The fluctuating real estate conditions have seen home prices increase massively over the last decade. As a result, more home buyers, especially first time buyers, now prefer purchasing a second-hand home, as a way to cut on costs. However, even though doing so helps save money, it is vital to note that a home is among the most significant financial decisions you will ever make. In respect to that, you need to be even more careful while buying a second hand/resale property. Described herein are some of the factors that you ought to consider
The Age And Condition Of The Home
If you are planning on buying a resale home, then there is no doubt you know what you are signing up for, therefore, ensure you consider the physical condition of the property. Go for a home that is ten years or less. Most of the resale homes older than that often pack a host of problems which call for costly maintenance.
The main reason you are buying a resale home is to minimize costs. Hence go for a home that is in good physical condition. For instance, check the water heaters and the state of the walls and roofs to determine whether it’s worth the price your being offered.
You also need to consider the location. Make sure it is situated strategically so it can be easy to sell in future, if need arises.
If the age, condition, and location of the home are appealing to you, then the next most crucial factor to look at is the documentation. Ensure that all the relevant and required documents are in place, so you don’t end up buying a home that belongs to someone else. Some of the documents you should request for include the sale deed, the possession, encumbrance, and occupancy certificates and the latest property tax receipts. Reviewing the documentation will not only prevent you from being conned but will also help you know the age of the property.
The Transfer Fee And Other Associated Costs
By now, you already know that buying a resale home is not like buying a new property. All the documents associated with that home are in someone else’s name, and as such, you need to change them to yours. Unfortunately, this process is not free.
You first need to pay stamp duty to the government so you can transfer ownership. The stamp duty costs might be high or low, depending on the valuation of the property. On top of that, depending on the location the home is in, you might be required to pay share transfer fee to the society, as well as brokerage. All these costs might end up being higher or same to when you are buying a new home.
It is vital that you first make a comparison and see what makes more sense between buying from a brand new homes for sale daytona beach fl or going for a resale.
Before you purchase a resale house, ensure it is compliant with the law. When it comes to compliance, the main factor you should consider is whether it is situated in a protected or restricted area. If it is in a restricted area, steer away, as you will eventually lose its ownership. Also, consider whether its structure is in line with the regulations put in place by the state.
Before you sign any contract, ensure you know what you are getting yourself into. The last thing you want is to purchase a home that is debt-laden as these will be on you. Therefore, burn the leather sole and visit the land registry to check out the history of the property. Ensure it is not mortgaged and also check with the bank for any unpaid loans.