Buying a house is a huge investment and one that needs careful consideration & evaluation.
You save up your hard-earned money to buy a legal property as an asset.
Be it the property you wish to live in or a second home for investment’s sake, the money you put in must not only be authentic & legal but also give you high ROI’s.
Resale houses can be especially trick and this resale house buying guide promises to simplify your concerns.
Our resale home buying guide urges you to be mindful of these things to consider before buying a resale house.
1. Title Work
The most basic guide to buying a resale house is to determine the owner of the property.
Title work is the documentation proof available with the registrar that provides you with the history of the property. It is a complete written document that delves into details like title holders name, property tax or mortgages if any.
2. Age of the property
Old properties may be in demand right now considering the redevelopment scope that older buildings have.
However, in a bid to get larger flats, remember to check how old the property is.
Property that is older than 40-50 yrs is generally a no-go.
The repair and renovation costs may be exuberant.
Consider this point to be a part of buying resale flat checklist.
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3. Document checklist
A critical aspect of buying a resale property is to have all the documentation in place before purchasing a resale property. Our resale house buying guide suggests that documents such as NOC, no dues pending certificate by society, building plan, occupation certificate, encumbrance certificate, possession certificate are all essential details
that are a part of the document checklist before buying a resale property.
4. Loan Evaluation of the property
If you are purchasing a new property, you are likely to take a loan from the bank for it.
Ensure that all the existing loan on the property is closed down and duly paid.
Only in that case can a new loan be issued on the same property.
This is an essential point on the resale home buying guide.
5. Utility bill dues
Since the property is linked to various utility services provider such as water, gas, electricity
It becomes essential to check if the utility bills for all these services have been cleared as well.
These bills should not show up any dues.
Checking with each of these authorized authorities and getting NOC’s is a way of being doubly sure that you won’t face any issues with the property in the future.
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Our resale house buying guide considers the above points mandatory in the bargain to buy a resale property.
Not just this, the authenticity of these documents also need to be verified by competent personnel.
For instance, during bank loans, a bank representative will verify all the documents.
However, it is safer for you as a buyer to verify the authenticity of each of these documents.
Do not consider buying a resale property without being mindful of these things to consider before buying a resale flat house.
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