7 things to consider while buying a resale home
Buying property is a huge step in any person’s life. It is a daunting task, and if it isn’t for you, something is wrong. Buying resale property has its own pitfalls and benefits. Are you looking to buy a resale home? Here are seven things to consider:
Make sure that the location of your new home is to your convenience. It can be your community, proximity to your workplace, children’s school, central part of town, etc. Good residential neighbourhoods are hard to come by, but when an opportunity knocks, you open the door. Good neighbourhoods meant for residencies are safe and have an overall hospitable environment.
- lifetime of the building:
This is a factor that can often be neglected. Knowing the lifetime of the building is very important, especially if you are planning to live there for long. The average lifetime of a building is about 50 years. If it is already 25-30 years old when you find it, steer clear.
- Have proper papers:
Acquaint yourself with the proper legal procedure of property purchase. Nowadays, there are a ton of sites which will help you with this. do your research and keep those papers at hand. The last minute scramble is always undesirable. Here are a few links to help.
- Have a trustworthy agent:
Real estate agents are almost unavoidable in the process of buying a new home. Turn this to your advantage and get a trustworthy agent. He/she will help you get the best house at the best price. You might need to get in touch with your friends and relatives if you don’t have an agent in your mind already.
Cost is another crucial factor. The property market is always swinging to and fro from being a seller’s market or a consumer’s paradise. Time your purchase well. There is no need to rush. This way you will be able to get a good value for your money.
You don’t need to abide by the original owner’s design of the house. You should look for houses where you have the freedom to modify it. Merge the bedrooms if you do not need the extra one. Build a shed over the balcony and make it a part of the hall. It is you who will be living there for the coming decades.
Some amazing properties can be obtained from bidding. Look up lists of properties up for auction and try to get yourself into the game. This is another place where you will be needing your agent’s help. He/she will get you a part in the bidding.
- Seek help:
Do not go off on your own on this venture. Help from experienced people and good advice from a trustworthy financial advisor is a must. Learn from the experiences from your friends and family. Get to know about all the mistakes and the good decisions made by them. Deals that may seem impossible to turn down in the beginning may be surpassed by far better ones. Be patient and avoid any impulsive decisions.
Buying a resale home can save you a ton of money if done right. Many people hoard properties to sell them at a higher price on appreciation, that is why one must keep an eye out for good deals. Not only go for the architecture of the house, but also its location, cost and overall feasibility.