If you are interested in Buying and Selling Property in Pakistan, and you are doing this for the first time in your life. Do not try and take any risks, just relax, sit back and give this a read.
Real Estate Investments in Pakistan
Buying and Selling Property in Pakistan is not an easy deal. The real estate market of Pakistan has grown tremendously in the past few years. Let alone Islamabad’s property rates have almost doubled. This makes Pakistan be one of the best countries for real estate investment purposes for investors around the globe.
Do’s and Don’ts
For buying or selling of property in Pakistan, there are a few dos and don’ts. Follow the steps below to get a complete know-how of them all.
For the purchase of property, the first and the foremost step is to decide for what reasons do you want the land? Do you want to construct a house or a building? Or you just want to make a purchase for financial investment. Only if you have thought of a purpose, should you be moving forward?
When you know what you want the land for, start researching for where do you want to make a purchase. In Pakistan specifically, we see different developmental plans being advertised on electronic media. All of these projects having to eye catchy features making you feel like investing right at the very moment. This is where step 3 dives in;
Drive out a budget plan for yourself. In simpler words, deciding how much money you would be investing with. Only then you would be able to look for a better and suitable plan.
Look for a real estate agent. In Pakistan, you would find a number of agencies working on the same project. But the trick here is to look for the one, who gives you a better package.
We always prefer skipping the agent hunt and going ahead with the one who is most likely to be the first one we find. At times we do not even feel the need to get an agent involved at all, because who likes paying an extra amount to the agent. Well if this is the case, it is a big NO here.
Always remember, that agents know better about land and investments. Considering not involving them may cause you to spend even more than required. But this again does not mean to go to one dealer. Always have multiple options and opt for a better option. Compare rates from 2 – 3 real estate agents, at least to get a better plan for investing or a better rate for buying.
Agents would always make sure, that you select them while making this investment. But never always trust them completely. After you have consulted an agent, go ahead next and contact the buyer directly, if possible arrange a meeting. Clear all your queries personally and ask for permission to visit the site.
Always remember, negotiating is your ultimate right. You are the one paying, so you have the right to make possible negotiations. When you and the owner have come to an agreement, pay him some token money in order to ensure that you have bought the land. You must get a photocopy of all the registries and NOC’s and follow step 7.
Now comes the real deal, checking for the land’s NOC’s, take out some time and check for the approval of the land from the concerned development authorities, just to be sure of any discrepancies.
Also, never forget to take the registry files to the registrar office to check out on the authenticity of the land registry.
After everything has been confirmed, get the registry transferred to your name from the property registration office.
It is always advised to pay the complete amount to the seller via bank draft and not in cash or bank transfer. Why? Because all societies have different taxation rules, so be on a safer end and pay via bank draft.
DO NOT forget to pay your agent, as for him, his commission is supposed to be one percent of the total money.
Following the aforementioned steps, we hope you find the best investment plans and results a great deal of help for this might be your very first experience and if you get right, you wouldn’t mind doing it again.