buying an old apartment in India checklist, when did the concept of apartments come in India, and what is the average height of the apartment
Buying a resale property often comes with unknown challenges, such as higher cash down payment(in comparison to purchasing an under-construction unit from a developer); dealing with some mandatory expenses, such as registration fees, transfer fees, stamp charges, and other charges; and unpaid dues by the previous owner, among others.
So to be prepared here are the top necessary things to watch out for when purchasing an old apartment in India
1.) Present owners
Check whether the property is owned jointly or individually. If you have joint ownership, make sure that everyone agrees on the property sale. Check to see if the vendor is the rightful owner of the property. Obtaining original sales deeds and paperwork that shows the property’s chain of ownership dating back to its construction is essential. All previous owners’ sales deeds must be properly registered and stamped. There should be no encumbrances on the property and a clear marketable title.
Builder’s reputation and overall brand
It is critical to review the builder’s biography and overall history before purchasing a property. How many projects has he completed so far? How long was the wait? Check out the builder’s website to see previous and continuing projects. If you search the internet for the prior project’s name, you should be able to get some useful information. Check out what others are saying about the builder and the property.
If you’re buying an old piece of property or even a new home, get it evaluated by an independent contractor or an architect. The contractor is an experienced individual who can ensure the building quality of the property, if it is a house, by inspecting it.
Purchase a home that you can afford and don’t go overboard. Be aware of any hidden or additional charges while renting a condo or apartment.
People frequently rent out their homes and relocate to another location. You will later regret your decision if you discover that the property is not particularly appealing from a rental standpoint. I’m not suggesting that this will be a deciding element in your selection, but keep it in mind and look at properties from this perspective solely. If your property is near colleges, is centrally placed, or is adjacent to business areas, you will never have trouble getting tenants.
Before buying a property, check the nearby educational institutions, hospitals, and shopping centers. Pay attention to details like how far are the nearest police station, fire station, parks, and playgrounds.
Consult your neighbors.
There could be many details about the property that are only known by neighbors and are not revealed by the seller. There may be certain conflicts, disagreements, or other issues that you will learn about only after speaking with your neighbors.