Are you looking to buy your first plot? If not, you may have the dream of buying and owning one in the future. Buying a plot or land is considered as one of the best ways to make an investment especially in Pakistan as it can earn huge profits. If you are afraid of losing your money, then buying a property whether it is residential or commercial, is going to be a lucrative investment.
There are a few ways to purchase any property. You can either buy it from a real owner, a person, or a housing corporation. The process of buying or selling a property is almost similar all over Pakistan. It requires a lot of analysis and techniques to get profits when we talk about purchasing any plot or more.
KEY POINTS TO REVIEW BEFORE BUYING A PROPERTY IN PAKISTAN
Here is a 3 point guide for buyers and investors to get rid of fraud and scams before making a purchase.
1 – Location
The location should be the first thing that you should consider before buying a property. The best approach is to look for a location that usually has 2 to 3 turns after the main road as there is a lot of traffic nowadays. You must take it into consideration how the location is interconnected to other societies and happening places in your city.
2 – Legal Aspects
When considering buying a home or any property, there are a few very important aspects to look at. These important aspects are those on which ownership and land space depend.
Some of which are listed below:
- Owner’s Title
- Property LLimits
The first thing you should check is if the person selling the property is the real and absolute owner of the house. This can be done by verifying the title of the property.
There are some cases in which the title may belong to another person. This may be due to the fact that the property has not been transferred to the person who is willing to sell it. If this happens, we suggest you wait for the legal owner to appear in order to avoid further inconveniences.
The property you are willing to purchase has a record of the limits of the land where it is situated. This will give you the security of space you can own. You can check the Property Registry and verify the limits and total measurements of the property. Suppose you are buying a two story home but only one story has been registered. In this case, you better know that you will have to pay individually for the apartment that is not registered which will be an extra expense for you.
3 – Check The Structure Of The Home, Building, Apartment, Etc.
When buying a home, you must consider the structure of your property. The materials with which your future home can be constructed are very important for its durability. The class of materials will determine the durability in the investment you make. The structure of the house will only fail if cheap and low quality materials are used. This will later on result in the deterioration of your property so you better look out for them.
Now, let’s look at some of the additional expenses that can be generated with the purchase of a house.
Transportation – If your property is far away from train stations or bus stops, the transportation cost can be an inconvenience if you use them regularly. We will advise you to choose a place that is close to subway stations to avoid excessive expenses.
Water, Electricity, And Gas – These are some facilities that come with any sort of property. However the cost may vary in some areas depending on the location and type of the property.
We ensure that our readers get a safe and highly useful experience here at Mashriq99. Our aim is to facilitate our readers as much as we can so that they can make the best decisions when it comes to investing in the real estate sector.
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Eman has been actively writing about the real-estate market in Pakistan since 2019. She is most interested in researching and writing about the latest trends in the real estate market that help her readers make informed decisions.