Investing in an old apartment rather than house or new flat can probably be a smart move as you can be benefited with affordability and best deals. However, homebuyers can be slugged by unexpected expenses like maintenance and nerve-racking lengthy legal formalities. But, it is extremely significant to vigilantly follow the rules and regulations to prevent yourself from falling into the trap. Since the structure is old, it is likely to have future issues which you have to pay heed to. The issues generally depend on the age of the building. Though investing in old property is not a bad choice but when you decide to spend large sum of money, it is better to scrutinize and follow the necessary steps, so that you can be profited by the deal.Tips to follow:Legal formalities are a must:If you are thinking to buy an old apartment then without any doubt, you have to strategically deal with the legal formalities. Though, it may be a lengthy process, you cannot take the risk of overlooking it. First and foremost, you need to verify that the seller of the property is the legal owner. Check that all the necessary documents are registered in the government records. The basic documents required for the resale property are No-Objection Certificate (NOC) from the housing society, purchase agreement, builder-buyer agreement copy, sales deed and document that describe the chronological order of ownership. Also check that the previous dweller has cleared all the bill dues like electricity, water, maintenance, property tax etc. The title of the old property should be defined clearly.Financial issues:Since you are planning to invest in resale property, you will be dealing with the property owner and not with the builder, thus it is vital to check the financial record of the residential unit. Keep a track of all the financial proceedings which have taken place till now. In case of financial support provided by bank to the seller, you need to check NOC.Maintenance issues:As compared to new apartments, maintenance cost of old properties is relatively low due to the limited amenities, however you should pay much attention to the interior maintenance issues. You need to cautiously check the building walls, cracks, water-proofing and moisture problems. Make sure that the issues can be solved after repairing. Also check for the seepage and damage that can ruin the whole construction. Verify with other society members, the cost of common spaces and amenities as in old buildings, amenities are generally free of cost.Loan approval:The approval for the home loan mostly depends upon the age of the building. The financial institution conducts technical verification and decides the amount to be lent, depending upon its condition. The loan ascertained will be as per the financial institution’s policy on the age of structure. Not only for new apartments but even for the old apartments, the banks usually, do not provide loans more than the amount stated in the sales deed.Which floor to opt:Top floor is the best option, if you are looking for apartment is an old building. Maintenance issue is less in the top floors. Usually the top floors, do not face problems of moist and leakage. Old properties are mostly located in prime localities; therefore it may be surrounded with elevated buildings. Ventilation and natural light can be a major issue in lower floors, thus it is wise to go for top floors.If you do your homework properly, your investment can prove out to be beneficial. Due to the soaring property prices, resale flats are on high demand, particularly in prime locations. So, if you are looking for home at affordable price with good facilities then follow the checklist and get privileged.займ на карту без отказов круглосуточновзять кредит онлайн