Property prices are increasing every year, and potential buyers from the middle-class income range are finding it challenging to own a property. This is why many homebuyers are seeking alternative ways to find a property that they can call their own.
However, most of them are hesitant when presented with secondhand properties despite the savings these can offer. Resale houses or properties do come with a lot of advantages, too. Here are some factors to consider when looking at these types of properties.
Location
When looking at secondhand houses, pick one that is located centrally. Investing in a resale property situated in an established community is a better option than choosing a premium brand new property located in a developing neighborhood. You should also factor in the connectivity and proximity to recreational venues, schools and business districts.
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Documents
Homebuyers should ensure the completeness of all necessary documents when it comes to purchasing a property, be it a brand new development or a secondhand one. The checklist should include encumbrance certificate, No Objection Certificate, sale deed, property tax receipt, occupancy certificate, and possession certificate. If possible, ask for a marketable property title as well. This title will tell buyers how old the property is and its chain of previous owners.
Property Valuation
Prospective homebuyers should also try to do some research and check the current market price of the property they are interested in. Scan current price trends in the area and seek a professional to help you evaluate the property or get its estimated price. Some homebuyers trail property ROI and check whether buying property can still be beneficial in the long run.
Inspection
Builders usually promise one thing and deliver something different. Thus, property hunters should have a physical inspection of the property for consideration of buying it. This is especially true when purchasing a resale house.
You should see the house in its original shape and how old the property might be. If the inspection yields structural problems, then it might only incur more expenses in the future. Make estimates for repair and remodel when looking at secondhand properties before making a decision.
Hire Experts
Once you have decided to purchase a secondhand property and after thoroughly assessing all the necessary documents, you can hire experts or property lawyers to assist you in drafting the Sale and Purchase Agreement.
You can also seek expert option in examining the property and negotiating with the owners to come up with the best deals. Property experts can provide legal advice and services to interested investors.
In buying and owning a property, the price should never be a hindrance. There are other alternatives to find a property that your family can call home or invest in. Secondhand properties are an ideal investment for lower costs. Potential buyers should factor in these tips and seek help from property experts if you feel overwhelmed by the process of searching, inspecting, evaluating and purchasing the property.
