Nowadays most of the houses that were built years back are on sale. These houses are then bought by builders to enhance them either into apartments or commercial buildings. Resale houses come with their own advantages and disadvantages, although if proper precaution is taken, it is a safe buy. Here are the Pros and cons of buying a resale house.
- Cost effective – Since these homes are older and may need you to do a little damage control before living there, the cost at which it is sold could be lesser. Business has also slowed down at the real estate market, for the time being, making sales go higher as prices have been lowered.
- Location – As old houses are mostly located in the center of the city or a locality, it provides a good location. Most of these houses were built when land was available in the city and not the suburbs; hence they are centralized and easy to navigate around.
- Don’t have to worry about the neighborhood – When you buy a resale house it’s mostly in a well-accomplished neighborhood. Thus you don’t have to worry about finding a safe locality for your family.
- Test drive already had done – As the house has already been used before you need not worry about trivial issues that come along with buying a new house. Even if there are certain issues you know what you are in for, getting you ready to deal with it.
Here are the cons of buying a resale house –
- Maintenance- As I mentioned in the first point, there could be a few things that you would have to set right. This on the bright side means the cost will be lesser but on the other hand, you’ll have to fix it with your own money.
- Documentation – Make sure you get the document that you receive verified by a lawyer before you go through with the deal. This is important to stay away from any fuss in the future.
- Money – This is a tricky business if property prices have gone up. The seller might ask you to pay a sum of the entire amount in hot cash and the rest by check. This would be difficult for a person who has taken a housing loan, as they would be restricted.
- Clean chit – Make sure that the seller has settled all accounts with the builder. Otherwise, you’d end up paying the builder as the new owner of the house. Also, make sure you check if there are any pending cases on the property that you are going in for. This is a common problem with buyers going in for a resale house.