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. Apartments have many things of common use, due to which such buildings are used more.
Take help of a structural engineer
The life span of a house or flat depends on the quality of construction Is. 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 apartments, the building plan can tell when the construction started.
This leads to lower cost
Another advantage in case of older houses is that Gotta be cheap. 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. Compared to old apartments, buyers get more facilities in newly built apartments and redevelopment also does not cost money.
Banks test before giving loans
How much property It is old, what is its location, what kind of material has been used, all these things are taken care of 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, would he get his price or not.
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