Checklist for Buying Resale Property for a Good Deal- By: Aadi Sharma
You would certainly not like the idea of waiting for a period of 3 years or even more to buy your own home. In that case, many prefer to go for resale property. Buying resale property has several advantages. Not only you would be able to get a ready made flat to reside but also several other advantages.
The Advantages of Buying Resale Property
- You get the opportunity to shift to the house immediately. This would be highly helpful especially when you have to shift to a shelter within a short time.
- Many a times, you might be paying huge amount of money as rent and your calculations show that in the long run buying a property would be more economic than continuing to engage huge sums of money as rent. So, to lookout for a home within a short notice, buying resale property is indeed a good idea.
- If you are an individual who loves to be located at a prominent position, go for resale property options. You would find as they were built quite early, they are usually located at good locations, at the heart of the city. In contrast, the latest residential developments are usually found in the suburban regions.
Though buying resale property would be advantageous to many respect, but you need to be careful while buying one. Your resale property is old after all and hence, you need to be assured of the fact that the building is still tough and durable.
Important Checklist for Buying Resale Property
- Before you enter the flat, engage some professionals to check the plumbing and electrical works. Inspect whether the repair has been properly done or not. Try not to buy a property which is more than 10 years of age.
- Your property must definitely be in good shape so that you do not have to spend much on its maintenance.
- Check all the legal documents. The title of the property must be the name of the seller. Check whether all the duties and the dues are paid.
- Inspect whether the property you are buying has any illegal constructions or not. In that case, you may get in touch of a lawyer or a civil engineer to learn about it.
Avoid buying resale property for investment purpose. If you are purchasing the property to expect huge returns, this won't be a good business strategy. Purchasing resale flats is worthwhile only if you have plans to shift to the place immediately.
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