Buying a home is a dream for everyone. Having a home of own is such a joyous moment of life for everyone. But one should be careful while buying a property.
One important consideration while buying a property is to know where it is located. Nowadays most of the new properties are available in the outskirts of the city which can be a problem for many people.
Buying a property which is long commute to your work place or to your child’s school can be a problem.
While thinking about these problems buying an existing property (resale home) can be a better option. That is living in an already owned place must be in a proper place. So living in a resale home will not raise any problems such as going to market place, workplace, schools, hospitals and any other place that is necessary in our day to day life.
Buying a resale property will allow you to not wait for the construction to be finished but you can enjoy your new place immediately.
Before buying any resale property you should consider these important factors:–
Age of the property – You should always look for the age of the property before buying it. Buying a property that is very old (more than 45 years) can result in extensive repairs.
Buying a property which is very old may have many structural problems which will need renovation and refurbishing which will in turn result in excessive spending of money.
It is best to buy a property which is fairly new.
Value of the property – Before your lenders technical expert values your property, an independent valuation of the property is important.
Because of the difference between the lenders valuation and prevailing market prices, you may be offered a smaller loan amount, thus making you pay a larger down payment.
Potential and convenience – While buying a fairly new property rather than buying a much older property you can have access to convenience such as gym, pool, club etc. which is not possible in an older property.
You should also reassure that all the important things that are proper supply of hygienic water, good sewage system sufficient parking place,and uninterrupted electric supply are available.
Expenditure on renovation – While buying a resale house, you should see if you are spending lot money on the renovation of the house.
Spending the money on renovating can be either because your property needs a renovation or you just want your new home to be well arranged and decorated before you move there.
Before buying the house, make sure you do a proper assessment of the costs that will be involved.
Utility transfer fees – In certain places, you need to pay the transfer utility fees in your name which means that you are paying deposits for both electricity and gas etc.
Intercessor — Finding a home on your own is quite tough so it is done by a consultant that means that you may have to pay a consultancy fee to the intercessor.
Whereas no such fees is needed if you are buying a property directly from a developer.
However, a professional intercessor is not only resourceful but can also significantly cut down all your work related to buying the property.
Re- registration – The most important thing while buying a property is registration. You have to pay for transfer and registration of the property.
In some cases, it can wipe out any benefit of buying a resale property.
Existing debt — While buying a property you should always check if there is any existing mortgage on the property.
Always check the original documents of the property. And if the seller is showing you the copies of the documents, the originals may be with the lender.
Work with your lender to conduct proper checks on documents, while you are applying for home loan yourself to purchase the property.
Above are the measures that should be kept in mind while buying a resale property.
