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Buying an established house? Five things to keep in mind
There are things to consider when purchasing an established house.
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Not many established houses are in prime condition. (Shutterstock/flyingv3)
Buying an established house is an alternative that many find convenient when looking to own a home.
However, some things need to be consider as purchasing an established house is very different to buying a new house, as kompas.com points out.
1. Check building quality
Not many established homes are in prime condition. As they get older, the quality of the building declines, which can be seen in cracks in the walls or a leaking roof.
It is therefore important to inspect the building thoroughly, including the small parts such as lighting system, electrical wiring and water pump and pipes.
2. Renovation costs
If possible, take along an architect when you survey the house as they will be able to help you determine the quality of the building and whether the price is too high.
Taking along an architect will make it easier if you want to negotiate with the owner as you will be able to give rational reasons for lowering the price. An architect may also be able to estimate any renovation costs.
Read also: How to buy happiness? Tips on what to look out for
3. Check the surroundings
Find out whether the area is prone to disaster, such as flooding or subsidence. Also check whether the foundations are strong enough to face such challenges when necessary, which will affect any decisions you will need to make in relation to renovations.
4. Use a consultant
Purchasing a house without a consultant can save money as it means zero commission. However, finding an established house on your own could be very tricky and take a lot of time. Using the services of a consultant who has connections and access to house owners will help you in choosing a home that most suits your needs.
5. Check all documents
Legalities are important when buying an established house. Make sure the building does not stand on disputed land, and check the authenticity of the deed so that you will not face any problems when transferring ownership into your name. (vit/kes)
