In majority of cases, it will be cheaper to buy a resale property than a newly constructed property. Being cheaper is the only perks of buying a resale property but it has got many cons. We will discuss about 5 important tips which will help you decide the best resale property.
Clear the Legal Hurdles
If the property you’re looking at is already under a home loan, then it has cleared most of the legal issues. If it was bought as a cash property, do more due diligence before buying it. Make sure acquire previous sale deeds, approvals, etc. Take the copy of the document to a bank or a housing finance company and enquire whether it’s eligible for loan. They will do all the background checks and get back to you. Don’t invest in a resale property until you are 100% sure that it meets all legal requirements.
Age and condition of the property
If you are planning to buy for investment purpose, then strictly avoid buildings that are more than 15 years old. Their value will tend to decrease over time and won’t fetch you much returns. If you are planning to buy for self occupation, then consider the condition of the building. You might have to repaint the interiors, change the bath fittings, wood in the doors and windows may require replacement too. Do a comprehensive analysis and get a rough estimate on how you need to spend after buying it. Add this to the price quoted by the seller and see if you are getting a fair valuation. Try to find a property which is not more than 10 years old and doesn’t require too much renovation.
If you are buying a resale land then the question of age and condition is not important.
Using Real Estate Portals
One simple and easy way to find all resale properties in your city is by using the real estate portal. Most portals today have the option to filter out only resale property. When you use that filter all the new properties will be hidden. Few sites also have the option to select the age of the building. You won’t find this much options to filter the properties using a local broker or newspapers. You can also enter the minimum and maximum budget for the properties and look at only those listings. Use the portals, make a list of properties which suits your budget and location, call them one-by-one, schedule an appointment and take a call.
There are a lot of pages and groups in facebook where you can rent or buy properties. There are two types of groups which you can make use of.
- Group Dedicated to Real Estate [ listings]
- Group Dedicated to your city [common things and also listing]
You can go the group and look for the properties using the search option. The best way to do is to ask a question in the group. Eg:” I’m looking to buy a resale 2BKH in Taramani with a budget around Rs.XXX”
You’ll be surprised to see so many people replying and helping you.
Quora is another exciting social media platform which is gaining everyone’s attention these days. You can create a free account and ask your questions there. Try to be specific about your requirements. Within a day or two, you’ll find a lot of answers.
Buying a resale property might be considered unlucky by few, but it is a wise decision if you can get the right property at the right price. You can also look for resale properties in Directowners.