Factors to Consider When Buying a Flat for Resale
The real estate industry has seen a tremendous growth in recent years due to the increasing population and their ever-growing demand. Businesses work on the principle of demand and supply, and the fulfillment of people’s needs can only be achieved with resources that are available at an affordable price. In the past few years, the trend of purchasing houses has shifted to buying flats, as they are more cost-effective and convenient. This article is written to support this shift in trend.
Points to remember while purchasing an apartment for resale -
1) Valuation :
Valuation is a helpful method for determining a property's current value when considering whether to purchase a resale apartment. Factors to consider when performing property valuation include: the location of the property, the condition of the property, the size of the property, the age of the property, the amenities available, the market value of similar properties in the area, and the current economic climate.
2) Brand name associated with property :
Before investing in a resale apartment, it is highly recommended to investigate the builder or developer’s background. To do this, you can review the developer’s past projects and the quality of their completed works. Examining multiple projects is the best way to obtain the necessary information. Additionally, you should verify important details such as their RERA registration and compliance with regulatory standards.
3) Age of the property :
It is generally not recommended to purchase an older property, as they often require costly renovations and redevelopment. Residential units typically become available for purchase when they are between 50 and 60 years old.
4) Quality of construction :
The structural designs should be checked first, with efficacy and safety as the primary determining factors. Room measurements should be verified, as well as the wall’s thickness by knocking and poking it to reveal its hollowness and concrete mixture. Evenness, cracks, and drying in the paint should be looked for. The restrooms, toilets, and other sanitary fixtures should be verified, as well as the water flow and speed in the bathroom fixtures. The locations of the supply lines for the various utilities, including gas, electricity, and water, should be checked, as well as the window and door alignment.
5) Locality and infrastructure development :
The neighborhood has a major influence on the property’s overall return on investment and price appreciation. Before buying a pre-owned home, it is important to assess the area’s infrastructure development. The quality of life in the area is determined by a range of factors, such as transportation, energy, roads, water supply, and government services.
6) Connectivity :
The primary factor impacting growth in the area is connectivity; citizens will benefit from efficient roads, rail, air transit, places of employment, schools, healthcare facilities, and entertainment venues, all of which will improve their quality of life.
7) Stamp Duty :
The stamp duty for a resale apartment varies depending on the location, while the registration fee is 1% of the property's market value.
8) Utility Cost :
This price includes estimated utility connection fees for gas, water, and electricity, as well as registration, deposits, and transfer fees. When purchasing a resale apartment, you should factor in these utility expenditures and add them to your overall budget if necessary.
9) Post occupation and maintenance cost :
Post-occupancy costs may include brokerage or consultation fees, club dues, amenity fees, and the cooperative society’s set monthly maintenance fee. It is important to verify that the previous owner do not has outstanding obligations.