If you are planning to buy a house and you don't have the luxury of waiting for the completion of a property under-construction, then a resale property could be a good option for you. Resale property remains an economical bet when comparing it with a ready-to-move-in property due to different factors such as depreciation, age of the property, and the costs. Although buying a resale property means that you won't get the possession of your dream home, the good thing is that you won't have to spend any money on rent and you could move into your new home right away. However, in this article, we will discuss the things that you need to consider when buying a resale property.
AGE OF THE PROPERTY
Buying a resale property means that you are going to live in a pre-occupied property but that doesn't mean that you should live in a 30-year old property. The average of the preferable age of a resale property is ranging between 1 - 10 years. So it is best to invest in a property that is not older than 10 years to avoid construction issues, maintenance, and risky damages.
DOCUMENTS
The same documents that are required in the primary sale of property are also required in the resale of the property. Make sure that the seller provides all the relevant original documents. It is also important to check the ownership of the property and whether the seller is the true owner of the property. Further, knowing the ownership history would give an idea about the true age of the property. Anyway, this duty is on the registrar who will establish the authenticity of these documents.
PHYSICAL CONDITION OF THE PROPERTY DOCUMENTS
We always recommend checking the physical condition of the property before you set foot in it. This will help you to make the purchase decision. As we mentioned before, a resale property should range between 1-10 years, so bear in mind that any property that is older than 10 years may come with multiple maintenance issues. There are many things to check, you can start looking out for signs of leaks, cracks, mildew, and mold. Also, check the water pressure of taps and showers, and make sure the toilet is working. Otherwise, you will need to factor in additional costs for plumbing work. Detecting these issues early will surely protect your pocket from any future costly repairs.
FACILITIES AND AMENITIES
When buying an older property, you may not have access to amenities such as a club, gym, pool, sufficient parking space, etc. but all of these amenities will be available in a new property. It is also crucial to check if the basic necessities present such as regular and hygienic water supply, good sewage facilities, security, sufficient parking, uninterrupted electric supply, etc.
MARKET KNOWLEDGE
The real estate market changes constantly depending on the supply and demand in the market. Therefore, you should study the market well and figure out the true value of the resale properties. Local brokers could be helpful to give you an idea about the detailed information on market status quo values.
Buying resale property would give you a chance to settle in your own house fast and save you of high rents paid and the need to frequently shift your place of living. We hope considering the above-mentioned points will help you make the right decision while buying a resale property. We strongly recommend that you consult a qualified licensed contractor or engineering specialist and demand a snagging report from the seller as a reference while at the same time executing your own home inspection to make sure you are going to purchase the resale property in its true condition.
fäm Snag It provides you the best home inspection service all the way. It is a professional snagging home inspection company expert in inspecting for pre-handover defects in your new home unidentified by regular senses. Hire our professional home snagging engineers, connect with us: [email protected] or call us: 04-3691718.