Buying a resale property in Bangalore? Proptals has you covered! 🙂
Buying a resale property in Bangalore can be a great investment, offering advantages like ready-to-move-in homes and potential cost savings.
However, purchasing a previously owned property requires careful evaluation to ensure you make a wise decision.
Here’s a comprehensive guide on what to look for when buying a resale property in Bangalore.
1. Verify Property Documents
Before proceeding with a purchase, ensure that all legal documents are in place. Key documents to check include:
- Title Deed – Confirms the seller’s ownership of the property.
- Encumbrance Certificate (EC) – Verifies that the property is free from legal dues or mortgages.
- Sale Deed – The primary legal document proving property ownership.
- Occupancy Certificate (OC) – Ensures the building has been legally constructed.
- Khata Certificate & Extract – Necessary for property tax payments and legal identification.
2. Check RERA Registration
Under the Real Estate (Regulation and Development) Act (RERA), all properties must be registered.
Verify the property’s RERA registration to ensure compliance with legal and safety norms.
If you are buying an independent house or buying an apartment that’s ready to move in, you could skip this step.
3. Inspect the Property’s Age and Condition
Unlike new properties, resale homes may require repairs or renovations. Check for:
- Structural integrity – Look for cracks, water leakage, and pest infestations.
- Electrical and plumbing systems – Ensure wiring, switches, and pipelines are in good condition.
- Flooring and paintwork – Evaluate the costs of potential refurbishments.
4. Evaluate the Location and Connectivity
The locality plays a crucial role in property appreciation. Consider:
- Proximity to IT hubs, business districts, and employment centers.
- Connectivity to metro stations, highways, and public transport.
- Availability of essential amenities like schools, hospitals, and shopping centers.
5. Compare Market Prices
Analyze the property’s price against similar properties in the same area.
Factors influencing the price include location, age, amenities, and market trends. Utilize property portals or consult real estate experts for price comparisons.
6. Check for Pending Dues
Ensure that the previous owner has cleared all:
- Property tax dues
- Maintenance fees
- Electricity and water bills
- Home loan liabilities (if any)
Request receipts and a No Objection Certificate (NOC) from relevant authorities before finalizing the deal.
7. Understand Loan and Financing Options
If you plan to finance the purchase, check the property’s loan eligibility.
Some banks are hesitant to approve loans for older properties or those with unclear documentation.
8. Verify the Builder’s Reputation
If the property is in a gated community or apartment complex, research the builder’s track record.
Check reviews, past projects, and potential issues with construction quality.
9. Assess the Neighborhood and Security
A good neighborhood significantly impacts your living experience and resale value.
Look for:
- Security measures like CCTV, gated entry, and guards.
- Community infrastructure, parks, and recreational facilities.
- The overall cleanliness and development of the area.
10. Negotiate the Price and Additional Costs
Resale properties often provide room for negotiation.
Consider factors like:
- Market conditions – A buyer’s market gives you more leverage.
- Required repairs – Use repair costs as a negotiation point.
- Additional costs – Factor in stamp duty, registration fees, and brokerage charges.
Conclusion
Buying a resale property in Bangalore can be a rewarding investment if approached wisely.
Conduct thorough due diligence, verify legal documents, and assess the property’s condition before making a decision.
With careful planning and the right negotiation strategy, you can secure a valuable asset that meets your needs and financial goals.
Considering buying a resale property in Bangalore? Proptals can help you!
Contact us and we’ll be glad to assist you.