Owning a property is considered as an asset. Every individual has a dream of purchasing at least one house during their lifetime. However, buying a house or a piece of land could be a tedious task. There are various challenges that a person needs to encounter while purchasing a new house.
For example, the monetary value of newly built assets could be high, and one would not afford it. Also, there are other documentation issues that one may have to face.
Hence, one of the safest and inexpensive options is to purchase a property that is on resale. It helps a salaried person manage the expenses, and with minimal hustle, one can easily buy land in India.
To purchase a property on resale, one needs to keep these 7 points in mind:
1. Valuation of the property
The first thing a person needs to get checked is evaluating the original assets and comparing them with the current market trends.
If the property is overvalued, one may have to pay a heavy price to make it as expensive as new assets.
2. Physical condition of the estate
Considering the age of the land is a vital aspect for buying it out. If the land is older than 30-40 years, one may have to be prepared for extensive renovation and repairs.
3. Brokerage
If a person is hiring a property consultant, then his brokerage should also be considered a cost of buying out the possessions.
It may seem somewhat expensive, but it takes away the headache of searching for a genuine piece of land.
4. Transfer of Property and Re-Registration
Sometimes, the transfer fees and re-registration of a property purchased on resale could be hefty, making no difference in a new property and a property on resale.
One must consider these costs according to the jurisdiction. It is always recommended to hire a legal professional to deal with such complex and legalities involved processes.
5. Facilities and Amenities
One may not find the latest amenities like a pool, club, gym, and garden in old assets. Still, one shall verify the availability of basic amenities such as hygienic water supply, electricity, security, and sewage system.
6. Mortgage on an existing property
While purchasing an asset, one should ask the owner of the original documents.
If there is a lack of original papers, chances are, the property is on the mortgage, and the purchaser of the land on resale may have to pay a hefty amount after buying it.
It could also cause trouble in the approval of a loan for the existing property.
7. Expenses after purchasing
After buying the property on resale, one may find the need to renovate or refurbish it for one of several reasons.
There could be a need to refurbish the property because of its age, or the new owner may want to redecorate the place as per convenience.
One must take account of these extra costs before buying a property.
If you’re going to buy a resale property in India, then you must consider these points to get a perfect deal. Also, let’s request a lawyer service to make your resale property deal legally efficient.