Investing in real estate is one of the most important financial decisions that one ever makes in a lifetime. It is very important that the investor be aware of the basic real estate rules and techniques so that they do not lose anything through their investment. People buy different properties based on the factors that influence them on a daily basis. Some go for apartments, villas, independent houses, and various other options that are available in the market these days. This is a personal choice and varies from one person to another.
When you are buying a house in your most favored location and if there is a scarcity of newly built residential apartments in that region, then you can definitely consider buying an old apartment. Anyway, there are certain factors that you must keep in mind if you are buying an old apartment so as to avoid any trouble that occur lately. So, here are a few things that you need to remember if you are planning to buy an already existing old apartment. If you are looking for a brand new apartment, check out prestige park grove Whitfield.
Age of the Property
If you are buying an already existing residential apartment, make sure to check the age of the house. Older apartments will be rich in character and they may also need more repairs and upgrades. You must ensure that you have the time and budget to manage these things. Another thing that you must check while buying an old apartment is the building code, as it changes over the years, so it will be good if you have an understanding of how the house is built with a different set of rules than the current one as this will be helpful for you.
Title Check
In order to avoid getting into any unauthorized transaction, it is essential to perform a title search on the apartment that you have chosen. This will help you understand whether the person selling the old apartment has complete ownership rights over the property or not.
Property Documents
Before purchasing an old apartment, one must go through a tough, exhausting, and time-consuming process of going through the legal formalities and paperwork. The buyer must make sure that the property must be registered in the government records and the ownership must be accurate.
Financial History
Checking the financial history of the apartment is very crucial as it is bought from an individual and not from a builder or developer. The buyer must keep a track of all the financial transactions that have taken place. A ‘No Objection” certificate from the bank is required if the seller has any active home loan.
Taxes and Utility Bills
It is very essential to ensure that there are no dues on the property from the electricity, water, and property tax department. This is a mandatory process. To check for electricity and water dues, one must check it with the builder and the tax dues must be checked with the revenue department.
Property Damage
One must inspect the apartment closely enough to find any structural damage within the property. Check for any cracks on the walls and the moisture that threatening the structure. Ensure that the property has been constructed according to the building plan or not. Make sure to inspect the bathrooms and kitchen carefully to avoid any issues later. Also, consider the recurring costs such as painting and other maintenance charges associated with the property.
Maintenance Charges
Usually, an old apartment comes with fewer amenities thus, the maintenance charges for these would be low compared to a newly built apartment. Make sure you go through the detailed conditions of maintenance charges that you need to pay post buying an old apartment of your choice. Check the amount you need to pay for common amenities such as lift services, parking, swimming, gymnasium, clubhouse, and all others. In many old apartments, the residents could avail of these facilities for free.
Apart from these, there are several other factors that you must consider before buying an old apartment. Before making your purchase explore every residential option of your choice. Take assistance from a reputed real estate agent as they will be very helpful in such cases.
