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Is it worth buying a 15 years old flat?
The best resale value for an apartment in Bangalore is within 3 years of purchasing and that too dependent of factors like Location,Builder and Quality of Construction. The resale value of an apartment after 15 years will be close to 50\% of the orginal purchase price of the property.
Is it worth buying 20 year old flat in Chennai?
You may get a maximum of 15,000 Rs only and have to shell out 17000 Rs more towards EMI . By the end of 20 years you would end up paying 1 crore Rs for an apartment which is not worth it. Since the appreciation is low for apartments it wont worth 1 crore. Hence forget the apartment idea for investment sake.
How do I find the value of an old flat?
Answers ( 2 )
- You can check the resale value of flats or old flats by applying the following formula:
- Value or resale flat = value of undivided share of land + depreciated value of building and amenities + value of overheads, expenses, etc.
Should I sell my HDB flat now?
The short answer is, No. If your main reason to sell is to either pay off your mortgage and loans or worse, you intend to capitalise on rising home prices and sell to get cash rich quick, you should postpone plans to sell and very carefully scrutinize your intentions. …
What if I Cannot sell my HDB flat?
If you cannot sell within 6 months, you may write in to appeal to HDB. You can use both your cash and/or CPF for your resale HDB flat. In your case, you are not eligible or a CPF Housing Grant or an HDB housing loan. Therefore, you must take a bank loan.
Do flats depreciate in value?
Flats: In case of flats, the value of the property rises as the demand for flats in that particular location sees an upward growth. Plots: In case of an independent house on a plot, the value of the land appreciates however there usually is a depreciation in the value of the asset due to wear and tear.