What to be considered of buying old flat

Buying a property like flat is a big decision in life. People often like to buy old flat to save money, some time for good location. Also, it saves lots of time. All good things have some negative side. This is applicable for old flat also. When a seller wants his flat for sale , may be the reason of construction issue, locality issue or can be another issue. So u needs to be very careful before buying a second-hand flat. Here is a checklist you might want to consider

Age and Condition of a Flat:

This is most important factor for buying an old flat. It's a not wise decision to buy a flat older than 10 years. This will help you save lots of money. Most of old flat have the issue of wall cracking, moisture issue. It can be solved but need a bit of extra investment. Also, banks are not like to approve a loan for a very old flat. So check Flat condition thoroughly, if possible take help of an expert. Sometimes you will see that some developers talk more only their ready flat for sale. However, be careful before choosing these types of flat .

Location of Flat:

The location also a prime factor that needs to be considered. Popular and metro area is always good for good communication but costs you more money, noise pollution like problems. It's a choice of you and necessity. As per expert - not to buy ground floor and top floor. Because top floors can be face problem of dampness and leakage. Ground floor in high rise area facing poor ventilation and natural light. How every most of Promoters want these ground and top floor flat for sale first and some times they take less money per sqft. For that types of flat

Document need to check:

Buying a flat involves lots of legal and government paper like Purchase agreement, sale deed, No Objection Certificate (NOC) from society. Also, you will check electric bill, tax receipt.

Property valuation:

Measuring valuation of property important for buying any kind of property. So make some research on internet or offline. Right valuation can save lot's money. You can take expert advice to get the best valuation.

Existing loan of Seller:

Usually, people taking a loan against property. So you must check for any existing loan against flat. If any loan is continuing documents of property kept by Bank. So it's good to ask loan clearance certificate of Bank.

Getting Loan:

As mention previous, loan agency not like to approve a loan for a too much old flat. Agency will do the technical verification .If result becomes satisfactory you can get a loan for buying an old flat.

Transfer Fees and other Charges:

You need to pay additional share transfer fees at the society while buying a resale flat. Apart from this, you need to pay advocate fees and brokerage fees to an agent. So, add all these costs while calculating entire cost of the property.

Real Estate Agent:

A real estate agent can help you find old good condition flat in good location. Now you can find lot's online agency that provide this kind of service. Also, you can find a good deal by goggling old flat for sale.

Final word:

Getting a home is a most memorable time of life. So check all factors of old flat as much as you can. I wish you could find your new home quickly.