The real estate market is booming, and the rates of the flats are very high. In such cases, not everyone could afford the brand new apartment. The best alternative present in front in such situations is to buy an Old Flat. However, one needs to check out various factors before purchasing an Old flat.
- Check Out The Construction Quality:
The very first thing to be thoroughly observed is the construction of the building. The quality of the construction of any property is needed to be checked before you buy an apartment. The finishing of the walls, the tiles, and the fittings in the room, the wiring, etc. Check whether the walls have cracks or the whether the paints looks like it will peel out soon.
- The Registration Information of the Flat:
It is very important to know when the property was registered. If it is registered about 17-20 years, then there is a high chance that the registration might not be valid. A high cost of stamp duty might be incurred in purchasing such property. Acquire all the documents from the seller as original documents are required if re-registration is necessary in case of resale.
- Know About the Maintenance Charges:
Some flats are available at a better value while the maintenance charges of such flats are quite higher. The maintenance charges cover municipal tax, water charges, common electricity charges, property tax, elevator charges, and assessment tax. Garbage collection, general cleaning, security service charges is also charged with the maintenance charges. While in some societies extra charges are applied for the amenities like pool, gymnasium, clubhouse, etc. The buyer must check the charges applied under the maintenance statement and whether the services are available or not.
- Make a Note about the Previous and Pending Bills:
The most common problem faced with the resold flats is the previous connections are not canceled. In addition, there might be pending water tax, electricity bill or some form of the bill that is unpaid by the previous buyer. In such case, the new buyer would have to pay these bills. Ensure that the property tax has been paid or else the new buyer would have to pay property tax for all the previous years.
- Check out the Drainage System:
During the rainy season, most of the apartment gets flooded with the drainage water or rainwater due to the absence of proper drainage system in the apartment. Check the drainage system is proper in your apartment as well as in your neighborhood to avoid such situations.
- The Water Facility of the Society:
The buyers need to check out whether there is existing water problem in the area. The water scarcity is one of the most common problems in the cities nowadays. Other than this, the water supplied might be hard or undrinkable water.
- The Availability of Parking Facility:
Most of the society has a limited parking space. Parking lots might be allotted on a lot basis or a rotational basis. While some societies do not have a separate parking space, it would be better if the buyer checks out whether the society charges for a parking lot.