Heritage properties have their own charm, whether it’s a monument built a hundred years ago or even a resale property that has come into existence just a few years back. Old properties have in their walls, countless stories of people who have lived there before. Therefore, sometimes moving into an old property is a beautiful feeling. However, you should know that they might have some flaws in them that can cause problems if you are not aware.
Therefore, if you have picked up a resale or an old property to make it your own home, here are 4 things that you should consider before you make the purchase.
- The condition of the property
First, you need to look at the condition of the property. If the property is very old, you might not be able to repair and renovate everything as per your wish. While the renovation of an old property can cost you a fortune, it might also not be feasible if the construction is weak. Moreover, you would need to take into account the maintenance charges of the new property. If it’s a relatively new society, you might have to shell out a large sum of money for maintenance as new societies usually offer various amenities. But if it’s an old property, ensure that it is equipped with basic facilities and has no major repair work.
- Possibility of Negotiationf
You must know that you can negotiate with the lender on all aspects of a resale property. Depending on how much you know about the market rates, you can negotiate with the lender for the sale price. You can also take the help of a broker for a nominal fee who would negotiate on your behalf. The broker would also assist in completing the post-sale formalities like paying the registration fee and stamp duty.
- Documentation
While purchasing a resale property, ensure to take all the necessary home loan documents from the seller. It includes ownership documents like sale deeds and approvals from the concerned authorities. If you were availing a home loan , the lender would insist on the property documents for the approval of the loan application. However, even if you buy the house with cash, you will need the documents as evidence of your ownership.
- Clear title
You should ensure that the property has a clear title. It should be free from any kinds of legal disputes. Check the No Objection Certificate from the competent authorities. If you find difficulty in carrying out the necessary due diligence you can buy the house through a home loan. While approving the home loan, lenders carry out extensive research and due diligence about every aspect of the house they lend the money for.
Ensure that the old property has all the basic amenities, is on a safe and approachable location and is free from any encumbrance. It is necessary to do all the due diligence and in-depth check of the property you are buying so that you face no hassle after moving.