Buying a Resale Property? Here are the Tips
Buying a resale property is as important decision as buying a new one in your life time. As new property, the resale one also has the complicated process to buy. A resale property is a property that is being sold again after being sold before. It is the selling of a property that has been purchased before by a previous buyer. It is on the market again for resale.
Everyone has always wanted to buy a property, which will be ready and easy to move in. Why should you wait for at least two years before the builder got his dream home ready? In the meanwhile you have to continue paying rent on current flat and Pre Emi’s or new one. So it is a good decision to buy a resale property with maximum space into minimum price.
However buying a resale property could involve many legal and procedural requirements. It is always advisable to first understand the various safety measures and should know all facts that are positive or negative to avoid troubles in future. So here are some points to be considered while buying a resale property.
Consultation: It is always advisable to get consulted with the experts or an agent to know more about the resale properties. You can get to know the whole procedure to buy a resale property and also you can clarify the doubts regarding the resale flat/ property through a consultation. The consultant can guide you about the resale property around the area and price trends for the same.
Beware of Reason for Resale: While you buying a resale home, you must be aware of the reason first owner to selling the property. You must be aware of if there is any problem in the property of any kind due to which he wants to sell the property or any other reason to escape the future worries.
Check you Requirements: You should check all your requirements are fulfilling or not. From the Amenities, Location to Specifications and interiors. Check the proximity from your workplace, condition of property, plumbing work, paints on the wall, electric wirings, etc. Take your time to check all these issues correctly.
Get the Property Details: Check out the property details like, Builder’s name, Age of the construction, Interior as well as exterior. Banks usually lend only on properties that are unto 50 years old. The tenure of the loan also decreases with the age of the property. So before you go further into the option first you check the age of the construction.
Previous Due Bills and Existing Loan: Check the previous bills of utilities are being paid otherwise it will be due on you after buying the property. If the home loan has to be taken by the first buyer then it is also required to make sure that the property documents are not mortgaged in the bank’s custody against a loan taken by the seller. The bank will consider a loan only once the loan taken by the seller is repaid and the documents released.
Ensure the Title of Property: Be aware of the documents of the property which you want to buy. You must ensure the title of the property has been cleared from the builder’s side as well as from money lenders if the first owner has taken a loan on that property. Ask for all documents of property including NOC, Sale Deed, and Power of Attorney etc. To checking the list of the documents you can refer: Checklist of the documents while buying the property
Valuation of the Property: If you are going to take a home loan to purchase the resale property, then you have to check the home loan eligibility. The loan amount is highly dependent on the cost of the property. Technical experts would evaluate the property, and analyze the cost of the property.
Buying a resale property can be beneficial as you can see what you are financing in. It is like ready-made and not too much work is required to do in like a new house. But as a safety side, do your homework before giving the token amount to the previous owner.
Category : Flatons Advisors Blog