All about investing in a second hand property in India

A second hand property is cheap and often comes within budget. A pre-owned apartment in proper condition is always wise to invest. But, it has to be in proper condition. You just cannot invest in any property the agent demonstrates. Investing in a property may invite trouble in future. Hence, follow some rules before investing in a second hand property.

• Do plan out a budget. Remember, you need budget for purchasing the property.
• You can visit various banks or financial institutions to get idea about loan.
• When you are visiting property, make sure you check the location of the house properly. You cannot buy a house which is situated far from the locality. The residence must be in a good place within the city.
• Also, do take experts opinion and assistance in inspecting the property. Inspect the condition of the house specially check the electricity, plumbing, woodwork etc.
• Consult a legal advisor and thoroughly check the property registration papers. The land must be registered. Bargain wisely.
• Always have some extra amount in your budget as you will need cash to renovate and rework on the interior before using it. In such a situation extra cash will help.
• Never buy a disputed property.
• You must check if the property offers garage facility or not. If it does not have one constructed, then at least it should have provision for garage.
• Also some properties are available on 100 years lease and cannot be sold directly. Avoid such houses or flats.