Over the last few weeks, we’ve spent time understanding how one can make home purchase more efficient. From the emails I received in response to my column, I understand that the main cause for concern among buyers is delivery of the home. One possible solution to the risk of delayed delivery is to buy a second-sale home.

There are several obvious advantages to buying a second-sale home. First, the home is already constructed so one can see the size, structure, strength and specifications of the home.

Second, one has a pricing advantage. One needn’t pay service tax, FSI, clubhouse charges and so on as these things are part of the price and recent research reports tell us there is a marked price difference between new and second-sale homes in big cities.

In some cases, second-sale homes in the same neighbourhood are 40% cheaper than new constructions. Finally, one gets the possible advantage of redevelopment on older properties which could provide investment with a huge fillip. In case somebody is looking at a neighbourhood where no new supply is coming in, a second-sale home might be the only option.

So if one considers a second-sale home, here is a checklist to keep in mind.

Documentation

Make sure the seller has all original documentation of the home including the original sale deed and society share certificate if the home is in an apartment complex.

Consult a lawyer who understands records in the local registrar’s office; the seller will need to show the trail of ownership of the home. Make sure the property has clean titles that are unencumbered and the property is not in dispute.

Strength of the structure

Hire a structural engineer or a surveyor to visit the property and give a re port on the strength of the property, especially if the property is over 10 years old. Get an estimate on the possible costs of repairs to masonry, plumbing, electrical wiring and fittings. Work these costs into the total budget.

Finance

Find a seller who is willing to make a deal entirely white but insist on a fully white deal, especially if the buyer is salaried. Secondly, opt for a home loan when buying a second-sale home, mainly because banks do a large part of the heavy lifting on the due diligence for the buyer.

Several homebuyers have their deal partly funded by loans simply for this added advantage.

Remember; find a good broker to work with when looking for a second-sale home. The market has tremendous opportunity for buyers who are looking for great deals on homes for sale. All one needs is an added investment of time to find the right home and patience on the paperwork. Good Luck and happy house hunting.