Is It Worth Buying A 10 Year Old Apartment In Bangalore

It is worth buying a 10 year old apartment in Bangalore as the prices are low, and buyers can take possession immediately. Also, buyers can choose any location as they wish, and they can consider how much the property value will grow in the future. But there are some cons, like depreciation.

Now we can see both the pros and cons of buying a 10 year old apartment, and based on that, buyers can decide whether they can invest in it or not.

Pros of buying a 10 year old apartment in Bangalore

• Prime Location – As the flat is 10 years old, the location nearby will be well-established. There will be the best schools, hospitals, malls, and shopping areas, and buyers can access all their needed features easily.
• Low Price - A big benefit of buying a 10 year old flat in Bangalore is the low price range. 10 year old flats will cost less than the new flats and buyers can own a home in a prime area without paying high rates. The house can be painted to make it look like a new flat.
• Established Society - In an old flat, the society is well managed. A perfect system will be established in 10 years, and maintenance will be taken care of in a better way.
• Immediate Possession - Buyers can take immediate possession as the flats are ready to move in. If you want to shift fast without any delay, then it is the best option.

Cons of buying a 10 year old apartment in Bangalore

• High Maintenance - Old buildings will need more repairs as the flats will be old and many faults will occur after 10 years. Plumbing, lifts, wiring, and CCTVs may need fixing, or they will need upgrades.
• Loan Tenure - As the flat is 10 years old, EMI could be higher. Also, banks will give a low loan amount when compared to the flat's value.
• Depreciation – As the land value goes up, the apartment building will lose its value over time. If buyers reside in it for some time and decide to sell, they will not get high resale value. So, the resale value must be checked using the resale value of flat calculator before buying any flats.
• Lack of Amenities - New projects often come with the latest amenities based on modern buyers' wishes, like a clubhouse, gym, swimming pool, and much more. Old flats will not have these, and it will make it less appealing.

Buying a 10 year old flat from a reputed builder is the best option as they offer durable houses which will stay strong and remain as new even after 10 years. Luxury flats from projects like Prestige Evergreen in Whitefield have durable houses, and buying a flat from the project is the best option, as it will have a high resale value even after 10 years.

Conclusion

If buyers wish to stay only for the short term for their work or for their study, then it is a good option to buy a 10-year-old apartment in Bangalore. Else if they wish to settle in the city, then buying a new apartment from a reputed builder is the best option to enjoy a luxury lifestyle with a potential for high ROI.