Finding a diamond in the rough Tips in buying pre-owned homes

A property seeker is always hesitant when it comes to buying second-hand homes. This is because these properties could eventually cost you a fortune in renovations if you are not cautious.  

PSBank, through its “Good to Know” campaign, help 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 website and you’ll find the best property deals.  There are also property auctions that these institutions organize.  Some properties not normally listed in their websites 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 a pre-owned property or a second-hand home entails lots of patience and due diligence. But 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.  really just need to know where to look.

Topics: Home Development Mutual Fund , PAG-IBIG , PSBank , House
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