How to Buy a Property in Pakistan?
Here you can know how to buy a property in Pakistan. Pakistan’s real estate industry is expanding monotonously. With the construction of spectacular housing societies, the real estate sector is sky-scraping. People are more inclined to buy and sell lands since they are positive, profitable, and cost-effective investments. If you’re one of them and new to the real estate market, you’ve come to the right place because we’ll walk you through the steps to buying a property.
Enlisted are some of the steps that will help you buy a property in Pakistan.
Location
Location is the most crucial factor that elevates or de-elevates the property price in Pakistan. So, firstly look for a strategic location. The investment plans and prices vary as the location varies. For instance, you will get a 10 Marla plot cost 10 million in the Bahria town Lahore, but the same plot will cost about 20 million in the DHA. So, decide the location wisely.
Master plan
After deciding the location, visit that area and look for the master plan. If the area is a futuristic-state-of-art development, put this into your priority list. And if the planning is not per the modern standards, try avoiding this area and look for another as this isn’t going to be a profitable investment.
Do your research
While buying a property, do your own research after deciding on the location and size of the land. You can learn about plot rates by going to websites like Sigma Properties Contact the agent only after you’ve completed your study. Do not rely solely on the agent, as most agents are money-oriented.
Right Agent
After you are done with your research, you now need an agent’s service. However, finding the right agent is tricky because every other person becomes a real estate agent without having the necessary knowledge of the industry. The sole purpose is to scam investors. So, you have to find the right agent. For this, try contacting multiple agents and ask them about the real estate sector.
One to one meeting
Contact the property owner directly if you want to avoid the stress that an agent can bring. Call the owner and set up a one-on-one meeting after obtaining their contact information. Furthermore, even if you hire an agent, a one-on-one meeting with the owner is required.
Legal Issues
One of the most important things that must be checked while buying property in Pakistan is the legal disputes on that land. Before buying the plot, you must ensure that it is free of legal conflicts.
Verification of Transfer Letter
The transfer letter is evidence that the property is yours. As a result, always double-check the transfer letter, paying specific attention to your name and plot number in the transfer list.
Important Things to Consider While Buying a property
If you are about to buy a property, pay special attention to the enlisted ingredients.
- If you want to have a profitable investment, always buy the land from reputed developers purchase the property when its prices are low.
- Always check the No Objection Certificate (NOC) and permissions of plots in the housing schemes.
- Always demand a copy of the agreement that contains the amount you paid at the time of purchase and pay order number, cheque number, or cash amount.
- Always set the agent’s fee in advance. Most real estate agents charge a 1% commission, although others charge a 2% commission. The fee of the agent depends upon your negotiation abilities.
- After finalizing the deal, pay the token money. Remember that token money is between 50,000 to 1 lac and is counted within the full price of land.
In the bottom line, if you will follow the aforementioned steps and suggestions while buying a property, you will be able to have a fruitful investment, free from scams.