STEPS TO BUY AN OLD HOUSE

 

Do you want to buy an old house and renovate it? Learn what you need to know about buying a house in the old neighborhood.

STEP 1: EVALUATE THE PROS AND CONS OF BUYING THE OLD ONE

The first step in purchasing a home is to determine what constitutes an older home. If a home has been completed for more than five years or has been the target of a first move, it is considered vintage (sale, donation, inheritance). While older real estate may appear to be brand new, it is rarely turnkey. A structure doesn't need to be very old to qualify as such.

Advantages

·         privileged locations (downtown, quiet area);

·         variety of goods and diversity of locations (in town or the suburbs);

·         charm (parquet, fireplace, exposed beams, moldings);

·         long-term capital gain;

·         10% VAT when carrying out renovation work (double glazed windows, etc.);

·         quickly available;

·         attractive prices compared to new.

The inconvenience

·         problem-related to thermal and sound insulation;

·         higher maintenance costs;

·         possible works (roofing, renovation, etc.);

·         space not always optimized.

2 NEW RESIDENCES OF THE MOMENT:

STEP 2: THE HOUSING VISIT

Next step, and not the least, to buy your house, prepare for the visit!  Remember to inspect every nook and cranny of the home to avoid unpleasant surprises.

Be especially careful to pay attention: to buy luxury apartments in Lahore visit union complex.

For housing

·         on the surface of the pieces and their exposure;

·         technical diagnostics (check the absence of asbestos, lead, termites, etc.);

·         healthy walls and ceilings;

·         insulation of doors and windows;

·         the operation of the heating;

·         the age of the water heater;

·         to the electrical installation.

To the geographical location

·         Choose a neighborhood on the market or in the making to resell it more easily;

·         Being close to shops, schools, and transport;

·         Check that the accommodation is not in a flood zone.

STEP 3: PRICE NEGOTIATION

Then comes one of the most important but also undoubtedly the most delicate stages: addressing price. To ensure this step, you will have to take into account several variables, such as:

·         the geographical location (housing well located about shops, schools, transport, etc.)

·         building architecture

·         area

·         exposure and orientation

·         domestic services (residence, accommodation, etc.)

In addition to your property's price, certain ancillary costs are added to it, such as notary fees, professional fees (notary or real estate agency), property and housing taxes, real estate experts ( surveyor, real estate diagnostician).

STEP 4: PROMOTE GUARANTEES AND REMEDIES

The ten-year guarantee

If the accommodation acquired is less than ten years old, you will be able to benefit from the ten-year guarantee.

This is a mandatory warranty that applies to the acceptance of construction. The promoter or builder must repair any defects or poor artistry affecting the ground or the building for ten years and ensure compliance with certain mandatory standards.

You thus have ten years to act against the professional by indicating to him by registered letter with acknowledgment of receipt of all the defects. If he does nothing, you must send him a formal notice, and in the worst case, you can bring an action in the tribunal de grande instance.

Hidden defects

The ten years have passed…

You can no longer benefit from the ten-year guarantee. Do not panic! You always have a guarantee against hidden defects.

This guarantee is provided for in article 1648 of the Civil Code: it protects the buyer in the event of the appearance of hidden defects at the time of sale. The buyer will therefore be protected if faulty artistry was unknown during the sale. If this faulty artistry had been known to the buyer, he would in no case have signed the deed of sale. The buyer will be able to benefit from a guarantee against hidden defects.

THE STEPS TO BUYING A HOUSE: OUR TIPS

Still, hesitating to buy in the old one? We are here to advise you. We give you several tips to prepare for possible unforeseen events:

·         Visit the property at different times of the day to check that there is no noise nuisance from the street or neighbors. This technique will also allow you to see the level of sunlight in the rooms.

·         Go to the town hall to find out about urban planning constraints or the development of the neighborhood.

·         Be assisted by a professional during your visits to assess the importance of the work to be done.

·         If you plan to be part of a condominium, get from your notary or your real estate agent the condominium regulations, the minutes of the last meetings, and a statement of charges for the last two years. This will allow you to anticipate possible work.

·         Do not hesitate to inquire about your future accommodation neighbors to keep you abreast of existing problems.

HOW TO FOUND THE PROPERTY OF YOUR DREAMS

Here are the other steps that await you:

·         make an offer to purchase ( Union complex teams can help you)  ;

·         sign a sales agreement or request a promise to purchase  ;

·         take advantage of the 10-day cooling-off period  ;

·         find your home loan ;

·         sign at the notary  ;

·         move in!