It’s not always possible to find a newly constructed house in urban cities. The number of ‘ready for possession’ properties is limited, and there is a massive mismatch in the quality demanded and quality available. With a few investment options, the interested investors end up investing in old properties for generated returns.
If you amongst the lot and are planning to invest in a pre-owned property, here are some tips for you that you should know.
Look for safety measures
While inspecting the flat/house, make sure it is equipped with all the essential safety gears. Safety perspective of a home includes physical security measures such as doors, locks surveillance system and protection from bugs and pests. If the existing owners didn’t follow strict safety precautions property, then be prepared to bear the extra cost to make the place secure and livable.
Read More: Top 5 Home Safety Gadgets
Get to know – Illegal Additions
It’s not an unfamiliar practice to trespass a part of the common area for expanding the parking or garden area. Remember to check the maps and permissions, in order to know the approved dimensions of the home/property. Tally the map to mark the area, also calculate the cost according to the legal documents.
Identify the ‘DEAL’ breaker
It’s rare that second-hand homes/flats are picture perfect. It’s a big possibility that one might have to redo the bathroom titles or fittings, the kitchen fixture and who knows even a complete makeover both in and out the flat/house. While inspecting, assess all the items, especially those items that might need prompt maintenance. Ascertain the cost of repair at the time of calculating the property price. This will act as a great ‘deal breaker.’
Read More: Tips to Transform Ordinary Homes into Eco-friendly Living Space
Estimate future cost
Prospects like neighborhood and location should be kept in mind if the house is being purchased by the buyer for end use. Also, take a note to assess the shelf-life of the components that are pre-fitted.
While scrutinizing a home, one might get an opportunity ask the seller to get faults repaired or demote the price. There is always a chance during the visit to ask for perks while clinching the deal if you have met the seller yourself. One can give a candid touch to the conversation by asking for favors or concluding the deal on your terms
