Many people who are reluctant to build a house due to rising cost of construction materials, lack of labor etc. and those who want to buy a house on a low budget can buy old houses. Let’s look at some things that old home buyers should look out for.
You can buy a house in 15 years
Even though the house is old, many people are interested in buying apartment houses. It should be noted how many years have passed since the construction of those houses. Preferably within 15 years of construction. It should be observed that the house is properly maintained. Construction quality and bearing capacity should be checked. The price fixed for the old house should be compared with the current market value. For that, you have to inquire about the price of a newly built apartment house in the area where you are buying a house. Calculate how much the price is less.
Get bank loan
Important documents like mother certificate should be checked if they are correct. It should also be noted that house tax and water tax have been paid correctly. Do not buy the house if you suspect that there is fraud in the documents. Housing companies provide bank loans to buy old houses. Loans are given based on the age of the old apartment building. Only if the house is of good quality can you get a loan.
Offer on principal amount
If the home is being purchased for residential use, the principal repayment amount is discounted. In case of rental, refund of principal is not eligible. The entire interest is tax-deductible. Rent should be shown as income. Deed registration costs more when buying an old house than a new apartment house. This is because for the old residence apart from the undivided plot area (UTS) the house value is calculated and the stamp paper and registration fee is paid. Therefore, the value of the property will increase, say legal experts.
Subscribe Dinamalar channel for new news
Advertisement