People like to live in gated residential communities because they offer safety and exclusivity along with a high-end lifestyle. Another reason for buying a plot, a house, or a flat for sale in a community is to invest in a property with the highest potential of increment in its value. These upscale communities, such as Etihad Town, are offering much higher property values that increase at a faster rate than common properties. The reason for these higher property values is that these gated communities have prime real estate locations.
Although these properties offer a great value to the investor, their prices are also higher, which means any buyer would be investing a significant amount in purchasing any property within a dedicated residential community. But before investing a large chunk of money in real estate, it would be prudent to take some precautions that would help make a safe investment. The higher price range of this property should not be discouraging to buyers with a limited budget. For these fantastic residential plots, houses and flats are also available in installments. Buying property such as flats on installment in Lahore is a great way to invest in high-end properties within a gated residential community.
Tips for Safely Buying Property an A Gated Residential Community
Investing in properties located in a high-end gated community is an opportunity. Still, some precautions need to be taken before buying a house or a flat for sale in Lahore.
- Get approval from the concerned authorities
Big development companies go big with catchy advertisement campaigns and luxurious booking offices with well-informed representatives. Instead of being dazzled, you should focus on checking their approvals and NOCs from the concerned authorities, which in the case of Lahore would be LDA. Other authorities from whom you may get verification for building are Cantonment Board and the district government. After conducting satisfactory proof, you can move on to the next step of safe property purchase.
- Get acquainted with the entire payment plan.
While buying real estate, whether you choose to pay in full or buy properties such as flats on installment in Lahore, you have to be fully aware of the payment plan and all the terms and conditions involved. Both parties should be mindful of how the money will be paid, for example, in cash or bank transfer. In general, bank transfers are considered safer as they create a money trail, and the money exchange is made securely.
- Enquire about any hidden charges
Whether they live in a house or a flat, residents of a community may have to pay extra charges annually or biannually. These are generally considerable amounts, so it would be prudent to enquire about them in advance. It would serve you better to get written and signed confirmation of all the payable charges beforehand. Also, make sure to find out if there are any penalties for payment delays. This way, there will be no miscommunication, and both parties will be crystal clear on all the payable amounts and their schedules.
- Visit the property location personally
Make sure to get visual confirmation of the plot, the house, or the flat you are buying. Visit the property personally before committing. Before purchasing a home or a flat for sale in Lahore, it would be ideal for visiting its location and confirming the number of your plot or the unit. It is necessary as some sellers are vague regarding these details, which can cause problems later on. You have to clarify these things to make sure that you get what you paid for.
- Check the availability of all the utilities
Usually, gated residential communities offer a high-end lifestyle with luxury for its residents, such as Union Luxury Apartments. This means you get to enjoy the essential utilities round the clock. But it never hurts to confirm anyway. Check for the approval as well as the provision of these facilities. It is advised to verify their charges as well.