Planning to buy a resale property? Well, then probably you should keep reading on. The resale property could be anything- a house, flat or villa. To save money many prefer to go for resale properties. But you need to understand a few necessary things before you take the decision to choose a property.

What A Resale Property Is?

If you buy a property from the owner or from the second owner, then it is termed as the resale property. Such houses or flats are affordable and are easy to invest in. Not everyone can afford a brand new place to stay. So resale property is a real help. Click to learn about some finest property details.

Things You Should Know

Fees And Charges

While buying a resale residential property you need to keep in mind the registration cost, transfer fees and other charges. The stamp duty is very important for legal aspects. This is the money you pay the government so that you get the ownership of the property, legally. Talk to the owner about this beforehand and learn the valuation of the property too.

Other than this, there are the transfer fees, advocate charges and brokerage fees, if you are dealing with a real estate agent. After adding all the costs you can finally, know the total amount you need to spend.

Loan Term

The owner of the property may have taken a mortgage loan against the house. In that case, you need to talk to the seller very clearly and know if any loan interest is pending. Always buy a property only when the due loan is cleared. Also, you should ask for the proof to know that the due is cleared.

Age Value

You should not buy a property that is older than 10 years. Always know the right value of the property you are about to buy. With older property come the problems of maintenance and repairs. More than that, if you buy a resale property that is more than 10 years, you might face trouble selling it in future. The property value also depends on the age factor. If the resale property is well maintained and has some added features, it will only increase the property value.

Payment Process

Know it clearly, if the owner demands an upfront. If you are not ready to pay in advance, you can negotiate the deal. You can also ask for payment in instalments. Some owners prefer 50% upfront and the rest 50% after the completion of the documentation and legal terms.


A good location is always preferred. Prime locations are a little pricey. But if you buy a resale property at a suitable location, it will help you to get the right price of it later. Resale properties are very reasonable to buy to save money. There are many reputed real estate companies that will help you to find the dream house or flat you are looking for you and your family. Just be sure you learn about all the factors associated with the resale property.