leasehold to up to 999 years and you can actually purchase the leasehold property, but by paying a price for it.
Is 95 years on a lease good?
95-99 years remaining: You’re OK to buy. But consider extending your lease at some point to get the full value of your property when you do eventually sell-up. Depending on how long you stay in the flat, you’ll likely have to extend the lease yourself at some point, that will take time and cost money.
When to sell your flat in the open market?
You have to occupy the flat for 5 years before you can sell it in the open market. You can submit an application to buy another flat direct from HDB or a new DBSS flat, after 5 years from the date of keys collection for your new flat or DBSS flat.
How long do you have to occupy a flat before selling it?
You and your family members listed in the flat will have to dispose of your existing flat within 6 months of taking possession of the new flat. You have to occupy the flat for 5 years before you can sell it in the open market.
Do you own 20% of a freehold flat?
I bought my flat several years ago and own 20% of the freehold. The lease on my flat is now less than 80 years, and understandably I want to extend the lease. The managing agent told all the leaseholders last year that he would take action to extend the leases but has done nothing about it and does not respond to my emails.
Do you have to live in New flat for 5 years?
All owners and occupiers listed in the flat can only invest in private residential property after the 5-year MOP. However, you have to continue living in the flat after the purchase of the private property. Your parents/ married child must undertake to continue living in the same town or within 2km* of the new flat during the 5-year MOP.
