Some people are unsure of investing in properties in Pakistan, because of the uncertain situation that remains in the country. Conversely, if you can get a piece of land in your name, your investment will increase into profit in no time, because trends show that the real estate industry always recovers from any setback.
If you are a novice to the real estate market, below you will find a step-by-step guide on how to buy a suitable property in Pakistan.
While technology has swiftly grown over a couple of years, some fads never leave. For getting a house in Pakistan or selling one, you must look for one in the newspaper – yes! The logic here is simple –the majority of the people involved in the buying and selling of properties are senior citizens who are not very tech-savvy. They still look up for properties in the classified sections of newspapers and consult their real estate agents.
When you understand what you want, then the next step involves typically searching for your picture-perfect property. If you want an office, let us say, ensure it is in a commercial area or a residential one, depending on what suits your needs. If it is a property that you wish to purchase, be sure it is well-furnished and is also situated nearby basic facilities like hospitals, supermarkets, educational institutes, etc.
Be Sharp in Negotiations
If you are a beginner and are just venturing into the real estate industry, we advise you to get help from a seasoned real estate agent or a property advisor before making an offer. Oftentimes, you may at last offer more than the deserved value of the property, and please ensure to make an offer face-to-face with the owner, in the absence of the property advisor.
Pay in Installments
Once everything has been settled, pay the owner some form of token money, which is necessary. The amount should ideally lie between one to two lacs. Do not forget to take that piece of receipt, along with the owner’s ID card copy.
Get the Transfer Letter in Your Name
Once you have transferred into your property and paid the remaining amount, get the property letter transferred to your name instantly. You will have to pay around five to six thousand rupees to get the transfer letter in your name.
Real Estate Agent
Getting a real estate agent to find the right property for you will make the process easier. They have the right knowledge and the right contacts. This makes the process of reaching your dream home a quicker process. For more prompt support, you might contact more than one agent.
Avoid Damp Properties
Smell for dampness. Touch the walls properly; feel if they are damp. Always be suspicious if a house is overly heated and sprayed with overpowering fragrances.
Do not forget your Neighborhood
Are you looking for a calm and peaceful area? Keep in mind; an Estate Agent is coordinating with the seller to get maximum sale value- they might arrange viewings at optimum times. When you visit a property, the surrounding area might be quiet and peaceful. Consider what the noise might be like at other times.