5 Important things to keep in mind if you are going to buy a resale flat
A growing trend of buying resale flats has been noticed in the city of Bangalore and its suburbs over the past 10–12 years. Due to different reasons, people prefer to invest in a resale flat. A resale flat is that flat that someone has already bought from the builder and now wants to sell it off due to any reason. As you have no primary idea why the present buyer wants to resale the property and you need to depend on his or her words of mouth, so it is always feasible to do some research work and cross-check on some important aspects.
5 thinks to keep in mind while buying a resale flat
Here are some aspects that you should be aware of while buying a flat from any resale markets like resale flats in Koramangala, Sanjaynagar or Whitefield:
1. Most important areas that are often overlooked: Check the following documents before proceeding with the deal:
· Check for the actual ownership of the property. In many instances, it is found that the documents are showing a different ownership like the parents or elder brother or wife whereas the person establishing himself as the sole decision maker.
· It is vital to cross-check whether the present owner has any pending dues to the municipality, bank, or developer.
· Also, check and confirm that the owner has no pending telephone, electricity or flat maintenance bills.
2. Check the physical condition of the building: Check the physical condition of the flat thoroughly. If possible and if you are not confident enough, take an expert person and inspect every part of it to check its present condition. Sometimes, people make agrave mistake in not checking the bathrooms, kitchens, water supply system, and drainage.
3. Don’t ignore the age of the flat: The ideal resale flat for buying shouldn’t be more than 10 years of age. The best age for a resale flat is 1–5 years. As a flat gets older, it starts getting several issues which you can’t control. Even if you are much eager to own the property due to any other reason, try to pinpoint its probable future issues and what issues the present owner has been facing. There remains a keen chance that the present owner may suppress some issues like the condition of electric wiring, water outlets in the bathrooms and kitchen, any issue during therainy season, and any problem in the building as a whole.
4. Availability of home loan: If you are planning to apply for any home loan, just do some research which banks and financial institutions are offering loans on resale properties. In general, the rule for availing home loan for buying a new or old house are the same. However, in reality, banks may decline the loan on several grounds.
5. Profitability of buying resale flat: People buy resale flat due to two major reasons. The first reason is that they get it at alower value than the prevailing market price. Another reason is its ready-to-use condition. If the resale flat you are dealing with is not meeting these two parameters than never go for it.