Do you feel nervous when it comes to buying stakes in Pakistan? Do you fear insecure by an industry unstable but said to be running well even without official monitoring? But knowing all of that doesn’t really stop you from wanting to invest in the real estate industry because obviously, the payback is usually great. And this want leaves you torn between listening to your heart and your mind.
Worry not for we are here to help. Yes, buying real estate could be a hassle in Pakistan, but not if you stick to some basic rules. Read through our checklist to know what needs to be taken care of.
First thing’s first – know what you need.
Before getting into business you need to know what your own requirements are. Surely you desire a different set of qualities for a property you want to rent out than a property you want to live in yourself. So it’s better to fully understand the scope of your needs before getting down on a real search.
Allocating a budget to your needs and coming up with an investment cost, or a rough estimate at least, would help you make a fair deal later on. This practice would save you time usually wasted on property window shopping or getting lured into fancy property types that actually hold less value.
Be in the know
Apart from knowing your own needs, it is highly desirable to know the market beforehand.
Run a thorough market search before you reach out to a third party for consultation or advice. You need to understand the running property rates in the city you want to invest in, as well as in the locality. You can go through blogs online, but make sure to access reliable sources only. News forum, market reports and search trends available on e-portals like Zameen.com provide valuable info and help in understanding the area you wish to invest in. For greater accuracy, you might want to weigh down public opinion as that could be a result of inaccurate opinions and false news.
While no information is trivial or wasteful, remember that at the end of the day it is your money being put at stake, so always counter-check your sources of information.
Only after conducting a comprehensive research yourself, get down to realtors for taking the next steps. The realtor would help you get in touch with property owners and mediate the deal for you. Some realtors also offer to bargain on your behalf and others offer exceptional consultation services. Realtors educate you about certain nuances of property buying that you won’t come across in secondary research. So look out for a specialist in the area.
Remember to go through the broker’s profile you get advice or help from. You don’t want to be exploited by an imposter or pseudo-realtors who could swirl you into impulsive decision-making. So go through their history, their achievements and previous projects, because only the right realtor could get you the right property.
Pick and choose
It is time to shortlist areas with your realtor. Keep in mind the payback rate, location, size and population structure. If you wish to live in it yourself, you might want to look at the environment and security concerns, if any. For renting out, try to get a place in a commercially viable area. This would help you secure higher rents.
Nearby facilities matter, so keeps an eye out for gymnasiums, swimming pools, libraries and community parks in the vicinity. Having such amenities nearby ensures a higher value of your property and guarantees greater payback in the long term.
After checking a good realtor and a promising perspective property, you can go on to the official part of deal-making. Complete the paperwork as the final steps, pay the token money and the property is finally yours to call.
However, if you’re experiencing difficulties in finalizing paperwork, you can always hire a lawyer to complete the process for you. Getting legal help could also be a way of fool-proofing your deal, hence an advocate mediation is always desirable.
Above all, as in every other matter, patience is the key. So always be prepared for unwanted delays, strange news on properties and a fair amount of unprofessionalism from realty personnel throughout your journey. If you’ve gotten so far, you can surely get the desired property in your name.