Friday, December 1, 2023

Buying A New Build Vs Old House Check Property Age Before Taking Decision

How to check Property Age: Buying a house is everyone’s dream. A person works hard day and night, adds every penny for years, then somewhere the money for the down payment is collected. However, in buying a house, people often have to face a confusion whether to buy a new house or an old one. Both have their advantages as well as their disadvantages…

Real estate experts tell that on many occasions buying an old house becomes a profitable deal. However, all the experts need to instruct that while buying an old house, the property age must be checked… So before moving ahead, first of all we know what is this property age and how to know it. ..

What is property age

Property age means how old the house is and how much life is left in it. Generally, the average age of a concrete structure is considered to be 75 to 100 years. It depends on many factors. Generally, the life of an apartment is 50-60 years, while the life of a house built on land is more than this. There are many things of common use in the apartment, due to which such buildings are used more.

Get help from a structural engineer

Lifespan of a house or flat depends on the quality of construction. If the quality of the material is good, then there is no problem till 40-50 years. A structural engineer can help you determine how old the house is and how strong it is. He checks on the basis of the construction sample, what kind of material has been used, how much strength is left in the house. In the case of an apartment, the building plan can tell when the construction started.

Due to this the price is less

Another advantage in case of old houses is their cheapness. However, one of the reasons for their cheapness is the edge. As any property gets old, its value also decreases. Obviously, the cost of the same old house will be less as compared to the new house. When the house gets old, its strength decreases. Before buying an old house or flat, get the strength of the house checked by a structural engineer. In comparison to the old apartments, the buyers get more facilities in the newly constructed apartments and no money is spent in the redevelopment.

Banks check before giving loan

How old is the property, what is its location, what kind of material has been used, all these things are taken into account in the valuation of the property. Banks also check whether the property for which they are giving loan is worth it or not. If the house is very old, then the bank looks at the motive of taking the loan. If you take a loan to demolish and rebuild the house, you will get it easily. The bank sees whether his money is safe or not. Means tomorrow if he had to take possession of the property, will he get his price or not.

read this also: These rules of income tax will change from April 01, know the details

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