Pakistan real estate business is growing on daily basis, which gives you services both in buying and selling property. Property prices are gradually increasing, in many areas like Islamabad, Lahore, property rates are doubled. In many cases, black (unauthorized) real estate agent ditch you and you bear heavy loss. To solve all these problems, I am going to discuss some authentic tips that will play important role before buying commercial property in Pakistan. In the following detail you can capture the
First major point before buying property is purpose which leads you to think about the question, why you want to buy the property? Are you going to start your own business? Are you going to construct a plaza and then rent it out? Are you thinking to build house for your residential use? Are you making a plan to construct shop/house for sale? Are you interested to construct shops for rent on ground floor and house on the upper floor for you residence? If you have solid purpose then you get mentally prepared to buy property.
After considering purpose, you should have to know about location where you are going to buy the property. Ask to seller that where the property is actually located. You can guess property value by knowing the real location. Property value means, if you are going to buy 4-marla commercial property in DHA Lahore and 10 marla in Rahim-yar-khan than DHA, then location will update us that DHA property has more dominant location the Ryk property. Your property location will be dominate if it fulfills the following:
- Public transport
- Entertainment area and Health Facility
- Playing area
Choose a right property at right time, its means that you should have to buy interested property at the time when rates are relatively low. When peoples feel fear before doing investment due to future loss issues, at that time should have to buy property where do you think the rates are going to increase.
Cost of buying:
Cost is third most important fact after location. After visualizing location, sit alone and think with relaxed mind that how much asserts you have for buying property. If you have amount in millions then you can buy 7-8 marla plot in SA Gardens. If you have limited asserts then look for those areas which are under your range. Don’t go for loan to buy unaffordable property.
Buying as an investment:
In many cases clients mostly buy property for sale when property rates get high. In this case you should consider following points:
- Check the local newspaper to know the rating of the area in which you are going to buy property
- Meet with real estate agents of that area in which you are interested to get property
- Contract to concerning development authority
- Take financial advices from the people who’s are loyal to you
- Reevaluate regularity
Don’t Rely on Agents:
Most tricky point before buying property is, Don’t depend on agents. If you want to buy property through real estate agents don’t rely on one agent completely, meet multiple property dealers because they always take 30 to 40 percent profit amount than actual price. It will be more excellent if you meet property owner directly. Many agents will make excuses that the owner is not in town or is abroad. Just simply don’t buy those excuses and walk away from the deal if that happens.
Always consider the property value and future use before buying property. Consult with real estate marketer and discuss all the situation of your interested property and then make a proper decision. After meeting property dealer you must take a proper survey from the people who are already living in that area. If you get positive feedback both from property dealer or client then choose that location. Otherwise select second choice in your interested queue.
Don’t attract from the features which are available in banners, always visit actual place before capturing real image of any property. Take a proper difference between needs and features (essentials). If you find the area which is fulfilling the standards of modern living with best location and economical amount, take serious decision about that location. But make sure that you real estate agent are also agreed with your choice.
Legal Registration of property:
This step comes after the end of buying property but actually it has more priority than other steps before buying commercial property. Don’t pay complete payment at a time without legal authentication of property. And always pay your payment transaction through banks, because bank has your all transaction records legally, in case of any emergency you can consult with bank. Take a proper registration documents through court because many times seller ditch you with black registration.