What to consider for when looking for a second-hand condo?

The goal of owning your own home or condo may be out of reach for many people, as prices of new housing projects are skyrocketing. Especially in prime locations, near the BTS, on major roads, and surrounded by comprehensive amenities, their value increases. However, the dream of owning your own home is still possible. Simply look for resale homes or condos at lower prices. With careful selection, you can find a quality home comparable to a brand-new home. Important things to consider before purchasing a resale home or condo include the following:

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Carefully inspect the condition.

Resale homes and condos are homes that have been previously lived in, perhaps by more than two owners. Naturally, wear and tear are inevitable. Therefore, it's important to thoroughly inspect the home to ensure it's in top condition. Special attention should be paid to the roof, ceiling, floors, stairs, and walls. In a condo, the walls and floors of each room, as well as the plumbing, electrical, and other furniture, should be inspected in person. Make an appointment to see the actual house before purchasing, both before and after purchasing. Don't make a hasty decision based solely on photos. Allow plenty of time to inspect the property, avoiding any potential problems later.

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Compare prices in the same location

When purchasing a second-hand house or condo, comparing prices is crucial, especially within the same area. This ensures you get the best quality for your price. For even better results, consider exploring nearby locations. There may be better, cheaper houses or condos available. While the location may be a bit further from your intended location, it's not a problem. You can arrange your transportation, and you'll gain additional benefits, such as more space, a more modern design, and more amenities at a lower price.

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Consider the contract and the seller's credibility.

This is extremely important, as being careless can lead to scams or even bigger problems later on. Important details to review in the contract include the seller's personal information, details of the house or condo to be sold, to ensure they match what you've reviewed and agreed upon. Also, check the payment terms and fees, to see who will be responsible for them, or whether they'll be shared equally. Are there any freebies? And what are the conditions if the contract is breached? For a truly safe purchase, it's best to contact the homeowner directly, through a close acquaintance, a professional agent, or even a bank foreclosed property.

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Compare Pre-Owned Home Loans

Although pre-owned homes or condos are more affordable than new ones, it's still not easy to buy with cash. Getting loan approval from a financial institution is a better option and allows you to better manage your expenses. Pre-Owned home loans are generally not fully approved, so it's best to compare offers from multiple banks to ensure the highest approved amount. At the same time, consider interest rates and loan terms to help you assess and plan your repayments as effectively as possible.
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Pre-Owned homes and condos can truly provide happiness and enhance your quality of life, just as much as new homes and condos. However, choosing carefully may require some renovations to achieve the perfect dream home. Therefore, it's important to consider these costs as well.

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Thank you for the great information from REIC.