Buying a property means HOMEWORK, homework, and more homework. Especially if you are thinking of buying in an old building.
Buying a property means HOMEWORK, homework, and more homework. Especially if you are thinking of buying in an old building. With news flashes about buildings collapsing, and horror stories about ownership issues, it is better if you do a backgrounder on the property before you make the final purchase. Here are some quick pointers for you to do a check:
>>u00a0Structure: Old buildings and complexes need to be checked in detail for their construction quality. Over the years, natural elements willu00a0 take their toll on the structure, so check the state of the building. If you have a friend who's a civil engineer or an architect, take him/her along for a recce. Also, check if the structure has been ever renovated and how serious the members are about dealing with chronic problems like leakages and seepages.
>>u00a0Paperwork: The second most important thing to check when buying a property in an old complex is the paperwork. Ask the secretary for all the documents and get them legally scrutinised. Don't be negligent if the society members are not able to produce proper documents. Ignorance on your part can lead to major hassles later if you plan to sell the property.
>>u00a0Loan approval: The paperwork of your building and the flat has to be proper, especially if you plan to take a home loan. Take the property documents to a bank and check whether you'll get a loan sanctioned for the flat. Also, get a clear picture as to how much loan you'll get finally, as old buildings and flats tend to get lower amount sanctioned than new flats.
>>u00a0Society members: You definitely can't choose your neighbours, but in an old building you have the convenience of knowing who and how they are. Take some time out and go to your intended building/complex. Talk to your immediate neighbours, secretary and whoever seems friendly enough to talk.u00a0 Extract as much information as you can about living in this building/society. Also, see if there are kids playing around and if the security is in place.
>>u00a0Maintenance: And finally, take stock of what your outgoings are going to be every month. You never know you might decide to buy in an old complex thinking the monthly maintenance will be low and get your first shock when you receive your first monthly bill. If there's a gym or a swimming pool in the complex, ask what the maintenance cost will be without fail.
ADVERTISEMENT
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
