The real estate industry in Pakistan is expanding every day, offering services for both buying and selling property. Property costs have increased in numerous cities, including Islamabad and Lahore, where property prices are progressively going up. An unauthorized real estate agent will frequently ditch you, causing you to suffer severe loss. I’ll go through some reliable advice that is essential to think about before buying Commercial Property in Pakistan to help with all these issues. Some of them are given below:
The first important consideration before buying a property is the purpose, which prompts you to consider the query, “Why do you wish to acquire the property?” Are you planning to start your own business? Are you planning to build a plaza and then lease it? Are you thinking about building a home for your use? Are you planning to build a store or a house to sell? Are you interested in building homes on the upper floor and stores for rent on the lower floor? If you have a clear goal, you are mentally preparing for buying real estate.
After evaluation of the purpose, you must be aware of the area in which you want to buy the property. Ask the seller to specify the exact location of the property. Knowing the actual location allows you to estimate the worth of a property. Property value indicates that if you choose to buy a 4-marla commercial property in DHA Lahore as compared to a 10-marla property in Rahim-yar-khan, we will learn that DHA has more kinds of properties than Ryk. The following criteria must be met for your property location to be dominant:
- Public transport
- Entertainment area and Health Facility
- Playing area
Choose the right property at the right moment, which requires that you buy the desired property while rates are low. When consumers hesitate to invest because they are concerned about potential losses, then is the moment to buy real estate where you anticipate price increases.
After location, the cost is the next most important factor. After seeing the area, take a seat by yourself and consider, in a calm manner, how much money you have available to spend on property investment. If your assets are limited, seek out those areas that are within your scope. Avoid taking out loans to buy expensive properties.
Don’t rely on agents:
The most challenging aspect of buying property is not relying on agents. Avoid simply relying on one real estate agent when looking to buy property; instead, speak with many as they always charge a 30 to 40 % premium above the asking price. If you talk with the owner of the property personally, it will be much better. Many agents may explain that the owner is out of town or on vacation. If that occurs, simply refuse to accept their justifications and walk away from the contract.
Avoid getting pulled by the features that are displayed in banner ads by always visiting the actual location before taking pictures of any property. Please make a clear distinction between the features and essentials. Take a serious decision about the location if you locate the place that meets the current living standards, has the best location, and has reasonable costs. And ensure that your Real Estate agent agrees with your decision as well.
Legally Property Registration:
This phase follows the completion of buying property, however, it takes priority over the other processes that occur before buying a commercial property. And don’t make the complete payment at once before having the item legally authenticated. Use your bank account for the transaction because banks have a legal record of the transactions and you may contact them in any emergency condition. Take the registration documents through the court properly because many times the sellers dump you with the unauthorized registration.