1 PLANNING YOUR PURCHASE
WHAT TO BUY – RESALES
S
econd-hand, pre-loved, call them what you want, but the home that has already been sold to someone else has enjoyed a comeback since off plan projects stalled
from Miami to Marrakech. Suddenly something that has already borne the
wear and tear and eclectic tastes of a previous owner became a lot more attractive than an architect’s drawing or a half-built home on a development after the global downturn. What you see is what you get. You can see the
location, the way the terrace catches the sun (or not) in the afternoons, the persistent hum of the nearby bypass and the quality of the build. In other words, you get a feel for something that has
actually been lived in and how it will wear over time. When this has been a century or so, you’re defi nitely looking at something that has a certain staying power, and no doubt plenty of character and history, but period homes come with their own issues. Failing to comply with modern building regulations
– such as those that relate to earthquake zones – is one area; being draughty, damp, with outdated
plumbing and electrics is another downside. With newer resales these shouldn’t be an issue,
but obviously you don’t get the pristine blank canvas that you do with a new-build. Either way, it’s essential to have a survey
undertaken before you buy. In many countries, like France, it may not be the custom to get one done – or be required by lenders - but it will pick up any potential problems with the property that could end up costing you thousands. An independent lawyer is essential too to verify the
vendor has the legal right to sell the property and to check for any title issues or debts connected with it, as well as if any alterations to it have been legal. Older properties in certain countries will be subject
to historic ownership issues and/or multiple owners within a family (especially Morocco) so the purchase can be much more complicated than a new-build. 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 could mean months or even years of delay. For this reason it can be much simpler buying a new-build in regions such as the Balkans, or Morocco.
YOU SEE WHAT YOU GET?
Use an independent
lawyer to do thorough checks on title deeds, associated debts, planning permissions and inheritance laws. Get a survey done.
Know exactly what you are buying. How much will it cost to update/ maintain? Can you extend and/or improve? If you want to lock-
up-and-leave or rent it out, will an older property be as hassle- free and as attractive as the latest new-build?
AIPP CONSUMER GUIDE 11
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