Sometimes buying a second-hand house can be quite a scary proposition as we tend to blindly trust the seller the key here is to double-check each and every fact.
Buying a second hand house can actually be a smart move--you get a ready-to move-in living space in a neighborhood of your choice. But what if, after possession, you discover that the papers are fraudulent or that the extension on the terrace is illegal or that it will cost you loads of money to repair the faulty electrical wiring ?
The only way to safeguard yourself is to be cautious. Here are some suggestions :-
FOLLOW YOUR INSTINCT: Whether you buy a new house or a pre owned one, the most important thing to trust is your natural instinct what we term in colloquial language as `gut feeling'. The first feeling or thought which comes to you when you step into the house is your deciding factor. A home is where you and your loved ones are going to be spending a lot of your quality time sharing your dreams, hopes and aspirations hence the vibes from the house should be warm and positive. One negative vibration and drop the idea of buying the house as it could wreak havoc with your life.
PRACTICAL STUFF TO KEEP IN MIND: Prior to taking a decision check out the neighbours; also inquire as to why the current owners are selling the house; ensure that basic essentials like vegetables, groceries, medicine, petrol, etc are available at a friendly distance and water supply is sufficient; confirm that emergency services like medical and police stations are accessible; also make sure that you wouldn't be traversing hours to reach out to academic institutions, public transport and entertainment avenues; etc
DIG INTO THE PROPERTY'S PAST: Simply ensuring that the person from whom you are buying the property is actually the owner is not enough; it's mandatory to trace the ownership for a minimum of 20 years and a maximum of three generations, depending on the age of the house. Take the advice of a legal expert and have him prepare a "search report" on the property. The reason in case there was a fraud involved in the transfer of the property, say 15 years ago, all subsequent ownerships, including yours, could be nullified. That's why bank asking for the chain agreement of the property before disburse loan against the property.
MORE MONEY: Although nowadays banks are granting loans to buy second-hand houses yet they have full rights to refuse a home loan for a very old property. For instance, the State Bank of India does not offer home loans for houses older than 25 years.
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