In the past few years, there have been various up and downs in the Indian real estate market. Where many developers are stuck with huge unsold inventory and postponed delivery. This situation brings a better opportunity for all the property buyers to buy a piece of land from sellers or investors at a lower profit margin.
Resale property is the one which gets sold again and is not a new property. Therefore, it is always said to do the resale transaction very cautiously and with the help of a good licensed and trustworthy broker only. Buyers usually consider buying a resale property when they have adequate cash at disposal.
Therefore, you should always invest your money only on the properties that can generate high returns in the future. Resale houses are also considered to be one of the safest investments in accordance with the market condition. It is always suggested to first look at various other factors and then decide to buy a resale property. In this article, you will get to know about some of the factors that you should never ignore while buying a resale property.
1) Market Knowledge:
The market value of the property keeps on changing with time. This is due to the changes in supply and demand in the market. Conducting a in-depth research is something that can help you a lot before making any market decision. This research should always include information gathered from local brokers to get a better understanding of the market. For eg, when the broker suggested me to buy flats in Jagatpura Jaipur, the first thing I researched was to resale value and nearby locations.
There are various costs that are associated with the resale property buying process. Transfer cost, registration cost, broker fees, and others are some of the extra expenses that you should always take into accounts while deciding your budget. Budgeting is the main step while buying any sort of property. It defines your further steps of property hunting process. While buying a property from seller one should always bargain at a good price.
3) Home loan:
Majority of buyers are seen financing their property through a home loan. Taking home loans through a bank can help you a lot. Because banks help you conduct the initial legal and technical formalities for the property. This helps a lot with the initial screening of legal support.
This is a major point that everyone considers while buying a resale or a new property. You must know that the price of a resale property is always higher than the new property. Hence, you should always consider the current and future projects going around the location. Don’t skip the part of ensuring that all the basic necessities like schools, hospitals and institutes are near. This will affect the appreciation of your property greatly. Public transportation like a local bus stop, metro station and etc is an additional plus point to the whole property value. Lifestyles is better maintained through such amenities.
5) Due Diligence:
Buying a resale property is surely not an easy decision to make as it requires a in-depth research about the property. The due diligence check should be conducted ensuring the property specifications that match with the claims. Some buyers prefer to go for part-funded option even if they have enough funds to buy the property. This is done to secure you from any legal formalities.
6) Age of property:
It is said to not invest in a property that is older than 15-year as older construction requires more repairing and higher maintenance cost. Also, applying loans for such old properties is also quite difficult.
7) Valuation of property:
Before buying the resale property, it is a must to consult an expert for the right valuation of the property. In order to know the valuation of the property, you can also check the prices of new properties in that area.
8) Documents check and procedures:
While buying a resale property, one must require all the documents that are required for buying a new property. Some of the must-have documents include ownership document, property tax payment, bill payments etc.
After going through the above article one can be sure that buying a resale property requires more than just comfort and location. I hope this article was helpful for all those people who are willing to buy a resale property anytime soon. In case of any doubt do feel free to contact us through the comment section below. Thank you!