For buyers who do not want to wait for moving into their new home but cannot afford a new ready-to-move flat, resale homes come as a rescue. Resale homes get homebuyer’s attention as they save them from the misery of paying rents, waiting for the possession or paying huge amounts as taxes on a new property. Though the skyrocketing property prices do not allow a person to save a lot on the resale property, other benefits attract a number of homebuyers.
Direct Benefits of Buying a Resale Home
Unlike an under-construction project, a buyer will not have to pay EMIs or rents or both, as he can immediately shift to the new house.
There is no misrepresentation or cloaking of the property’s limitations. Everything is in front of your eyes.
Resale flats are available at a cheaper rate and the prices are highly negotiable according to the age and condition of the property.
Tax benefits can also be availed in case of resale properties.
Things to be Cautious About
There are a few grey areas of buying a resale home which should be cautiously dealt with. Firstly, you must physically check the condition of the building, the age of it and how it has been maintained over the years. You do not want to be stuck with a dilapidated flat after wasting your hard-earned money on it. Secondly, ownership status of the building is a very important concern. You must make sure that the seller is the true owner of the flat and he has all ownership documentation in place. Thirdly, make sure that the seller does not have outstanding payments on the property owing to the maintenance, society charges, etc. [Read more…]