Precautions to be taken for purchase of resale flat

Q: I am intrested in purchase of resale flat having 2 BHK in patna area. What precaution to be taken or what documents should I check before purchase, please help me.

Pankaj Priyadarshi,

6th February 2015

Buying property in Kadamkuan, Patna

Follow Discussion

Also see discussions for

Patna Kadamkuan Buying property Buying property in Patna Buying property in Kadamkuan

Replies (4)

Pros: 1) You may get a better deal than going with builder directly.

2) A brand new flat usually has some issues with society formation, issues with builders etc. With resale flat of 5 yrs usually these issues will be sorted out.

3) You get what you see unlike in under construction.

Cons: Only major Con is that it is difficult to sell resale flats. But if you are looking for yourself and never gonna sell it, then resale flat is good.

Dharmesh Shukla, Bangalore

7th February 2015

Comment

Hey Pankaj, If you are planning to buy a resale property, you can read this article which explain all steps Buying a Resale or Pre-Owned Property

Ramesh Reddy, Bangalore

6th February 2015

Comment

Advantages of resale flats:

a) You can verify legal tiles and can be assured of legal status.

b) No waiting period. Immediately you can occupy your new flat until and unless you are planning for some re- furnishing.

c) Cost including home loan interest is low compared to under construction flats.

d) You can check out construction quality with the help of structural engineer.

e) You can pay right price because you will get an idea on real estate trends of complex and locality.

Disadvantages of resale flats:

a) Check out for wear and tear or any other visible damage.

b) No major changes is possible in house structure or layout.

c) You do not have choice available for selection in terms of floor rise, view etc as not many flats are available for sale.

d) If you are planning to do a complete makeover the it will cost you a bomb.

e) Society rules might not suit you and you cannot change it.

Amarnath, Bangalore

6th February 2015

Comment

For a resale flat it is difficult to home loan easily if the propety is alos under bank loan and the owner doesnt agree to bear. You wont feel good to pay extra 30 - 40 percent for a property which is less then 5 years old. You cannot register the flat for lower value.

Ramesh Reddy, Bangalore

6th February 2015

Comment

Ask a Question

Related Forum Discussions

WHAT IS THE MEANING OF “AFFORDABLE” FOR HOME BUYERS IN PATNA?

REPLIES

Are skyscrapers the only solution in Patna

why r u fooling us even march date passed

Why I can't see the contact numbers?

REPLIES

what is the price of 2 bhk flat in hajipur

REPLIES

View more Discussions(+)

Follow A Topic

CommonFloor Property Search Mobile App now available on Android, iOS and Windows!