If you are intent on buying a property in the Philippines, you might consider buying a pre-owned house. Compared with newly constructed properties, pre-owned ones usually cost less. Plus, sellers are more willing to negotiate the price.
But as every property investor knows, there are risks involved. Many insightful Lancaster reviews suggest the following actions when considering a pre-owned house:
Don’t Forgo Inspection
Even if the property meets the housing code, don’t skip professional inspection. Ask them to check the wiring, the piping system, and the overall structure of the foundation and roof. Though curb appeal matters, the house’s structural integrity is equally important.
An experienced professional home inspector can identify every single red flag and advise you about hidden causes for concern.
Incorporate Repair Cost with Selling Price
When there’s damage, take it into account when negotiating a price. If you do not account for renovations, you could end up spending more than the amount you paid for the house.
Visit the Property
It’s imperative to check the property before signing the final documents personally. Listings highlight the best features of the property, but photos can be deceiving. The actual size and colours of the space may look different. As a buyer, you could inspect the house and check the actual dimensions.
Investigate Undisclosed Issues
Make sure to check all the papers and documents. Ask the seller to show land registration papers, deeds, and titles. Have a seasoned real estate lawyer on your side to guide you throughout the process. A lawyer can help verify who owns the property.
Buying a pre-owned house requires caution. If you do what’s necessary to protect your best interest, you can find the most suitable property for your needs at the best price.