Buying a home is an exciting experience. And there are many benefits of buying a used flat. It is hard not to get caught up in the hype and fall in love with every property you see. During your home hunting, you may find a home you believe is a hidden gem of a property. However, there are some particular red flags that you, as a used property buyer, always need to be aware of. Whether it is the location of the property or the internal structure of the home that is cause for concern, if a red flag reveals itself to you, it’s a good idea to verify them and get proper answers for all your questions before you proceed with the next steps.
Drop in Price
A significant drop in property prices is one of the biggest red flags of buying a used flat. If the price is too good to be true, then it probably is. It is understandable that while buying a used flat, the price of the property would be lower than a brand new apartment. However, if the price seems to be too lucrative, then you should consider that to be one of the red flags. We are not stating that it could be a point of concern always. But it is safer to look into more details if the price seems too low.
No Written Agreements
This one is a major red flag. Verbal agreements hold almost zero value compared to written agreements. Especially when you are investing a hefty amount of money, verbal agreements are a big mistake. While buying a used flat, it is important to have a written agreement otherwise words can be twisted for one party’s benefit.
Cracked Foundation
The reality is, all concrete foundations will crack at one time or another, but hairline cracks are not an indication of a problem. But if a crack is wider than 1/2 inch, it’s a good idea to have an expert examine that spot. This also holds true for cracks that appear to have been recently fixed. Large cracks can indicate an unstable foundation. So do a thorough inspection before you proceed.
The property has been up for sale for a long time
This could be a little tricky to evaluate. It can never be correctly identified why a property hasn’t been sold. Neither are there any sure shot ways to determine the reasons. However, except for luxurious properties, if any property has been up for sale for over 3 to 4 years, or the last buyer is in a rush to sell the property, it is advised to cross check all the details before you invest your money in that property.
State of the Neighborhood
The way the properties surrounding a home are maintained can affect the resale value. When you go to tour the home, check if the houses in the area have too many vacant apartments. This could be one of the red flags of buying a used flat. Are there any construction work on-going at the moment in the neighborhood that might affect your daily commute? Do you have all necessary amenities within the area? These are some of the questions that you must answer before settling on a project. There are many things about the neighborhood that you won’t be able to change, so be sure to observe the area as a whole.
It’s all too easy to get swept up by the words coming out of a property seller’s mouth. But it is not wise to jump on any offer that comes in your way. So you must always remember to be extremely vigilant throughout the whole home-buying process.
