Need Expert Advice?Our Gurus Can Help

Ramalingam Kalirajan |9241 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on May 11, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Asked by Anonymous - Apr 24, 2024Hindi

Listen

Should I buy a house in new tower or old building

Ans: There are pros and cons to both new towers and old buildings, so the best choice for you depends on your priorities. Here's a breakdown to help you decide:

New Tower:

Pros:

Modern amenities: New towers often come with modern amenities like gyms, swimming pools, security features, and high-speed internet.
Energy efficiency: Newer buildings are typically built with energy-efficient features that can save you money on utilities.
Lower maintenance: You'll likely face fewer immediate maintenance needs with a new building.
Warranty: New builds often come with warranties that cover repairs for a set period.
Cons:

Higher cost: New towers typically cost more per square foot than older buildings.
Less character: New buildings may lack the character and charm of older buildings.
Construction noise: If the building is under construction, you may have to deal with noise and dust.
Waiting time: If the building is not yet completed, you may have to wait to move in.
Old Building:

Pros:

Lower cost: Generally, older buildings are more affordable than new builds.
Character: Older buildings often have unique architectural features and a sense of history.
Mature neighborhood: You may be located in a more established neighborhood with amenities like parks and shops.
Move-in ready: You can likely move in right away, unless renovations are needed.
Cons:

Higher maintenance: Older buildings may require more frequent repairs and updates.
Lower energy efficiency: Older buildings may be less energy-efficient, leading to higher utility bills.
Fewer amenities: Older buildings may not have the same amenities as new towers.
Potential hazards: Some older buildings may have lead paint, asbestos, or other safety hazards.
Here are some additional factors to consider:

Your lifestyle: Do you value modern amenities or a charming historic feel?
Your budget: How much can you afford to spend on a house?
Your timeline: Do you need to move in right away?
The specific property: Research the condition of the building and the reputation of the neighborhood in both cases.
Ultimately, the best way to decide is to visit several properties of both types and see which one feels more like home to you.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.