Buying property? Check out pros and cons of purchasing a resale house
First, one needs to keep in mind that banks usually don’t provide loans for properties older than 15 years to minimise risk. Therefore, the financing of the property becomes an important decision to be considered, while buying the second house that is tenured.
The buyer also needs to check the building plan to ensure that there is no unauthorised construction; otherwise the buyer runs the risk of witnessing a demolition or being denied an occupancy certificate. Representational Image, source: Reuters