There are various benefits of purchasing a resale property. The details of all the important documents and various other things to be considered while buying the property on resale are mentioned below.
The purchase of a property is perhaps one of the biggest financial decisions that we make in our lives. With the increase in the cost of properties in the city, most real estate companies tend to construct properties in peripheral locations.
In this way, the buyers who intend to stay in the core areas are left with very few options. Therefore, it becomes more beneficial for them to purchase a resale property as per their choice.
There are several advantages of buying a resale property, like flexibility in payment, immediate possession of the property, fast approval of home loans and much more.
Now let us go ahead to know about the ways in which buying a resale property can be beneficial for you in various ways. Also see the list of documents and considerations required to buy a resale property.
The advantages of purchasing resale houses are many and range from cost-effectiveness, better location, and immediate occupancy.
It is common for one to be cheated when buying property that is being constructed. Although the builder may seem to have good finances, it will definitely be impossible for a buyer to conduct an analysis of his balance sheet.
Therefore, the chance of fraud occurs when buying property that is being constructed. The majority of resale properties are ready to move in, and thus, all that a buyer needs to do is verify whether the property and the documentation are genuine or not.
Houses that are available for resale are comparatively cheaper than the houses that have just been built. In addition to this, the purchasers can negotiate over the price of the houses due to certain factors like interior design of the houses, age of the buildings, fixtures, etc., taking into account their financial requirements.
The buyer can start living in the house right away when he buys a resale property. He doesn’t have to face any problems regarding delays in construction.
Furthermore, he is fully aware of the appearance of the house and the type of furniture that can be used inside the house.
The banks or the financial lenders issue quick home loans on resale properties. There are many advantages associated with the purchase of the resale properties, like less paperwork, a large amount of loan, a low rate of interest, etc. Moreover, the time that the bank takes for their due diligence process is very little, and the home loan disbursal period is also short for resale property.
In case of purchasing the resale house, buyers are ensured of not being involved in any kind of litigation related to the property. As far as observation goes, there have been many cases in the past few years where construction of a particular project was halted due to legal tussles.
It is lack of environmental clearance, among other things. In the case of resale property purchases in Gurgaon, buyers would be aware of the number of clearances that would be required.
When buyers purchase a resale property, the majority of buyers get pre-existing facilities of electricity, gas, water, maintenance, security services, etc.
So the buyers are saved from the additional costs of providing these facilities. In fact, the buyers could enhance these facilities by making a relatively small payment.
When a person buys a resale property, he gets the advantage of paying lower interest rates and instalments on his home loan. Since he gets immediate possession of the property, there is no need for him to pay any extra amount of home loan instalment for houses under construction.
The properties under construction demand payment of the home loan EMI along with additional amounts by the buyer till the completion of the house.
According to the income tax act, while purchasing resale property, there comes a provision for tax deductions of Rs. 1 lakh and Rs. 5 lakh for home loan EMI and home loan interest, respectively, under Sections 80 C and 24B.
Those people who have purchased the property can straight away reside in it and can save the taxes on the first home loan EMI.
Also Read:Best Locations in East Gurgaon
Here are some important things to check before buying a resale house:
It is always advisable that you have a comprehensive view of what options are available to you when purchasing a resale property. One can visit the website of any one of the real estate consolidators like Magicbricks, Housing, Square Yards, No Broker and many others and apply relevant filters to look for the property you are looking for.
Sometimes, some of the resale properties may be extremely old in terms of construction and even fixtures. You should make it a point to get information about how old the property actually is and the present condition of the building where this property is located. It will help you to determine the amount you might need to spend in the form of repairs.
It is important to carry out a title search and check the ownership rights of the seller of the property. It will help one understand the history of ownership of the property and prevent any kind of fraudulent deals.
It is important to find out whether there are any pending dues from the previous owner. This might turn out to be an additional sum that will add to the price of the property. It is important for you to contact the seller and ask him to finalise the payment in case any such dues exist.
It is important to review all the necessary documents related to the property before purchasing it. It will help you conduct a title search to determine the seller's ownership rights. Please proceed further to know about the list of documents needed to buy a resale house.
Here is a list of important documents to check when buying a resale property. These documents are needed for a smooth and proper property registration.
It is essential to verify the fact of whether there is any home loan on the property which the buyer is going to buy. If the seller has a loan and he has not paid back the loan completely, then it is possible that the documents of the property are still with the bank. So, the buyer must first get everything clear before the transaction is done.
It is important to ask the seller all these questions so that the following things can be known:
It would be wise to have the title and the details of encumbrances of the property verified independently. This will determine whether there is any charge registered against the property.
A little investigation here will prevent potential buyers from running into trouble down the road.
Below are some important points that should be kept in mind while buying a resale house.
A resale house can be a good choice for people who need a ready-to-live house, a developed area, and an assurance about the property before buying. They have the facility to see how the property looks and what all facilities are available there.
The advantages of choosing resale properties include quick possession as well as other factors. But at the same time, it is essential to verify the papers and other legal matters regarding the property before choosing it.
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