Buying A Resale Home? Avoid These Mistakes
Buying a home in a city, it is not always possible to find a new construction. While the number of ready-for-possession property is limited, there is a strong mismatch in the quality demanded and quality available of pre-owned old properties. With minimal investment options, the interested real estate investors end up investing in old properties to generate returns. So, if you are someone who is planning to invest in a pre-owned property, here are some things that you should know before you go for home inspection:
Also Read: Legal Tips To Buy A Resale Property
While inspecting the house, make sure the place is equipped with all required safety measures. When we talk about safety it includes physical security measures such as locks, doors, surveillance system as well as safety from pests and bugs. If the property is not well-equipped then you will have to spend extra money and effort to make the place livable.Look for safety measures
Get to know illegal additions
It is not an uncommon practice to encroach a part of the common area for expanding a garden or parking area. People might say that it is very much within the legal spread of the home, but do check the maps and permissions to know the approved dimensions of the property. Tally with the map to mark the area, which is for legit use, and calculate the cost according to the documents only.
Identify the 'deal' breaker
Not all second-hand homes are picture perfect. You might need to redo the bathroom fittings or the balcony or a complete makeover in and out. While on home inspect, assess the things which might need instant maintenance and areas that would need long and expensive makeover. Factor in the cost of repair while calculating the price of the property that you have shortlisted. This can act as a deal breaker as you would know if you are willing to get the things repair or want to continue the home search for some more time.
Estimate the future cost
Even if you are buying a home for end-use, make sure you keep in mind the future prospect of the property, location and the neighbourhood. Apart from this, also assess the shelf-life of the existing components you have got pre-fitted in the home. For instance, how long will the water geysers work or how soon you would have to get the plumbing change or the interiors redone.
Also Read: Tips on Buying a Resale Property
Ways of negotiating
While inspecting a home you might get a chance to look into factors where you can ask the seller to get it repaired or reduce the price. There is always an opportunity during the property visit to ask for perks while finalising the deal if you have met the seller personally. Give a candid touch to your conversation to ask for favours or for getting the deal done on your own terms.