There’s no denying that most people prefer either buying a new home or building one for themselves. After all, it gives them the freedom to customize everything from scratch. However, studies show that increasingly busy life-goers are now choosing pre-constructed or resale properties. The primary reason being time limitations and quick move-in opportunities. If you’re also one of those looking to purchase a resale property, this article should be a great help to you.
Keep reading to find out what things you should check and ensure with resale properties.
Check Authenticity of the Property
First of all, when you’re buying a resale property, you would want to check it for its authenticity. Generally speaking, frauds with resale properties are more common than the newer sales. Before signing the sale agreement, you’d want to know the ownership of the property.
Whether you’ve got an agent involved or are dealing directly with the seller, you should ask for a copy of all the original documents of the property. According to a real estate law edmonton expert, you should verify the original documents with the local municipality or authorities. You should never ignore the standard documents, including title clearance, tax documents, electricity bills, floor plan approval, and a few more.
Check the Paperwork
While verifying the ownership may seem easy, your task does not end there only. When buying a pre-owned property for resale, there are several other documents that you should check.
For example, if the previous owner had a mortgage, you’d want to know if it has been paid off or not. In case the mortgage is still due, it could get you in trouble. Or in the worst-case scenario, you might risk losing your property as well.
Before finalizing the purchase, check the following documents carefully:
- Approved building plan
- Status of land title
- Certificate of commencement of work
- Environmental clearance
- Development rights
- Encumbrance certificate
Checking these documents should also help you fetch financing for your purchase. Meaning you can apply and get approval for a mortgage to help you with your purchase.
Ensure that the Property is at a safe location
Preferably, you’d want to buy a house that is situated in a friendly neighborhood, especially if you’re going to move in with your family.
You should look for security arrangements in the area and also the available services. For example, if any security guards are placed at every entry/exit point of the locality or any security cameras are installed.
Apart from this, you should also run a background check on the locality where you’re planning to buy the property. You need to look for civil or criminal cases that are reported in the area.
Ideally, it should be lower than the national median. Still, even if it is equivalent, it will make up for a good purchase choice. Generally speaking, the lower, the better.
Consider Additional costs to bear
It shouldn’t come up as a surprise – many neighborhoods require the residents to pay top-ups. Typically, these top-ups are for additional services, such as maintenance, janitorial services, repair works, etc. Apart from this, there could be other additional charges involved, such as the taxes and the title transfer fees.
When buying a resale property, budgeting is one of the most crucial factors to consider. And it requires you to go through all the additional costs that you might have to bear when you decide to buy the property.
In short, it would only be helpful with your decision-making if you can round up and estimate all the additional costs that you’ll have to bear.
Inspect the Property Physically for any Damages
Ideally, this should be your first step in the process of buying a resale property. Before you even go for a property verification and documentation check, you need to know if the property is liveable or not. For this reason, you should physically visit and inspect the property for any damages or maintenance needs.
Check through the plumbing, electrical supplies, and fixtures (if any) thoroughly. You should also check the condition of flooring, windows, roofing, and doorways. Moreover, do not forget to check for any signs of pest or insect infestations.
Ensuring that everything is in good condition should get you the correct value for the money you’re willing to pay for the property. Besides, it would also ensure that you don’t end up paying for any repairs or maintenance once you move in.
Enquire about Additional Amenities
Regardless of whether you’re buying a resale property or a new one, the amenities that you receive play a vital role in the life quality that you’ll get in your new home. These amenities may include nearby shopping centers, educational institutes, medical facilities, gymnasium and sports activity centers, and more.
So, before you buy a property, you should carefully check for all these amenities that you can avail yourself of in your neighborhood.
This comes in as especially crucial if you’re buying a resale condominium. Since condos are generally shared buildings, you’d want to have all the necessary amenities within your reach.
To Sum It Up…
Buying a resale property isn’t exactly the same as buying a new one. Or not even building yourself a home, for that matter.
There are several things that you should consider when buying a resale home. From paperwork and legal documents to amenities and additional costs that you bear, all these things can affect your purchase decision.
Nonetheless, buying a resale property would anyhow reap you several benefits over a new property. You get to live in a beautifully constructed home. All you’d need to do is make minor changes to suit your needs, and you’re done.
Besides, you also get the benefit of moving in as soon as you sign the sale agreement. Meaning, you can start living in your home without having to wait for it to be repaired or restored. That being said, make sure that you keep a close check on all the things mentioned above to make your transition as smooth as possible.
