Owning a home requires you to have a stable financial status. But, even after having ample money you might end up buying an old apartment and this purchase has multiple factors to consider like locality, neighbourhood, secure lifestyle and more. But, a home buying deal is a big thing and thus you must know the tips to buy an old apartment.
- The first and most important thing before signing the deal is to check all the documents carefully as it assures that the seller is the actual owner of the property.
- Secondly, the title of a resale property should be clear. Make sure to check if the seller has taken a No-Objection Certificate from the society, he/she should have the copy of builder-buyer agreement along with the encumbrance certificate. Check all these papers in order to form an accurate chain of property selling and buying.
- Thirdly, make sure the dues such as electricity bill, water bill, property tax and society charges are clear. The new property owner has to bear the outstanding due thus check for every single receipt. Apart from this, check for the pending dues from the revenue department.
- The next most important tip to consider is to know about the property’s background. Do check if the apartment is ever used to obtain a mortgage loan.
- The next important tip is to check home loan value from the bank as these financial institutions don’t sanction the same on an old property. The bank considers multiple factors like construction age, depreciation value and documentation.
- Then do ask for the additional charges that have to be paid on monthly basis or yearly in some cases that include maintenance charges, usage charges for amenities or society electricity charge.
- Then you must look for renovation work that has to be carried out in the flat. For example, something likes water pipes, cracks, seepage and more. Apart from these, you might need to work on things like power switches, wooden work and more. You should include all these charges while finalizing the deal.