Most of the people who live on rent and realize that the time has come to buy a property in Blue World City Islamabad, do not have the time or financial conditions to wait for the construction of an apartment to be completed on the plant. The rush to move is one of the factors that lead buyers to look for an old apartment, understanding that this is the only option left.
There are several options for old apartments for sale on the market. Doing good research is the first step towards making a more accurate decision. In this way, one of the most important factors to be considered is the location. From the moment you make an analysis of some points, such as proximity to the subway, good mobility, possibility of development and enhancement of the area, you will already have good conditions to start your search.
But it is also necessary to take some care so that the negotiation is productive and that the realization of the dream of owning a property does not become the nightmare of high costs with reforms or judicial problems. Therefore, in this article, we will show you the 5 most important precautions you should take when buying an old apartment. Find it out!
1. Check the conservation status
This tip may seem the most obvious, but, when buying a property, many times, due to emotion, we end up not paying attention to important details that may be hidden at first. However, it is important to remember that renovating an old apartment can lead you to spend much more than planned.
Therefore, it is necessary to check the condition of the property. Points such as electrical and hydraulic installations are the ones that most require attention. As they stay inside the walls, if they need to be changed, they cause inconvenience to the new owner. Weak infiltrations and linings are also on the list of items to watch out for.
2. Plan the budget for the purchase and possible reforms
Even if you make a very detailed assessment of the points that we listed earlier, it is almost certain that you will need to make renovations when buying an old property. Therefore, when making financial planning for the acquisition, in addition to the money for taxes and fees that must be paid during the process, you must consider the costs of work.
Also, remember that the bureaucracy for the purchase of a used apartment can be greater in cases where a mortgage is made. Therefore, expenses with this documentation must also be provided for in the purchase budget.
3. Visit the property on different days and times
A good survey to help in choosing the property provides that you make visits on different days and times. This helps to carry out a less emotional check of the apartment, with the possibility of noticing if there is a lot of noise on the street, if the traffic in the surroundings is intense, if the neighborhood is quiet and if the neighborhood is safe. Also, be sure to check the natural lighting and ventilation conditions.
This is a good chance, too, to recognize the region. You can walk through the nearby streets to get to know the trade and services infrastructure and check if there are markets, bakeries, pharmacies and other essential establishments to guarantee your comfort. It is worth looking, if you have children, schools, parks and squares that can be attended by them.
Finally, it is good to talk to the neighbors and understand a little about the rules of living in the condominium. Take the opportunity to inquire about the value of the condominium fee and to obtain information on the apportionment of bills, the possibility of installing internet and cable TV, among other data that may be valuable to you.
4. Check if the used apartment is regularized
Do you remember that we said that you should guard against legal problems when buying an old apartment? This is what we are talking about when we mention the regularization of the property. Some important documents must be checked (all updated) before you sign any paper for the purchase. See what they are:
- at the Real Estate Registry Office, ask for the twenty-year certificate with a negative charge (it informs you if there is a judicial pending, mortgage, problems with ownership, among others);
- ask the seller for negative certificates of protest and criminal or civil action certificates, such as an ongoing divorce or labor lawsuits. Also review the debt certificate with the federal, state or municipal government in the past ten years;
- check the declaration of discharge of condominium fees, which can be requested from the liquidator.
5. Analyze the conditions of the contract
Finally, after checking everything we’ve mentioned so far, it’s time to pay attention to the contract. Doing business with a trusted real estate agent makes everything safer. Anyway, it is important to know some essential points that must be provided for in the purchase and sale document, especially in the case of old apartments.
All clauses must be clear and must be written legibly, preferably with emphasis on those that limit your rights as a buyer. Be sure to clarify any doubts with the seller before signing the contract. Having a lawyer nearby to help with your reading can be very helpful.
In addition, the document must have all information about adjustments, values, payment methods, conditions and date of delivery of the property, as well as personal data, both of the buyer and seller, penalties and date of signing the deed and registration. Pay special attention to the clauses referring to any terminations and arrange, as soon as possible, the writing of the deed and the registration with the Real Estate Registry Office.
Finally, we highlight that, in addition to the option to buy an old apartment, you can find great alternatives in the real estate market of newly built properties that never had residents. The big advantage is that everything is brand new and you can move without much effort.
Are you interested in knowing more about how to acquire a property ready to live, without it being necessarily used? So, read more about it and understand why this may be your best choice!