The last decade saw the dynamics of the salaried class people working in the formal sector making a paradigm shift. Owing to their fast-paced lives and perennial time crunch, they look for quick solutions for all their needs and inadequacies. Consequently, for housing needs also, they look for ready and easy accessibility.
This has inflated the market for resale properties, so much so, that even newly constructed projects like Rohan Abhilasha Pune are offering resale flats. Several upcoming projects in Pune which are still under construction are offering resale flats. This trend has gained momentum in all the mega-cities and some of the Tier-II cities as well.
Resale of old flats is also gaining popularity. With all its advantages, buying a resale flat can be challenging if one is not aware of what to look for while buying a resale flat –
Take expert advice
For buying a resale flat, it is better to take the help of a real estate agent. You can do primary online research but carrying out all-inclusive online research for resale properties might not be conducive. For resale flats and properties, a real estate agent is relatively much more informed regarding the identification of available properties and the terms and conditions of the sale.
Details of the seller/owner
After locating the potential properties, the succeeding step is to check and verify the title of the seller. Though the real estate agents usually remain well informed about the details of the seller, it is the buyer whose money is on stake. So, a buyer must ensure that the seller is the real owner or has the power of attorney to carry out the sale. Also, if the property is jointly owned, it should be seen that the property transfer is approved by all the owners.
Get the original documents
Buying a resale property can be daunting because of the enormous paperwork involved. To avoid any post ownership adversities it is essential to obtain documents concerning the original purchase and transfer of the property. Make sure these documents are duly stamped. Along with these, obtaining title clearance, plan approval, previous electricity and water bill and tax receipts are also necessary.
Existing mortgage
It should be seen that the resale property is not mortgaged and does not have any outstanding payment. Purchasing a resale property with pending dues can lead to you paying for the outstanding amount at a later period.To avoid any such untoward expenses, check the original documents and not copies. Plus, if you want to buy the property using a home loan, you would essentially need a “no due certificate” for the concerned property.
Consider the value of the property
Before approaching banks for a home loan, buyers can do a property valuation. The value estimate of the property done by the experts of the lending bank can be lower than your own estimate. Banks try to keep themselves protected from the possible decrease in the value of a resale property. Plus, banks expect the buyer of the resale property to take care of the maintenance costs. A prior valuation of the resale flat will give the buyer a fair estimate of the down payment.
Age of the resale property
Depending on your budget you can take the liberty of choosing a big house or a posh locality or both. But try not to buy properties that are too old. Banks sometimes refrain from providing loans for properties that are older than 20 years. This is because the scope of increase in the value of the concerned resale flat in an already developed area is not very optimistic. Also, no matter how appealing the vintage element be, a property that is 50 years old will require a lot of additional expenses.
Check the physical conditions of the property
While buying a resale property, the buyer has to keep in mind that only minor internal changes can be done. Most of the amenities that are not available currently, will probably remain unavailable throughout. The older the property, higher would be the costs of repair, renovation and maintenance. Before making the deal, you should check that the prime facets like water supply, Water-head tank, and electric supply are in good condition.