Things to Keep in Mind before Buying a Resale Flat

Things to Keep in Mind before Buying a Resale FlatAre you in a hurry to shift to your own home? You must be searching for a ready-to-move-in property. However, being the last stage of a property’s sell-out, flats are the costliest in ready-to-move-in stage. Instead of waiting endlessly for the real estate prices to fall or moving to a not-so-good apartment, you can think of putting your money into a resale flat.

A resale unit is one that someone has bought directly from the builder and now wants to sell. Though people want to sell their house on premium, you can also get it on a discounted price. Like any other property purchase, buying a resale flat also has several implications.

To make your deal a success, you should keep these things in mind before taking the final call:

Home Loan- Most of the middle class buyers resort to home loan while buying residential properties. Though the process of getting home loan for a resale property is same as that for a new one, the amount may differ based on a few factors. The lending institutions take the age and condition of the building into consideration before granting the loan.

Property Condition- The age and condition of the property is important, not only for the loan purpose but also for your own safety. Go for a building that is 1-5 years old, maximum 10. The layout plan, walls, cracks etc., should be thoroughly examined. Also, see if it’s been built according to the local laws to avoid hassles in future.

Documentation- First of all, you should be sure of the property’s title. Ask for documents that prove that the seller is the legal owner of the property and whether the property is registered in the government records. The receipts for original payment, builder-buyer agreement, no dues with tax departments and the no objection certification are a few other documents to be checked.

Locality- Since you choose to buy real estate property at a higher price than it was bought for, you should be sure about the neighborhood where it is located. The locality should be an active one having a settled residential community. Connectivity and social infrastructure should also be taken into account. Try to analyze the price trends in the area to be sure of whether you have been charged reasonably.

It would be a good idea to hire a real estate agent for the property purchase. They connect you with the prospective sellers in the market. After comparing the prices and other factors, they get you the best deal available.