Disadvantages Of Buying Resale Property: Resale Property Purchase Checklist
. Here are the basic disadvantages and benefits of Buying a resale property:
1) Most important thing - You are on your own. Hence, if anything goes wrong with the deal, you will have to face the consequences on your own.
In case of buying an under-construction flat, there will be many people who will book it along with you. Hence, if anything goes wrong, you can fight for it as a group. But in case of a resale deal, you are all alone
2) Good Resale properties are difficult to find. You will have to most of the times depend on a real-estate agent who will pocket a fat commission for the resale property deal.
3) Another disadvantage is that you WILL have to TRUST him. Just because you are paying a fat commission to the real-estate agent, does not imply that everything will be correct in the deal
4) You cant negotiate much on resale properties - especially the good ones. Since they are difficult to find, they are quoted at high rates. Since there are many buyers, rates are higher and there is no scope of negotiations
5) You will need a good trusted lawyer to ensure that all your deal papers are proper and not putting you in a mess. That again comes at a big cost
6) You might end up buying an old apartment, which might require lot of maintenance expenses after you move in
7) You need to be careful about the paperwork and any ambiguous claims on the property by anyone else. next, lets head over to the Checklist for Resale Property Buying Purchase to know what all you should mandatorily check before striking the deal
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