If you are planning to buy a new house, you have two choices; buy it from the developer, or from the resale market. If you do not wish to wait for a year or two till the developer completes construction of a new house, buying a home from the resale market is a good choice for you. Here is a checklist you should keep in mind before buying a resale home.
Check all the documents:
Make sure that the property you are planning to buy has a clear title, and all property related documents are legally valid. It is also necessary to ensure that the seller is a true owner of the property.
Every bank and financial institution has different criteria when it comes to giving home loan to buy a resale property. Some banks, for instance, might not provide loan facility for the property over 20 years old. If you are willing to take a home loan for purchasing resale property, check these criteria thoroughly to avoid rejection of your loan application.
Outstanding taxes and other charges:
Make sure that the current owner has paid all the taxes, maintenance charges and other dues till date. If a seller has any outstanding dues against the home, you will have to pay those once you become the legal owner of the property.
A thorough inspection of the property will give you a clear understanding of its condition. You might have to make changes in the interior per your requirements. Property inspection will let you know the amount you will have to pay for the renovation, and how long it will take to make the apartment ready-to-move-in.
Hire a Real Estate Advisor:
Your estate advisor will locate the properties, connect you with the homeowners, and help you to complete the legal paperwork. Hiring a real estate advisor will facilitate a smooth resale flat transaction.