Investing In Pakistan Rental Properties Now Is A Sure Best
According to experts, when property prices go down and currency value lowers
, it is the absolutely best time to invest in real estate. The current low rates of residential property combined with attractive mortgage offers make Pakistan real estate a great market for investment. Although, availability of cash means you can invest anywhere in real estate but there are several other factors that influence whether a property (you have chosen) would make a good investment or not. These factors include location, future profit projection and asking price of property.
The key to successful real estate investment in Pakistan is to become educated about the market. For instance, if you have plans to invest in rental properties of Lahore, you must know top performing areas, property prices, rental yield and few other specifications. Some of the popular investment areas in Lahore are Gulberg Lahore, Defence, Johar Town, Model Town and Garden Town. Your budget decides if you afford to buy property in the mentioned area sand bear additional costs of maintenance of property. Following tips might help you avail real estate investment opportunity of a lifetime.
Fix your options
Not every option is worth your time and money. You should first determine your investment strategy and then find the property that fits your plans. You also need to decide if you want to become the landlord of the property or resell it after some time. It is also very important to thoroughly consider if buying a residential rental property would earn you more profit than investing in commercial real estate or buy a plot that later can be developed? Although, as compared to residential property, commercial rental properties offer greater rental yields and capital appreciation yet to avoid challenging market conditions, it would be wise to initially invest in residential properties.
Assess your financial resources
Once you finalize your property investment strategy, you must assess your finances realistically. It is essential to determine how much money you can afford to invest in rental property. If taking mortgage loan is an option for you, you must consider interest rates offered by different financial institutes.
Rental properties in different areas are available at different rates. Properties in high end communities cost you more but these posh areas promise more rental returns as well. Since prices of properties on
rent in Gulberg, Defence and Model Town and other posh areas are costlier as compared to low end areas, you need high budget. Therefore, you must evaluate your budget accordingly.
Collaborate with an expert
Whether you are a seasoned investor or a first time property buyer, you must find an experienced real estate agent or broker to help you locate promising rental properties. Try to find professional and experienced agents who can become a good contact for future investment as well. You can talk to other real estate investors through online forums and communities and get their opinion on reputation of certain estate agents and companies. Like Zameen.com, Pakistan biggest real estate portal, has a forum to contact real estate experts and analysts for valuable advices. Its community can surely recommend you a professional real estate agent.
Line up maintenance individual
Bear in mind, if you want to earn high rental yields from your rental property, do not delay the renovation required by the property. You must line up individual to take care of property before a minor issue becomes major. For tenants, it is easier to move from one property to another but for you, finding a good tenant could be a problem. Always address the maintenance issues as soon as they surface. The better the condition of rental property is, the more you can earn from it.
Buying a rental property is entirely a different proposition than buying your primary residence. Therefore, follow the mentioned points and pick your property thoughtfully.
by: William
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2024-2-20 11:13
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