Resale – a property that has previously been owned / occupied.
WHAT TO BUY RESALE
ince the end of the off plan building boom left abandoned building sites the world over, resales have enjoyed something of a heyday, re-emerging from their backseat during the years of frenzied speculation. Quite simply, they are already built which removes all the doubt and uncertainty which engulfs buying off plan property in many regions at this time. So, there’s no delay between purchase and completion, and you can inspect with your very own eyes exactly what you are going to be buying, from its size, orientation, layout and build quality. Of course you can’t have any say in any of the
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above (as you sometimes can buying off plan) but the infrastructure is going to be fi rmly established and you can get a feel for how the property feels to be lived in.
Older properties can of course have more character, and here we should divide resales into period homes and those that have only been built within a few years. Quaint old stone houses ooze history and individuality,
but they may also be draughty, damp and have dodgy electrics so the advantage of newer resales is often higher standards, newer technology and that they are designed for modern lifestyles. It’s essential to have a survey undertaken before you
buy. In many countries it may not be the custom to get one done automatically but it will pick up any unforeseen problems with the property that could end up costing you a fortune in the future. An independent lawyer is essential too to verify the
vendor has the legal right to sell the property. Older properties in certain countries will be subject to historic ownership issues and/or multiple owners within a family so the purchase can be much more complicated than a new-build. Your lawyer will check for complex inheritance laws where properties are co-owned by dozens of people who will need to give their permission for a property to be sold. They will also look for any outstanding debts (or liens) associated with the property and check for local planning restrictions which may affect what you can do to the property, including extending it. Finally, don’t try to cut corners or beat the system. Historically in some countries buyers have been asked to pay for part of a property in undeclared cash, known as ‘black money’ which involves under-declaring the purchase price. Spain have clamped down on this, but beware of it in emerging markets, it’s illegal.
Older and wiser?
Ë Use an independent lawyer to check title deeds, associated debts and inheritance laws.
Ë Don’t forget the survey. Older properties can throw up all sorts of horrors.
Ë What planning restrictions might there be on the property? Can you extend and/or improve?
Ë Factor in agent fees. As a buyer you may be liable to share them with the seller – unlike the UK.
AIPP CONSUMER GUIDE 17
SECTION 2 PLANNING YOUR PURCHASE
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