What to Look for When Buying a Pre-owned Real Estate Property

Purchasing a house can be a dream for many. However, the decision to buy a home, whether it’s a new or pre-owned one, can be thrilling and chilling at the same time. The deciding ingredient will be different and reasonably should be, for the first time, tasters. In most cases, people stop being pragmatic and dwell into emotions that leave them marooned. 

In case of pre-owned one- supposedly after paying a quarter of the money, you get to know there is no registry, the documents are not as per saying, the add-on are illegally done in balcony or terrace? If you are gearing up for a vast chase to buy a pre-owned house, validate a specific checklist to avoid any screw up a while later!

The footstep on the track should be

First, prepare your mind what kind of home you are looking for- small or big, for your living or for tenant investment purposes and how much you can afford.

Be ready with financial help– whether the bank will provide a loan on this property or not, pre-approved loan.

Now, The hunt begins

Never Ever visit any property scrutiny every inch of it, Don’t let the fancy showoff hide their flaws such as check beyond the new paints, below the surface, tap on walls and wood to ensure door and windows are not dead yet, check for leaks, tiles not cracked, the layout of wiring and plumbing, gauge of house. If you like the house, visit again, but this time with an architect or home inspector to inspect the home, as he will be able to spill the beans on how much renovation it might require.

Here comes the big one, one should involve their lawyer and get him started with the documents, including land, sale deeds, permission from the municipal corporation, and occupational certificate. Verify all the tax for property paid, and check if the property papers have been mortgaged against some loan amount.

Valuation of property is must Estimate the full cost- not the price of sale only. 

Be watchful about the neighborhood, it’s important to have like-minded people around you because at the end of the day, you have to settle between them. Try to talk with the building watchman or any helper to find out the criteria of water and electricity supply, security and safety, neighborhood grocery stores, deliveries from restaurants, gyms, daycare centers, hospitals, and schools, drains functioning correctly. 

Pro-tip- Investing in a property that should not push you further away from your workspace, try to purchase a second-hand property right in the middle of all the essential places.

Conclusion

Be smart, and clear with what you are looking for! It is a big responsibility that comes with significant complexity. Your result depends on your efforts.