Things you need to be careful about before buying a resale flat
The rate of real estates is shooting the stars with every passing day. Buying brand new flats or plots seems like only a distant dream to many of us. While some still prefer buying new flats, some of us choose resale flats.
Resale flats are the flats that are sold twice. Relatively the rate of these flats is cheaper since they are not brand new. However, one must be a little more careful while choosing a resale flat. Here is what you should consider before buying a resale flat.
- Age of Property
Considering the age of the property is significant. There are times when the flat do look old but aren’t and sometimes it is vice versa as well. Knowing the age of the property helps you estimating its strength. You should not get fooled regarding the age of the property. Please make sure that you go through the property documents.
- Cost of Amenities
The cost of amenities is best to be cross-checked with the dealer or the owner. Sometimes items like furniture or fixtures are added to the cost as the cost of amenities. One must keep a check on the amenities that are given alongside the corresponding cost.
- Area and Locality
Just because you are getting a cheaper deal does not mean you should accept it blindly. Keep a check on the area and locality where the flat is situated. It is best to visit the flat beforehand and examine the area surrounding to it. An area of dispute or unhealthy atmosphere of the locality should be avoided.
- Ask them Why?
You need to know why the person is interested in selling the flat. Is it that he or she has found a flat in another location? Or is it that they are moving out of the city? Whatever be the reason you need to know it. Not every time you would get a genuine answer but you can always talk to other people and gauge it.
- Verify the Builder
The verification of the builder is also an important aspect to consider while buying a resale flat. An extensive verification of the builder with the help of your legal advisor is an advice worth a million dollar.
- Total Cost
Calculate the total cost involved and compare it with the cost of newly built flats. On most of the occasions, the total cost exceeds the cost of newly built flats hence be cautious. Ensure that there are no extra charges unnecessarily charged upon your costing. In case the resale flat cost is exceeding the cost of a brand new flat, we advise you to rethink.
Buying resale flats are advantageous especially in terms of its costing however, there are frauds lurking around everywhere. Being cautious and thinking rationally would safeguard you against scams more than anything else. Apart from the mentioned points make sure that the flat is not kept as a mortgage with any financial institution.