When it comes to an understanding of different types of property buyers and their requirements, it is necessary to bear in mind that one size does not fit all. The property market of Pakistan is quite vast, and complex for a beginner buyer or seller to navigate. And know that, things only get more complicated if they do not know the basics.
Common types of Property Buyers in Pakistan
Any long-term business that tries to survive in the market puts the needs of its consumers first. The real estate sector is not any different in this matter – buyers are the driving force behind every successful transaction. Therefore, sellers need to realize and understand their needs on a deeper level. So, following is a simple guide on the common types of buyers in the real estate sector of Pakistan:
- First-Time Property Buyers
- Move-Up or Move-Down Buyers
- Luxury Seekers
- Buy-to-let Investors
- Young Property Seekers
- Overseas Buyers
First-time Property Buyers
One of the common types of property buyers in the real estate market is first-time buyers. Most of the time, they are families who are in search of a foot in the door options based on affordability. First-time property buyers are usually looking for a comfortable and livable space that must include safe spaces for children to play, gardens, and parking spaces.
Further, families in Pakistan are especially social and like to live in communities, so it is pretty standard for them to have guests come over, especially at weekends. First-time buyers, particularly individuals with families, are most likely to go with houses that offer at least two bedrooms, living room, or guest rooms to accommodate visitors.
Move-up or Move-down Buyers
The real estate sector is not short of buyers – there will always be someone looking to purchase today. Though after first-time buyers, the next type of property buyers is the buyers who want to relocate to either a smaller or bigger place as compared to their current property. You will usually find people who are either:
- Retired and looking to downsize their larger homes after their children have moved out, they cannot take care of bigger spaces, and the maintenance is taking a toll on their pocket.
- Growing families who want to trade their existing property for the larger house due to an increase in income.
Having a more precise understanding of the buyer’s needs can make you appear like an expert and will help you in the longer run. Since most people favor dealing with sellers who understand their needs properly, knowing their needs, before-hand is ideally the best option. Luxury seekers may seem similar to individuals who are looking for up-sizing, but in fact, they are considered the opposite.
Luxury buyers are usually those people who have specific properties in different parts of the country. They are ready to pay extra costs to secure a house that boasts extravagant features such as open floor plans, heated floors, chandeliers, and an insanely lavish lifestyle. Be very patient since this type of property buyers will not settle for anything less than what does not fit their taste.
Buy-to-let investors are the type of buyers who specialize in selling and buying houses. These buyers are known as ‘investors’ in real estate language and usually have many properties in the area but are still looking to purchase another house for either:
- Renting to families or young individuals for passive income.
- Flipping/fixing and reselling to earn a profit.
It is relatively easier to approach investors since they are attentive and receptive. The biggest perk of working with this particular type of buyers in the real estate market is that they are usually thrifty and have a clearer understanding of the market. Investment seekers are only attracted by two factors: location and price.
Young Property Seekers
This is where it gets tricky; understanding young property seekers might come off as a complex thing at first, but some common purchasing patterns will help you quickly understand their general requirements. As such, young customers do not rely on schedules or seasons for purchasing – for them, the market is always on. They are among active buyers that are always looking for suburbs.
Young property seekers are entirely connected with better visuals and want to visit properties at any time of the day. They usually are easier to get along with due to their tech-savvy nature. For them, any property will work as long as it is affordable and gives a good location.
Overseas buyers who have close families, either spouses, parents, or children living in Pakistan, are among the common types of property buyers that are considered genuine buyers. Since they know they have minimal time to purchase, they want to see as many offers as they can and decide even swifter. Overseas buyers normally prefer safe housing schemes with gated communities that are coupled with amenities such as safe public spaces, schools, gyms, restaurants, and parks.