Over the past few years Pakistan real estate has seen progress in development of the estate industry .Be it to buy a plot for oneself or for investing purpose, it is a very important decision and can be very fruitful if taking it systematically in the right direction. The wish to buy a property is not an easy task, especially in Pakistan there are many variations which can affect your decision. This article describes some essential steps that you must abide by in order to get the best deal and avoid fraudulent activities. Some of these are illustrated below.
- Planning: preliminary requirements and budget
- Property research and market value analysis
- Consult with property agents
- Measure cost factors
- Judgement of future potential
- Finalize right deal
- Property transfer procedures
Establish a clear and meaningful buying plan either you buy a property for living or investing purpose. Your decision to buy a property is based on your budget and buying purpose. If you are buying for living purpose the locality and area will be the key factor of your planning or if you are buying for investing purpose so the judgement of future potential or ROI will be considered.
Know your property
Before investing in any plot it is important to keep in mind the location or the area. Every locality has its own advantages and disadvantages in terms of pricing situation such as problems of: gas electricity, clean environment etc. Decide your priority and involve the real estate agent as you may also need to consider the law issue pertaining in that area.
Do not blindly trust your real estate agent as they may be fraudulent or have a negative impact on making the right decision. Make sure to communicate clearly whatever you have in your mind. Quote your prices or any requirement that you have so that the real estate agent knows about what he is dealing with.
Research & Finding
One of the major decision making factor for buying a property is your own research.
Research for your Property
The market is very wide and has lots of opportunity. Make sure to be aware of all the possible frauds, basic activities, legal requirements and related data by yourself. You have property market, news papers classified ads and the whole social media to do your research, try self-searching on various platforms e.g. Pins.pk, Google, Facebook, twitter.
Asses Market Value
Determine the fair market value of the property in your desired area or locality. Meet with different estate agents and property consultants to asses the market value. There are various factors of the location which affect prices such as position, opening face, road sizes, park etc.
Involve real estate agents
The real estate agents are the expert in the property field. Do not just settle for anyone but consider multiple agents before you finalize the one who you will be going for. They have the most relevant knowledge that will help you regarding purchase of new property.
Setting Up Details
Learn more about the market rates of the area that you are going to invest in .Approach your agent for this purpose and also carry out your own research to confirm the market rates so that you know that you are not being played with. Also set the agents Commission timely so that that there is no mess up later on.
The age of your house
An important factor to consider while investing in property is to verify the existence and age of the house. Different price quotes are given to different locality keeping in mind the environmental perks that it offers. However if you plans to re-construct your house then it will be irrelevant in such a case.
Cost of renovation and furnishing
It is not necessary that you will find the dream house that you are looking for in exactly the way you want it to be. There may be a need of alterations that you want to make on the property. Do not forget to make this a part of the budget and remember to consider repairing and renovation cost before purchasing the house.
Documentation and Charges
There may be hidden charges or additional charges that you may need to consider before finalizing your property. You may purchase a new house that is near completion. You need to hold true to your references when considering new projects.
Remember to check the payment plan and examine all the documents when you are going to invest in the development phase of a housing scheme .It is very risky, so make sure that you know the advantages and disadvantages of that area .
You should be financially stable to invest in the real estate business. Adjust accordingly and make loan arrangements. The owner will do a thorough check of your history to make sure that you are able to pay.
Determining an ROI or future potential of a real estate investment is not an easy thing and has multiple factors to look at:
- The locality and area reputations
- Developers past and credibility.
- Current development status
- Access to main road.
- Safety and Security situation.
Deal & Transfering Property
Meeting the owner
Make sure that you meet the owner of the property face to face and do not leave everything in the hands of the agent. Cross check and verify all the information that you can before making any decision.
Finalizing token money transfer letter
Whenever you make the first payment remember to take the receipt from the owner and collect all your legal documentation. Also make additional copies of these to be on the safe side. Your files should have proper addresses, file numbers, total pricing, bank orders, and pay slips, so that you have evidence of the ownership of the property.
Transferring property ownership in Pakistan involve these steps
- Verification of ownership documents from concerned authorities
- Applying for an NDC
- Preparing a Property Purchase Agreement
- Working out the mode of payment
- Paying the taxes and dues
- Making payment(s) at the time of transfer