Tips for buying a used home
Buying a house is investing in your future and that of your family. Therefore, you must be especially careful since it is a long-term investment and, probably, you will have to respond for credit or monthly payment for several years. We know that it is an exciting process, but that reason is present in all your decisions.
If you have decided to buy a used house, you must take into account several factors before signing any document, and it is not the same to buy a project on plans, a new home or a used one, each case requires that you pay attention to different details.
As for the used house, forget about the myths, it is important that you inform yourself about its past, its current conditions, former owners and other data that can make the purchase decisive. There are factors that should always be taken into account, imagine that instead of buying, you want to sell, that will give you a different perspective.
Tips for buying a used home
At La Haus we want you to choose your new home well, that’s why we leave you some tips before you embark on this new stage of your life.
1. Anticipate possible renovations
When you visit the property, pay attention to all those details and spaces that you would like to change. Once you are clear about the remodelling that you would do, you can make calculations and see how profitable it would be to buy the house.
2. Check the property documents:
It is extremely important that you make sure that everything is legally in order, for that, request the following documents:
- Property title: certifies that whoever sells the property is the legal owner and that he can sell it without any inconvenience.
- Public property registry: validates the current legal situation of the house and that all its documents are in order.
- Certificate of freedom from lien: certifies that the property has no outstanding debts such as current mortgage debt.
3. Find out the price per square meter
If you want to be sure that the sale price is fair, find out the value of the square meter of the area. A good idea is to look for properties that are for sale in the sector and that have similar characteristics so that you can compare prices, so you will know that you are not being scammed. At La Haus we advise you at no cost and we validate each of the properties found on our platform, we even have an index to know the recommended neighbourhoods to invest in housing.
4. Identify faults
Check if the property has any water leaks, electrical wiring problems, switches that do not work, leaks in the roof, bad faucets, among others. These types of failures must be corrected before making the transfer of the home.
5. Verify that payments are up to date
Before buying, check that your property and water consumption payments are up to date. Request the ballots from the last five years.
6. Check other details
No question is silly when making such a large investment, so we recommend you make a list with questions such as the name of the developer if the building is earthquake resistant if it is sustainable, how old is it built, if it has been presented some structural failure, among others.
Other issues to consider:
– Great offer: The number of used homes for sale is usually much higher compared to apartments and new houses.
– Wide spaces: In the current market you will find a large number of largely used houses, with several bedrooms, bathrooms, parking lots and even a garden or patio. In contrast, new departments are generally smaller.
– Immediate delivery: You only have to wait for the purchase procedures to finish to be able to move into the house, you will not have to wait for a delivery date or for the adjustments to be made to inhabit the property.
– Price: In the real estate market you will find used properties of lower value compared to new ones, having the same or greater footage. Thanks to the high demand for real estate in CDMX and the high capital gain, the developers sell apartments at high prices.
– Appreciation: If you buy a used home in a good location and remodel it, you will earn the capital gain and you will be able to market or rent it at an excellent price.
Buying a used house is an excellent option if what you are looking for are large spaces and greater privacy. If you want to be sure of making the right decision and closing a good deal, consult our real estate specialists so they can advise you throughout your purchase process, free of charge.