Tips in purchasing pre-owned homes

APROPERTY seeker is always hesitant when it comes to buying secondhand homes. This is because such properties could eventually cost you a fortune in renovations if you are not cautious.

Spare yourself from possible buyer’s remorse. PSBank helps you spot a gem among wide choices of pre-owned houses with these tips:

Know where to look

THE best places to find pre-owned real-estate properties for sale are banks and local government institutions such as the Home Development Mutual Fund or Pag-IBIG. Check out their web site and you’ll find the best property deals. There are also property auctions that these institutions organize. Some properties not normally listed in their web sites are being auctioned here.

Schedule a visit or inspection

DETERMINE the real condition of the house yourself by asking a professional inspector for help. Check if the basic structure, floor plan and infrastructure remain sturdy and durable. Ensure that there’s electrical and plumbing system installed, rooms are well-proportioned and there are no bad cracks or serious leaks. A great buy would be one with no major fixes and you’ll be able to move in to your new home soon.

Consider the location

THE location is just as important as the house itself. If it is located within a good school system, a nearby transportation, market or grocery, then finding a home priced to accommodate the necessary updates could be a good deal.

Verify documents

CHECk the title and latest property tax receipt. The title will not only tell you how old the property is but it will also let you know if the property had a chain of previous owners.

Check the market value of the property

TO ensure that you will not be paying more than you should, go through the current price trends and get an estimate or seek an expert to help you evaluate the second-hand property against similar properties in the area.

Buying an excellent pre-owned property or a second-hand home entails lots of patience and due diligence. However, getting it for a bargain price should be more than enough motivation and be able to convince you that what you purchased is more than what you paid for. You really just need to know where to look. PSBank is currently offering significant discount on its already low-priced pre-owned real-estate properties for sale.