Lucknow, a would-be- metropolitan, is the capital of Uttar Pradesh. It offers a unique blend of tradition and modernity.
With development on every corner of Lucknow, the city has become a hub of investors. Yes, people, Lucknow is the perfect choice for real estate investment, especially at this time when prices are low. If you are eying a resale house in Lucknow you will find multiple options. Hire a good real estate agent/company and you will be updated with the best areas and prices of resale house in Lucknow. My concern, however, is to guide you about the tips and strategies before buying a resale house in Lucknow so let us start with the basics.
WHAT IS A RESALE PROPERTY
As the name signifies, a resale property is the one that is sold by the same person who was allotted it once. In simple words, when the original buyer of property puts it on sale it is called a resale property.
Buying a resale house in Lucknow or in any other vicinity means that you will save on a lot of money. For instance, there shall be no rent payment+ fewer taxes as compared to properties under construction. Also, resale houses are ready to move in so there is no waiting period.
BENEFITS OF BUYING A RESALE HOUSE IN LUCKNOW
The perks of buying a resale house in Lucknow can be listed as:
Beneficial for salaried individuals as a resale house in Lucknow offers value deals and attractive prices.
One gets to save a significant amount of money by buying a ready-to-shift flat which would have been spent in paying rent, EMI, or on the construction of a new house
The best part is that all the features and amenities are crystal clear. It helps the individual to choose what suits their needs best
The buyer can enjoy tax benefits from the first EMI on immediate possession of the property
POINTS- TO- CONSIDER BEFORE BUYING A RESALE HOUSE IN LUCKNOW
Age of the house- When you buy a resale house in Lucknow check its age, how long has it stood strong. It is advisable not to buy a house with a greater age of 50 years as it will need timely renovation, extensive repairs, and may have structural problems.
Existing mortgage- Check before if there is an existing mortgage on the resale house in Lucknow that you have finalized. Insist on the original documents rather than relying on photocopies. And, in case you are applying for a home loan check the documents carefully with your lender.
Transfer and registration fee- Well this one is expensive. Surely, a resale property is cost-effective but the transfer and registration fee to pay for it can be quite hefty at times.
Brokerage- That is a must. Paying charges to the house broker who introduced you to the house you are purchasing now has to be given accurately. So choose such brokers who have affordable consultancy fees.
Repair and renovation- Well, if you are buying a newly built resale house in Lucknow then you can save on repair charges. But an old house calls for some renovation.
Amenities- Before buying a resale house in Lucknow or any other place it is incumbent to check if there are enough amenities around. Water supply, electricity, proper parking space are just to name some.
STEPS TO BUY A RESALE HOUSE IN LUCKNOW
While the above tips can make your purchase easy and cheap, there are certain steps that you must know before buying a resale house in Lucknow. These include:
Experts’ consultation
Title of a resale house
Documents of a resale house
Appropriate loans
Down payment
To conclude, a resale house in Lucknow is a prospective choice from the perspective of money, area, and comfortable living.
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