Is it true that the re-sell value of old flats (>20 years old) is bad?
As a buyer would you buy a 20 year old flat ?
Answer this considering that the build quality of the majority of builders is below average in India.
I live in Delhi, the flat we own was constructed around 20 odd years ago with no elevators/ very basic facilities. Accruing to metro+markets popping up the value of the house has approximately 15x from my parents' initial buying and is still increasing. I have no idea what driving the prices now that markets are more or less saturated, just mentioned it here so that you have a counter opinion on older houses not appreciating well.
It's not the flat that is appreciating. It's the land your flat sits on which is appreciating.
That way toh sir every flat's price would depend upon the land, they are commercial DDA Flats so I don't reckon land prices matter as much since no one can "build" anything on there or buy it.
Brooo, DO NOT BUY A FLAT. Rather buy some land, build your house on it which can scale according to your tastes with your increasing income.
It depends on the Undivided Share (UDS) of the plot the apartment stands. If you buy a 3 BHK of 1000 sq ft for 1.5 Cr in a large high rise of say 200 units, but the UDS is less than 30 % (300 sq ft of total land) , then it's going to be less valuable than an apartment of 900 sq ft in smaller society (say 16 units) but with 450 UDS. It's recommended that you buy an apartment in a smaller society that offers high UDS (closer to 40-50%)
Why not buy a plot instead of flat?
Too much difficult to find a clean plot. Almost impossible to do so in big cities
Haa you are correct, it's tough to find clean ones but still prefer a villa or try to get a plot in some venture(that would be safe). I saw lands giving lot more cagr compared to flats. Infact flats depreciate. Never seen a flat doubling wealth(saw with new ones but not old) but lands 10x ed.
Yes peak resale value would be 5-10 years from date of construction. Post that it peaks and after a point of time begins to decline.
I would think thrice before buying a 20 year old flat.
Don't buy flats for investment purpose. Rent yield is very low, apart from maintenance and other charges. Buy some commercial property or invest in reit or invit
to add on if you belive in equity still having a smaller flat make sense as social security. I am living in a 1 bhk right now as i will grow out of it i will put it on rent and get another bit bigger in same area on rent. So i will get some subsidy support from my flat to reduce rent burden as well if some crisis happen i will have 1 bhk to get shelter upon
People buy flats for community.. in bigger society it’s more safer for kids providing various option to play.. they grow with other children around living in the same community.. providing this to ur child is priceless.. so even though flats are costly and less of an investment in a long term unlike plots, people still buy.. if ur sole goal is investment buy flats from a good builder during pre contraction phase and sell it once constructed or for yourself if u r planning buy a plot.. If u plan to give a good lifestyle to kids then a good builder flat is advisable..
Great answer, to add on if you belive in equity still having a smaller flat make sense as social security. I am living in a 1 bhk right now as i will grow out of it i will put it on rent and get another bit bigger in same area on rent. So i will get some subsidy support from my flat to reduce rent burden as well if some crisis happen i will have 1 bhk to get shelter upon
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