Things To Watch Out For When Buying A Resale Property
Before making an offer on a property, you want to be absolutely sure that it’s “the one.” But with so many options out there, how do you find your perfect home?
Finding the right home involves intensive research, so you need to ask the right questions. That way you know you’re making a competitive offer on a property that you can afford — and meets your long-term needs. To weed out the duds from the diamonds, here are few questions to ask and things to watch out for, when purchasing a resale property.
Obtain original property documents
Make sure you verify original property documents carefully before signing the sale agreement.
Take the help of your advocate to check all the relevant documents of the concerned property including title clearance, approval plan, ownership document, previous electricity, water, and other utility bill payment, and property tax payment. Verification of documents check will help you avoid legal issues and financial burdens of any kind in the future.
Is the home in a flood zone or prone to other natural disasters?
A property that is in a flood zone or is situated in an area that is prone to other natural disasters, may require additional insurance coverage. If you are underinsured, you could be left footing a massive bill to repair or rebuild your home if a major disaster hits.
What’s included in the sale?
Anything that’s considered a fixture is typically included when purchasing a house – like faucets, cabinets, and window blinds. However, there could be items that you think are included with the home but actually aren’t. Remember to ask in your offer what is and isn’t included with the home. Do you really want the washer or that stainless-steel refrigerator? Ask if the seller will throw these items into the deal.
Check for security
When buying a resale property, it is advisable to check if the property is safe and secure. Check if the property is properly gated, has security guards, CCTV, and other security features to ensure a safe stay for you and your family.
There could be some post-occupation costs that you might have to bear on purchasing a resale property. These costs may include: brokerage and advocate fees to be paid to the facilitating agents; renovation and repair costs; you may also have to pay for transferring utilities like gas, and electricity in your name. So, add all these expenses when calculating the cost of the property as combining them can wipe out the benefit of purchasing the affordable resale property.
How old is the roof?
If a home’s roof is at the end of its lifespan and you wind up having to replace it shortly after moving in, you’ll be shelling out thousands from your wallet. If the roof has existing damage, ask your lender to repair it before handing over the house to you.
Note that neighbors are also an excellent way to acquire information about the property and community that a seller might not want to share.