How to Avoid the Risks of Resale Home Purchase?

In times when property possession after purchase is an uncertainty due to the slackening of the construction process by builders and the resulting unsold inventory, the resale property is the most viable option. The slow-paced realty market has left no option for property sellers than to settle for lower profit margins. Thus, as a buyer, you are better off with the resale purchase. Besides, the current market conditions make it the safest choice for investing in a home through the prices relatively higher than under-construction properties. To make your transaction free from future repentances, you must go through these steps as have been discussed here.

Get a Grip

You can make the right moves only when you have known the market very closely. This requires thorough research and knowledge of how the Real Estate industry has been faring all these years along with the latest trends. As you know, property prices keep changing according to the demand and supply in the market during the concerned period.

Estimation of the Budget

As has been mentioned earlier that resale property price is on the higher side, good bargaining is a necessity. But don’t forget to factor in several other expenses such as that are mandatory excluding the property cost. These are:
 Taxes
 Loan
 Transfer Cost
 Registration Cost

Take a Home Loan

Even if you have enough cash at disposal, borrowing a home loan is the secured way of financing your purchase since all the essential technical and legal screening of the property will be conducted by the bank and assure you with a fairer property.

A location that will Pay You

Your investment won’t be profitable if the property is located in an area that is not expected to develop infrastructurally in the coming years or is not properly connected to the important points of the city including medical, entertainment and educational amenities. This will not only benefit your lifestyle but also assures the appreciation of your property value if you wish to sell it in future.

Remove all Anxiety

The wise have always said that prevention is better than cure so don’t ignore it. Make sure that the property is free from disputes of all kinds by checking its title records to find out whether they perfectly match the claims of the property.

 

Determine Property Age

Older a property, harder it gets to obtain a loan for it. The maximum age limit of a property for investment is 15 years otherwise it will be accompanied by maintenance and repairing costs right from the initial years of buying.

Ascertain the Livability

If the resale property is a used one or it is enabled with luxury amenities like swimming pool, gym, lift. Every small or big detail such as switches, lighting, doors, knobs needs to be checked if they are functioning properly for happy, tension-free living right from the day you move into your new home.

Keep Evidence

Not just the seller but you too must sign a written agreement stating all the terms and conditions associated with taxes, payment, pending repairs as having been discussed with you at the time of price negotiation. This will make your property transaction smooth sailing.

Evaluation of Property’s Worth

A proof of the property’s valuation is essential for furnishing before the bank as it is considered for disbursing loan. You too can also be aware of the sum you will be paying to the seller. Make sure that you have the report ready to hand.

Each of these steps is a hard nut to crack and require expertise cum experience. Are you planning to buy any of those alluring resale flats in North Kolkata but unable to make a choice? Feel free to contact us at transventor.com for hassle-free inspections, legal formalities and bargaining of the property price for swift and easy transaction.

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