Resale Property Buyer Guide:
Are you planning to a new residence? Purchasing a property requires due diligence on the part of the buyer. But while looking for a resale property, a critical approach is the best one to be opted for. There is a plethora of alternatives available in the secondary real estate market. One has to be cautious and hawkish while navigating this marketplace. A resale home has the infrastructure already built around it. Schools, Colleges, Hospitals, Gyms are located in the vicinity of such buildings or projects.
Buying a resale property in India can be a good investment option, but it’s important to take certain steps to ensure that the transaction is smooth and hassle-free. Here are some important steps to consider before buying a resale property in India:
You should these things in mind while deciding upon these properties: –
1. Original Documents
The person selling the property should have the original copy of documents. If it is not in possession, it means that the document is with a lender.
Before you finalize the deal, it’s important to verify the ownership of the property. This can be done by checking the property’s title deeds and ensuring that they are clear and free of any disputes or encumbrances. You can also get a copy of the property’s original sale deed and check the seller’s identity and the date of purchase.
2. Get the Property Valuated:
It’s important to get the property valued by a professional before buying it. This will give you an idea of the market value of the property and help you negotiate the price with the seller.
3. Approvals
The building should have all the adequate permissions Occupancy Certificate and Commencement certificates are the most important approvals needed for a legitimate concrete structure. You should consult with a architect to get all these details with ease.
4. Age of the Property
One should not go for structures older than 50 years old. Such structures require heavy refurbishment and also redevelopment in some cases. If you want to buy for investment purposes than these type of properties may give you exponential returns in case of redevelopment. But one needs to check the documents and FSI before buying the property. Also one should have a word with the society management regarding the future plan for redevelopment.
5. Utility Bills
Electricity bills, property tax bills, maintenance and other charges should have been paid by the seller of the apartment. It should also be checked the name of the seller matches with the name on these utility bills.
6. Condition of the House
Look out for the leakages, cracks, alterations, floorings, etc. in the house. Also try to get the reason due to which the seller is intending to sell the property. A seasoned property consultant will help you in getting a true and unbiased picture of the story.
7. Encumbrances
The property should be free of previous mortgages. One should ask the property seller for a “No Due Certificate” issued by the bank if the home is closed.
8. Amenities
New projects are abounding with different amenities. Hence look for good amenities in the building/ society. Parking area should be large enough with a motorable approach road.
9. Tax Rebate
When you buy a resale apartment, one gets a tax exemption of up to Rs 1 Lakh on principal EMI as per Section 80C.
9. Society Association Rules & Regulations
There is always a rule that governs the society or building premises. Always do check with these regulations. Even in this regard, a good real estate agent will help you in the local insights about the society.
10. Hire a Lawyer:
It’s always a good idea to hire a lawyer to help you with the legal aspects of buying a resale property. A lawyer can help you with the documentation, title transfer, and other legal procedures involved in the transaction.
By following these steps, you can ensure that the transaction is smooth and hassle-free, and that you get a good deal on your resale property purchase in India.
Buying a house is a dream come true for many of us. One has to invest a lifetime of savings into getting an own space in this superfast city of Mumbai. Therefore, it is imperative to do all due diligence while negotiating a transaction. The more you deeper you dig, the sweeter is the water. Go ahead, take the risk and take the plunge. It is now a best time to buy real estate in India.
;){kind=link}