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Common Problems in Getting a Resale Property, And How To Beat Them!
Interior Design & Decor3 minutes read
43407 views
43407 views
A resale property is basically buying a used HDB flat. Since you’re transacting with a current owner instead of directly dealing with the Housing Board Authority, it is always wise to look out for potential problems that may cause you a lot of grief later. So further, we’ve compiled a list of common problems that you might face in getting a resale and how you can beat them!
1. Comparative Analysis of Prices
One common problem in getting a resale flat is buying at a price that is higher than the property warrants for. In order to avoid inflated prices, you must always carry out a general comparative analysis of all HDB resale prices in the area your potential property lies. Only of there is a constant rate should you go for the buy. You can ask your real-estate agent for the running amount of HDBs in a certain area, but since their commission comes from making high-priced sales, you should always go for a second professional opinion before locking down on the resale property.
2. Faulty Construction
Your first and foremost criteria of buying a resale property should always be to check for existing damage to the property. This may appear in the form of leaky plumbing or cracked walls. Both of these aspects can cause you a lot of strife during the renovation later. So you must always carefully appraise the existing condition of the resale property before actually buying it.
3. Check Your Eligibility
The eligibility for applying for a resale property is an important factor, and a common problem that may cause you a lot of strife. The general rule for applying for a resale flat states that a couple can easily apply for it. As for singles, the criteria relies on age. A single person must be 35 or above in age with a stable income to apply for the purchase of a resale property. Therefore, you must always appraise your status and check the eligibility quota before applying to buy a resale, or you might have a major roadblock in your way to home ownership.
4. Appraise The Surroundings Carefully
Checking out the surroundings is an important task when you’re think of investing in a resale property. Buying a property without proper digging is a common problem in getting a resale, and here’s how you can beat it. First off, you must do a little digging; ask around why the owners are selling, check out the neighbours (do they make a lot of noise, are means or anything that may have a negative impact on your life?). You must also check out the development plans and the transaction history of similar flats. This may allow you to appraise any deviation against your ability to carry out the mortgage regarding the budget.
5. Unverified Problems
It is quite important to thoroughly check out the background of the resale flat you’re about to buy. While it’s unlikely and unrealistic that you’d be moving into a building which is haunted, there are still many unverified problems that can pop up once you’ve sealed the deal. It may be that a new highway is in the works around the neighbourhood, or maybe the commute routes have recently changed. You can tackle this problem by taking a tour around the building or neighbourhood at various hours on alternating days. This may allow you to mingle with the locals and get a feel for how right this place may be for you in the end. It’s crucial to do a thorough appraisal before investing all that money.
(Image courtesy of PR Image Factory/Shutterstock)
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