Purchasing Residential Property In Pakistan What Does It Require?
A research shows that after agriculture, real estate is the most vibrant and boosting sector in Pakistan
. If you are going to have a handsome sum on your retirement, you must consider investing in some residential property in Pakistan. This is because not only it guarantees tremendous capital growth over the years but also helps you earn a constant stream of income in the form of rents.Owing to the uneven growth of Pakistan real estate indicating some areas performing better than others, its quite difficult to make a wise buying decision. I would recommend investing in DHA Lahore, Bahria Town Lahore and Islamabad Blue Area properties, since these areas are in better demand and offer all time high yields to investors. Moreover, history shows that Pakistan real estate is a recession-proof sector which never disappoints investors even in worst times because the sector has great potential to prosper.
Why to invest in Pakistan Real Estate?
Many people advise you to not invest in Pakistan property, since investing in bonds, gold or keeping money in bank are safer investments. However, I dont agree because I believe real estate investment in Pakistan is not only less risky but also provides best hedge against inflation. This is the reason why I recommend everyone with handsome money to invest in it and make the most of it.
Due Diligent Purchase
This is true that investment in Pakistan property is wise investment but it promises rewards to only those who apply proper due diligence before and during the process of investment. Those who dont know when, where and how to invest along with some basic rules lose their hard earned money. I am highlighting some tips that would help you to make a careful property purchase decision in Pakistan.
Tip # 1: If you are not familiar with current market trends and property prices in Pakistan, its never wise to start buying proceedings on your own. Since its the matter of your lifelong savings, you should not take the risk of losing it at any cost. You must hire some professional real estate agent who gives you advice, find the property on your behalf and handles all other necessary tasks.
Tip # 2: While choosing property, always make sure that property location has all the facilities and amenities required for a convenient lifestyle. Schools, parks, medical care units should be in close proximity. The areas like Bahria Town Lahore and Blue Area Islamabad are better with respect to roads infrastructure and availability of water gas and electricity. Dont go for the corner homes, since modern tenants know that the problem of noise and traffic pollution at the corner houses is more so they avoid corner homes.
Tip # 3: Dont buy property based on the speculations, since its not the stock investment where listening to media and investing bluntly with the expectation of price appreciation leads you to success. Always make your decision based on true knowledge and authentic information of the market. Dont get too emotionally attached with a few houses you visit initially. Explore all the available options and dont let yourself fall in love with some property that would not guarantee capital growth and/or a constant stream of income.
Tip # 4: If you are going to secure finance for purchasing property, its not at all wise to only rely on the bank survey. These are normally brief surveys which dont consider the cost of replacement and the exact condition of property. You must hire a professional surveyor to note down each and every aspect of property and value it fairly according to its condition. Moreover, dont consider the quoted price of the seller as the final price, since up to 10% bargains can easily be won with good negotiation skills.
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