Individuals who are looking to buy a flat or home also often consider buying resale apartment. This is because they would be able to shift in no time and can settle quickly as opposed to flats and houses that are under construction.
Resale flats are those which are already owned by customers, who are looking to sell them.
Resale flats could be cheaper that new apartments that are under construction.
Prices vary depending on the construction company, age, location etc. Note that, going for a resale flat may require immediate payment.
Here are a few things that you should look out for before buying a resale apartment.
1. Fees and charges
One of the main things to check is the charges involved in buying resale property as it involves expenses like registration fees, stamp charges, transfer fees, utility transfer fees.
You may also have to incur brokerage charges if there is a broker involved and this has to be factored in before purchasing to ascertain the total cost.
2) Existing loans
Individuals should also check whether the property documents are not mortgaged against the loan. Once the owner pays all the dues and outstanding amount all the documents are released by the bank. An encumbrance certificate would be necessary before you buy the property.
3. Age of the property
Ideally, age of the building should range between 1-5 years to a maximum of 10 years. Banks maybe cautious of lending on properties that are rather old. At times you may need to convince the banker to lend for a very old property.
Before buying, an individuals should check all the documents such as khata certificate, latest tax receipt, building approval plan etc. All documents should be verified by the experts or lawyer.
Certain documents maybe different, depending on the city. For example, Khata is applicable to the city of Bengaluru, while not in other cities. In any case check the title very clearly. A lawyers help would be necessary in this regard.
5. Property Valuation
Before confirming on the amount, individuals can hire and get the property evaluated so that there is no doubt on the amount you are paying on flat or home.
Investing in a ready to move in flat or home will help you save lot of money which will otherwise be spent in paying rent or EMI and rent both, cases where the property is still under-construction.
6. Make enquiries with neighbours
Making a general enquiry with neighbours will be helpful. Check on water availability, power connections and convenience in commuting.