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POSTED BY ON September 9, 2014 5:43 pm ONE COMMENT
Hi, I am planning to sell my 20 + year old flat in a prime location at Chennai. However few of my friends suggested I should rent it out instead of selling. The others want me to sell and re invest in new property There are 12 flats and the other flat owners are not cooperative in either the repairs or remodelling they are also not interested in coming forward for a reconstruction. The rent generated by this flat is pretty decent. I am planning to sell this and invest in a new property. Please suggest.
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As it ages further and develops more structural damage, it’ll get harder to sell off. Your net profit might further decrease. Alternately, you might benefit if your association works out a deal with some builder for renovation etc. If you can’t convince them towards this greater good, you might be better off selling it to re-invest else where.