Should we rely on agents to buy old flats?

Posted on: Jun 17, 2025 | 3 mins | Written by: HDFC ERGO Team

Should we rely on agents to buy old flats?

When it comes to buying an old flat, the decision to seek the services of an estate agent is one that most prospective buyers will have to consider. This decision could greatly sway the process of buying the flat and might include elements such as home insurance, flats insurance, apartment insurance, homeowners' insurance, and property insurance. In this blog, we shall discuss the benefits and shortcomings that come with the engagement of agents in the buying of old flats while stressing the importance of insurance in guarding the investment.

Understanding Old Flats in the Market

The market for old flats would vary completely from that of a new property.

Old flats carry a certain amount of charm and character, although they may also carry a whole range of problems, such as bad and outdated systems and maintenance. Know how the market operates before making a decision.

The Role of Real Estate Agents

Real estate agents are the messengers between those two parties.

These people are trained professionals who will tell you everything they know about the market-related complications of buying an old flat and guide you through negotiating the best prices. Their expertise is best used when dealing with older properties that may have hidden issues.

Pros of Engaging Agents

Engaging agents can provide valuable expertise and networking opportunities. Here is what to look for.

1. Old Property Expertise : One of the main advantages of working with agents is that they know old properties. Agents typically have experience with vintage flats and can pick up on some of the red flags a buyer may never spot. They are apt to guide you through the inspection process and let you know what repairs or renovations may be needed.

2. Access to Listings : Real estate agents get access to a good number of listings, some of which might not be advertised to the public. This becomes an efficient tool when searching for old flats since some properties get sold hot before they hit the market. An agent will assist you in uncovering gems that fit your taste and budget.

3. Negotiation : Know-How Negotiations for the price of old flats can be a very tedious process if you have little or no idea about the game.

An experienced agent will know the art of negotiation and will put their best foot forward to get you the best deal possible. They understand the lay of the land pricing-wise when it comes to old flats and can help you make sure that you don't pay an unreasonable price.

4. Guidance in the Buying Process :There are a multitude of steps involved in buying an old flat, from inspections to financing. A real estate agent will advise you in every aspect, ensuring your compliance with all requirements and that deadlines are met. This assistance relieves tension and makes everything much easier during the buying process.

Cons of Relying on Agents

Engaging agents can come with drawbacks such as costs and potential loss of control over decision-making. Here's more to expect.

1. Commission Fees : The commission fees are one of the main drawbacks of using an agent to find a property. The majority of the time, it charges a small percentage of the sale price and thus proves to be an add-on cost to the expense of buying an old flat. Such a cost is important to be added to the budget of the new home.

2. Inconsistency in Quality of Service : Not all real estate agents are created equal. Some stand out in the pack instead of improving their reliability and know-how; hence, the buyer will experience quite different things. The old flat market has various agents, so find an agent with a reputable name and experience.

3. Potential Conflicts of Interest : In certain situations, one or the other agent may have a conflict of interest damaging to their objectivity. For example, if the agent has a cash involvement with the property, the agent may tend towards an unaided view. Make sure that your attorney employs interests that concern you in the entire buying process.

The Importance of Home Insurance

However, you can secure the house with home insurance through an agent or without an agent, and it is the best step in the buying process.

Home insurance protects that investment from any potential damages or liabilities should anything ever happen to that old flat. Such a type secures your investment as well as provides peace of mind.

Insurance Types to Think About

When it comes to buying an old flat, various types of insurance should be considered:

1. Homeowners Insurance: This is the common type of insurance for homeowners, which covers damage to property and personal belongings.

2. Property Insurance: Property insurance provides coverage against damages done to the physical structure of the flat against risks that include fire, theft, natural disasters, etc.

3. Flats' Insurance: Covers for planning premises, flat owners are insured for general areas or shared responsibilities within the building.

4. Apartment Insurance : Identical to flats' insurance, this gives coverage for personal belongings and liability in an apartment set-up.

Reasons for Insurance for Old Flats

Old flats may be, in a unique way, at risk and may need special insurance coverage. For example, Older properties with outdated electrical systems or plumbing may pose possible perils. Therefore, with proper insurance, these risks can be minimised, saving you from any unwarranted expenses that arise out of these situations.

1. Due Diligence : Regardless of whether one would like to have an agent or not, performing due diligence on one's own is significant for the purchase of an old flat. This involves research into the history of the building and any issues that could come up. An inspection is key to establishing hidden problems that may adversely affect your investment.

2. Professional Home Inspections : A home inspection is a vital part of the buying process. An inspector can check on the general state of the property, informing buyers of the necessary repairs or renovations needed. It is important to understand research on the neighbourhood; as such, it is quite important to know the future of your investment. Here, one may look into local amenities, schools, and future development plans that may change their investment. By researching the area, one can know how well the flat might fare over time.

3. Decision Making Deciding whether one wants to rely on agents to buy an old flat depends on one's comfort level and experience in the real estate market. You could avoid an agent if you feel confident doing it alone, but working with a knowledgeable real estate agent could be beneficial if you like guidance and expertise.

Conclusion

Ultimately, the choice of whether you should rely on agents in buying old flats depends on your view regarding it.

Of course, the agents have the experience, the listings, and the negotiation tactics, but it may as well be that the deterrent points to them are the commissions, the varying levels of service quality, and so on. Whether you choose to go in for agents or not, you must still get home insurance, including homeowners insurance, property insurance, flats insurance, and apartment insurance. They guarantee that the investment in the old flat will be protected. Weighing the pros and cons and researching thoroughly will give an informed decision that best fits the needs and goals.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales

What Does Home Insurance Cover in the Event of a Fire?

Understanding The Differences Between Home Insurance And Property Insurance

Here are 5 Important Inclusions under Home Insurance in India

Does Your Home Insurance Plan Covers Damages During Moving?