Is buying old apartment a good investment?

The difference in the price of a newly constructed apartment and an existing one can be 25-50\%, depending on the city, location and age of the structure. Even if you factor in the cost of renovation of the old apartment, it would still be a lot cheaper than a new one.

Is it OK to buy 10 year old house?

Buying very old property: If you are looking for an apartment, go for societies that are less than 10 years old. This means you will spend less on renovation and they will come with a fair discount to the market price for new apartments in the same area.

Is it worth buying old flat in Bangalore?

It is worth buying an old flat because you will get the property at a cheaper rate than a newly constructed property. Benefits of Getting a resale flat: However, in an under-construction project, it may take some time to get possession of the property, which can be heavy on your pocket.

What is the life of an apartment?

But, it is considered that the average life of an apartment is 50-60 years while of a house it is 40 years. Independent home ages much slower than an apartment building, where the amenities and common services are shared among the society residents.

Is it worth buying an apartment?

Apartments definitely have the upper hand when it comes to affordability. In fact, based on median property values buying an apartment instead of a house could save you $100,000 or more on the price of your first home.

Is it OK to buy a 20 year old house?

Legally, you can buy and own real estate at the age of 18, but that doesn’t necessarily mean it’s the right move for every 18-year-old. A home is a huge and expensive purchase, and it’s one you’ll need to live with for years or even decades of your life.

How old flat can I buy?

Thanks to the new CPF rules, you can now use the money in your CPF Ordinary Account (CPF OA) to buy a flat even if there’s just 20 years on the lease (so long as the lease will last until the youngest buyer is 95 years old).

What is Bangalore apartment life?

The life span of a concrete structure is about 75–100 years, the average life span of an apartment is 50–60 years and a house is average 40 years. Although Eco-friendly and green constructions have a longer life span, minimal maintenance can help increase the life span of any building.