Tips in Buying Pre-Owned Homes
2019 Sep 26 | by janndel
A property seeker is always hesitant when it comes to buying second-hand homes. This is because such properties could eventually cost you a fortune in renovations if you are not cautious. Also, there is a myriad of other potential problems like finding out that the extension on the terrace is illegal, or the papers are fraudulent, or that it will cost you lots of money to repair the faulty electrical wiring.
However, buying a second-hand house can actually be a smart move. Buying a pre-owned home has its advantages. For instance, a pre-owned home is more affordable, more likely to be in a central location, is usually in a neighborhood where people know each other, has a lot of character, and a time saver. Spare yourself from possible buyer’s remorse, and check out some of our tips when buying a pre-owned home.
Know Where to Look
The best places to find pre-owned real estate properties for sale are banks and local government institutions such as the Home Development Mutual Fund, or PAG-IBIG.
Schedule a Visit or Inspection
Determine the real condition of the house yourself by asking a professional inspector for help. Check if the basic structure, floor plan and infrastructure remain sturdy and durable. A great buy would be one with no major fixes and allows you to move in to your new home soon.
Consider the Location
The location is just as important as the house itself. An older home is usually located right at the heart of reputable and recognized neighborhood. If it is located within a good school system, a nearby transportation, market or grocery, then finding a home priced to accommodate the necessary updates could be a good deal.
Check the title and latest property tax receipt. The title will not only tell you how old the property is but it will also let you know if the property had a chain of previous owners. You can never be too careful with the paperwork. To be safe, you must trace the ownership for a minimum of 20 years and a maximum of three generations, depending on the age of the house.
Check the Market Value of the Property
To ensure that you will not be paying more than you should, go through the current price trends and get an estimate or seek an expert to help you evaluate the second hand property against similar properties in the area. Find out if there are possibilities of value addition to the property, which may increase its worth in the future.
Buying a pre-owned property or a second-hand home entails lots of patience and due diligence. But getting it for a bargain price should be more than enough motivation and be able to convince you that what you purchased is more than what you paid for. Luckily, if that’s not enough motivation for you, we have other affordable options here at Pueblo de Oro. Check out some of our best home choices here.