A Simple Checklist to Buy to Pre-Owned Flats
Dec 27, 2017 Home Trading Steps
Looking at the condition of the real estate sector, it is been said that this is the right time to buy property and specifically the ready-to-move-in ones. Because there are numerous under-construction inventories that are still lying as it is without any deadline for being getting completed. So there is a high risk involved in buying or investing in those properties. Hence, this is the right time to buy a ready-to-move-in flat pre-owned flat as investors are now ready to dispose of their properties at a much lower price. But before buying a property owned by an investor here is a simple checklist to follow.
Let’s understand the advantages of buying a pre-owned flat
If you buy a pre-owned flat, you are in a much better and safe position as you don’t have to wait for the property to get ready, the owner must have verified all documents and you can instantly move there. It’s just the buyer need to pay the entire amount at one go to own the property.
Here are some benefits:
All clearances and approvals in place, so easy title transfer
No risk of delayed possession
Social and physical infrastructure already in place
Get home loan without any trouble
No need of making tripartite agreement
But pre-owned properties also come with certain disadvantages as well
Pre-owned flats are more expensive than the under-construction ones
Fewer options to choose from as there is limited inventory on offer
No attractive offers and schemes
In order to manage the unsold inventories, builders are offering various schemes to lure the buyers but the risk factor is high here. Hence, to be on a safer side, the buyer should go for pre-owned properties only and move there as early as possible.
Also in case of buying any investor’s flat, the home loan eligibility rules, registration and stamp duty charges, tax obligation remain same as that of dealing in the primary market. But if you buy from a builder you get post buying service and guidance also which you will not get from the previous owner of the respective property.
In spite of all pros and cons, permutation and combination experts suggest that those home buyers who are looking for ready-to-move-in properties they should consider those properties that are already owned. Although, the prices will be higher as compared to the under-constructed properties, but for the end-users, buying a pre-owned property is definitely the safest bet.
Let’s understand the advantages of buying a pre-owned flat
If you buy a pre-owned flat, you are in a much better and safe position as you don’t have to wait for the property to get ready, the owner must have verified all documents and you can instantly move there. It’s just the buyer need to pay the entire amount at one go to own the property.
Here are some benefits:
All clearances and approvals in place, so easy title transfer
No risk of delayed possession
Social and physical infrastructure already in place
Get home loan without any trouble
No need of making tripartite agreement
But pre-owned properties also come with certain disadvantages as well
Pre-owned flats are more expensive than the under-construction ones
Fewer options to choose from as there is limited inventory on offer
No attractive offers and schemes
In order to manage the unsold inventories, builders are offering various schemes to lure the buyers but the risk factor is high here. Hence, to be on a safer side, the buyer should go for pre-owned properties only and move there as early as possible.
Also in case of buying any investor’s flat, the home loan eligibility rules, registration and stamp duty charges, tax obligation remain same as that of dealing in the primary market. But if you buy from a builder you get post buying service and guidance also which you will not get from the previous owner of the respective property.
In spite of all pros and cons, permutation and combination experts suggest that those home buyers who are looking for ready-to-move-in properties they should consider those properties that are already owned. Although, the prices will be higher as compared to the under-constructed properties, but for the end-users, buying a pre-owned property is definitely the safest bet.
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