Six Donts Of Purchasing Property In Pakistan
Pakistan falls in the list of developing counties of the world yet its real estate
sector is one of the best rewarding in the region and offers high returns on investment. The revenue collected from Pakistan real estate makes a significant portion of the countrys GDP. Throughout the history of Pakistan, its real estate sector has been luring investors from all over world to earn high rental yields and enjoy robust capital growth.
In comparison with real estate sectors of other Asian countries, Pakistan real estate is safer and more stable. This is why foreigners from all over the world are keen to invest in Pakistan properties particularly in posh areas like
Lahore Cantt, Bahria Town, DHA and Canal Park. In order to protect their investment and make it grow over the years, the foreign investors must have enough market knowledge and information about making property transactions in Pakistan. Property buying from investment point of view is a rewarding proposition in Pakistan and it guarantees rewards to only those who make a careful property purchase.
Following are given six tips, which would help foreigners invest successfully in Pakistan real estate and reap high profits.
Dont Do It Alone Perhaps to avoid their hefty commissions, some property buyers prefer not getting assistance form property specialists in Pakistan, which could indeed be a fatal. Buyers should never underestimate the importance of hiring a professional surveyor, lawyer and real estate agent for getting help in the process, especially if they are going to make first time property purchase in Pakistan.
Dont Make Decision Based On Emotions There is nothing abnormal in developing strong interests in a property in some posh areas such as DHA Karachi, Cantt Lahore, or Bahria Town Islamabad. The problem starts when our emotions lead us to make an irrational purchase decision. A smart buyer weighs the pros and cons of every deal before closing it.
Dont Buy Interest Only Loan Since interest only mortgage requires zero down payments and offers greater flexibility in payment, many middle class buyers find it ideal for buying property in Pakistan. You should not consider buying these mortgages because of many valid reasons. Banks collect money during fixed interest only period but the equity or ownership of a buyer in the house remains zero. If value of property or house decreases in future, the buyer will build a negative equity.
Dont forget to Inspect Papers Since you are going to invest your lifetime savings in real estate investment, you must not trust anyone blindly and take necessary precautions to avoid losing your money. You must inspect various documents including previous title deeds, original sales deed, transfer documents and all other documents before signing the deal. In case of commercial investment, you must also inspect No objection certificate and commercialization approval.
Dont Go on Sticker Price Since real estate is a game of billions of Rupees in Pakistan, saving even a small percentage of market value of a home can save you big money. Many sellers and agents in Pakistan inflate price of property on their own. You must conduct a detailed survey of house and compare its asking price with a similar house in the same area to know its fair market value. You can always hunt ideal bargains on listed price if you have strong negotiation skills.
Real estate investment is a wealth building decision in Pakistan but this investment rewards only if you act wisely. Follow the above tips to make property buying a risk free proposition in Pakistan.
by: William
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