Many people believe in investing money in under-construction projects whereas some look for resale residential properties. Immediate possession is one of the biggest drawers for the resale property. However, there are a certain set of challenges which a buyer needs to face while buying resale properties like arranging a huge amount of money in a short time span, paying transfer charges and so on. So, if you are planning to buy a resale 3 BHK or 2 BHK apartment in Greater Noida or Noida, do not follow casual attitude. It is important to consider the following things carefully:
Age of the Property - Always invest in those properties which are not older than 10 years. It is because the structural problem arises with old properties. Still, if you are investing in properties older than 10 years, look for plan and structure of the building, mark out the areas require extension repairs, cracks in the wall, etc. All these factors help significantly in the negotiation process and may bring a decision in favor of the buyer.
Legal Documents – Checking legal documents of the resale residential property based in Noida is an indispensable activity during the resale process. Check whether the owner possesses documents builder-buyer agreement, original payment receipts of electricity bill, water bill, property tax, etc. Check the title of the re-sale property to ensure it is free from any mortgage. Besides this, check all approvals pertaining to environment clearance, encumbrance certificate, etc., are in place or not.
Amenities & Facilities - Older residential properties are devoid of facilities like clubhouse, gymnasium, swimming pool, jogging tracks, ample parking space, etc. However, newly constructed residential properties in Noida offer such amenities and facilities within the gated complex. So, if you are thinking to buy older properties, look for basic facilities like regular water supply, uninterrupted electric supply, good sewage facilities to name a few.
Consider Additional Cost - There are some additional costs associated with the resale property. These costs comprise of advocate and brokerage fee, repairs and renovation costs, cost related to transferring of electricity and gas bill on your name, club membership fee, etc. While calculating the total cost of the property, include these costs as well then only you will get an idea of whether buying a resale property is a wise decision or not.
Location – Make sure to check with the property location and confirm whether schools, hospitals, and commercial complexes are in the proximity or not. Presence of these facilities in the vicinity not only leads to a comfortable lifestyle but also helps in increasing property rates in the long run.
Consider all these factors before parking money in resale residential property in Noida. For any further assistance, feel free to hire services of professional real estate advisory firm.