a resale property is beneficial in several ways. Whether it is a newly constructed, ready-to-move-in flat, an older flat or an under construction one, every kind of resale apartments has its unique benefits:
In times when the snowballing property prices evade the reach of an income-conscious individual, the resale market provides a ray of hope by offering flats at a cheaper rate.
Purchasing a resale and ready-to-shift flat helps save a good amount of money that would otherwise have been expended in paying rent or EMI and rent both, in case of under-construction dwellings.
There are no cloaked or honey-dipped features for this market. Everything that is in front of your eyes is yours once you own the property.
The immediate possession can provide tax benefit from the first EMI itself.
Some Grey Areas and Pitfalls
There are some areas that need attention when purchasing a flat from the resale market.
Checking the documentation carefully is the foremost thing that demands due consideration.
It is essential to check whether the seller is the true owner of the property.
It is also vital to ensure that the seller doesn’t have any dues to the society, building or against the house that you may have to pay later.
It is imperative to check the physical condition of the flat before investing your hard earned money into it.
What if the Flat is mortgaged?
If the flat is mortgaged with a bank, the owner needs to procure a document from the bank affirming that it agrees to give the documents to the buyer upon the full payment of the loan. As soon as you transfer the money to the seller’s account, whether in cash or through home loan, the bank will release the original documents immediately, along with a no-dues certificate.
How to Choose?
There are certain essentials that make the selection process an easy and productive one.
The age of the property should ideally range between 1 to 5 years to a maximum of 10 years.
Know about the reputation of the builder and the quality factor associated with his past developments.
Understanding the reason