THE HIGHS AND LOWS OF HOUSING RESALE
There are certain people who really want to buy a property but don't want to wait for three to four years that developers generally take to complete projects. Also, there are certain people who want to live in an area where basic infrastructure is already in place. If you fall into the category of people mentioned above, your best deal will be buying a house in the resale market. Resale market has far lesser risks still, there are many things you must take care in the resale market.
Houses for Resale:
These houses are not necessarily old. The real estate market has a large number of recently-built properties that are owned by investors who want to sell them at the earliest. Most of the properties coming up are generally sold out. This is specifically true in speculator-driven real estate markets like NCR. Whereas, ready-to-move-in properties are easily available under world-class banners like Shriram code superstar
Houses for Resale:
These houses are not necessarily old. The real estate market has a large number of recently-built properties that are owned by investors who want to sell them at the earliest. Most of the properties coming up are generally sold out. This is specifically true in speculator-driven real estate markets like NCR. Whereas, ready-to-move-in properties are easily available under world-class banners like Shriram code superstar
Cost Factor:
A property for resale is not usually cheaper than a new one unless the structure is old. The urban locations, where land is a very big part of the cost, the difference between a new and an old property is small. If the under construction property is about to complete, the price difference is very small. The difference is more in the initial stages and the risk involved is also higher.
Discount on offer:
The real estate sector is witnessing a slowdown. This can work as an advantage in your favor as you can get handsome discounts on offer. In spite of the slow down the competition among the developers remain the same. Most of the real estate investors attract buyers by offering a lower price compared to fresh properties in the market.
Research before you buy:
You should make big purchases only after important inquiries. You should have a thorough check before buying an under-construction property even for resale. These checks must include two things:
> verifying title records.
> ensuring that the property specifications.
For additional safety, you can opt for a bank loan as the banks usually do a thorough check on the property. Home buyers get their homes partially funded for this additional check even when they have sufficient amounts.
Cost for Transfer:
Though the resale properties cost less in resale, you must not ignore the transfer charges levied by the developers to calculate the total cost of a particular property. Many developers may charge Rs 100-500 / Sq. Ft. for the transfers. Developers take this fee to protect their interests as otherwise, they may lose new customers.
The services of a broker may also be needed while buying a house in the resale market and one should make sure that the broker does not use any unfair practices.
The services of a broker may also be needed while buying a house in the resale market and one should make sure that the broker does not use any unfair practices.
After the payment of a token amount, the seller will give you a photocopy of the ownership documents of the house. You should get those documents checked by a lawyer, to ensure that the property’s title is clear. And do check if the seller has any dues pending or not.
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