Resale properties are those properties that are already bought and owned by an existing customer and now he/she is willing to sell it due to any reason. There are some advantages and disadvantages are involved in buying a resale flat or house. Before going further into the deal one must be cautious and should know all facts that are positive or negative. Here I can give you a checklist for resale properties that might be helpful for you to take the correct decision.
- First of all you must know the right reason why the first owner is selling the property. Because you must be aware of if there is any problem in the property of any kind due to which he wants to sell the property or it is just like moving to other city or location or any financial reason.
- See all your requirements are fulfilling or not like location, locality, proximity from your workplace, condition of property, plumbing work, paints on the wall, electric wirings, etc. Don’t be in hurry. Take your time to check all these issues properly.
- If you have hired an agent then make sure he is reliable and not cheating on you. The best possible alternative to this is to get your property valued by trusted professionals. This will give you a rough idea about the actual worth of the property.
- Check all legal documents related to the property and make a copy of the originals. All paper work should be as per the law.
- Ask the owner to get you a NOC certificate to sell the property from the society. If possible meet the society members to get all the information about the property and if there is any problem with the property. You can also find out the various charges like maintenance, sinking fund or any other charges need to pay by the property owner regularly.
- You should not forget to check the previous bills of utilities are being paid otherwise it will be due on you after buying the property.
- Must ensure the parking with property is included in the cost. It should be written in the document and on the parking area also.
- Insist on a cost breakup so that you can know the stamp duty cost, registration fees, lawyer’s fees, society charges etc.
- At last if you feel satisfied with all aspects of the property and checked all legal documents you can negotiate on the price according to the prices of real estate in that area.
- Buying a resale property can be advantageous as you can see what you are investing in. It is like ready-made and not too much work is required to do in like a new house. But you must take precaution before getting in to the deal. Do your home work before giving the token amount to the previous owner.
– Ruchi Mahajan.