Precautions required while buying a flat in resale

by Zara Wilson Experienced Writer/ Marketer

The real estate market is a fluctuating market! Nowadays many people prefer to buy resale flats in Kochi rather than wait endlessly for the real estate prices to fall or go in for expensive brand new apartments in Kochi. The resale flats for sale in Kochi might be as good as new and can be obtained at a discount of no less than 10% of the price of a new one. Many people buy a resale flat just to save cost and time. However, the cost of a flat usually depends on multiple factors like area, age of property, amenities, localities etc.

Before you take the step, some precautions are required while buying a flat in resale.

Check the documentation carefully. Make sure that the seller is the true owner of the property.
Check the physical condition of the flat in Kochi before investing your hard-earned money into it.
Age of a flat is a vital factor to consider before buying a resale apartment in Kochi. Do not buy a very old flat as it will have multiple problems related to maintenance. Getting a home loan for an old flat is very difficult.
You should consult the expert for the valuation of the property. Valuation of property is always important in deciding the price of the property. To get an idea you can also check the price of the new property in your area.
As you may be dealing with individuals, purchasing a resale flat often requires paying at least 20% down payment that may be in cash, which is higher than that asked by the developers of new flats.
If the flat for sale in Kochi is already mortgaged, 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.
You will have to deal with mandatory expenses like registration fees, stamp charges, transfer fees, utility transfer fees and real estate agent fees and more during resale.
Check if the previous owner has cleared the dues with the society or building management, or it would need to be paid by the new owners.
Minor expenses like a home makeover, parking/security charges, society membership fees and a couple of other overheads will occur.
Check the reputation of the builder and the quality factor associated with his past developments.
Understanding the reason behind the sale will help in uncovering the problems and issues with the property if any.
Considering the surrounding environment, proximity to important areas and amenities available in the vicinity also affects the final decision of purchasing resale flats in Kochi.

Even if it is a new flat or a resale apartment in Cochin, it entails a huge investment from your side. Hence tread carefully in all your dealings. Get a legal opinion to examine all the documents before you buy your flat.