4 Factors To Consider When Buying A Resale Property

A resale property is one that has been used before appearing in the market. One of the main advantages of buying a resale property is that the property tends to be much cheaper compared to another property.

There is also reduced risk of buying this type of property. Do you think this is the right investment for you? Here are some of the things that you should consider before making the purchase:

Registration of the Property

How is the property registered? Before you part with your money you need to ensure that the house is registered property. As rule of thumb you should ensure that it's registered under the vendor's name. While you can do the research by yourself, it's wise that you hire a lawyer to do the work for you. In addition to the lawyer doing the work professionally, he/she will also do it within a very short time.

Compliance with the Law

In addition to doing your research in order to determine if the property is properly registered, you also need to do your research and find out if the house complies with the law. Here you need to ensure that the property isn't built within a protected area.

Debts

Are there debts against the house? You should find about it by visiting the land registry. Remember that when you buy a resale with a debt you are liable for all the debts of the previous owner; therefore, you should always ensure that there are no debts against the house.

The best way of going about it is contacting your lawyer and ask him/her to request a certificate from the community of owners. For you to purchase the house the certificate should show that the house is up-to-date with the community payments.

Tenants

Many resale houses tend to have tenants and you have to respect their tenancy. Remember that you can't force a tenant to leave the house until the tenancy elapses. This means that even if you have bought the house you can't start occupying it until the tenant leaves.

Conclusion

These are some of the factors that you need to consider when buying a resale property. In addition to these factors you also need to survey the house and ensure that it's in good condition. If it's not in a good condition you should let the seller know about and ask him/her to refinish it.

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