If you dream of owning a new home but want to avoid going through the tedious process, buying a resale property in India could be a smart re-course. However, buying a second-hand house could involve many steps, and it is imperative that you first understand the various steps and requirements to sign the best deal.
We understand that buying a home is important to you, and you want to gather maximum information before spending your hard-earned money. Hence, we have compiled all the necessary details and questions here so that you don’t have to look elsewhere.
In 2022, buying a resale property can be a smart move. The process comes with its own advantages that save you money and, of course, the hassle and time.
Resale flats or properties are more economically viable than any ready-to-move homes. The reasons are as follows:
A resale property comes with several benefits, some of which are:
In case you haven’t noticed, the houses in the cities are only getting smaller and smaller. This is because the cities are growing. Therefore, it is only obvious if the older homes are much larger and have higher roofs with spacious living rooms.
New flats are built on the outskirts or in the surrounding developing areas of the cities. These are the planned areas with limited space. When you plan to buy a second-hand property, you can purchase it in any neighbourhood you want.
No waiting for months or years to get your new home's keys. Moreover, there will be no worry about setting up the basic amenities like gas connection, cable, etc. The previous homeowners must already have access to all of these, making it easier and more convenient for you to move in.
You can enjoy tax benefits from the immediate possession of the used property and also in the first EMI. Buying a resale house means saving on taxes.
Whether you’re buying a new or used flat, there’s a list of things you must check out to avoid discrepancies later. Here are a few things you must consider before purchasing a resale house.
Do not go with the saying ‘old is gold’ while buying a second-hand house. How old is it, really? If the property is over 40-50 years old, it is best to avoid it because of the structural damage in the home and building. Moreover, the renovation and the extra repairs will add to its overall cost.
Did the previous house owners leave any outstanding dues? For instance, the maintenance cost, electricity or water bill, etc. The owner often does not voluntarily disclose such details, so it is better to ask them out early.
When buying a house in a complex or society, there is always an association that regulates society. You must check with them about the modifications and renovations you want in your home before making the purchase. Some associations have rules about the type of renovation they allow, etc. So, it is best to get their approval first.
After you find ‘the house’ you want to purchase, you start wondering about the buying procedure. Here are a few steps you should follow:
Note: Do not rush into buying a house. It’s an activity that involves time. You must emphasize checking all the documents before making a move. If not, you could put your finances at risk.
Alternatively, you can consider purchasing a second-hand property from online real estate sites to ensure authenticity. Adycart hosts a long list of genuine second-hand home sellers. Browse and find your dream home in a few clicks.
Buying used property in India is an important decision. If you’re looking to buy a resale house, eliminate risks by following our guide. Above, we’ve answered some of the most asked questions while buying a second-hand property that will help you while making a decision.
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