Buying your dream home in Pakistan is one of the major milestones for families but at the same time it can be super stressful. From navigating the diverse real estate market of Pakistan to having legal and financial security is what can make it a daunting yet rewarding task. That is why we are here to guide you through it with the seven secrets that will help you buy your dream home in Pakistan. This blog covers all the stressors of buying a home from your budget constraints right down to the negotiation skills. So get up and get out, it’s time to make your dream come true. Here are the seven secrets you need to know before buying a home.
- What’s Your Budget
- Type Of Property You want
- Location
- Credibility of Your Real Estate Agent
- Is The Property Legally Secure?
- Inspection
- Negotiation
- What’s Your Budget:
When property hunting in Pakistan , the two things that can help your financial situation are:
Assess your financial situation:
Your current financial situation can help you see where you stand financially in order to buy a property. You can have a good estimation of your financial situation by evaluating your monthly income, your day to day expenses and any debts you have. It will give you a good idea of how much you can invest in your dream home.
Pre- approval for a mortgage:
Try to get a pre- approved for the mortgage. Not only will it give a clear picture of your investment budget, but it will also give you an advantage when you make an offer. It will show that you have sufficient funds for investment.
2. Type Of Property You want:
A crucial step in the home-buying process is defining the type of property that best suits your lifestyle and meets your needs.
- House or Apartment:
Whether you need a house or an apartment, depends on your lifestyle and your needs. Both of these types have their own set of pros and cons. Houses may offer you an open space, as well as privacy. While an apartment is easy to maintain as compared to a house, it may not be as private as a house.
You can read our blog here for further details of owning a house or an apartment.
- New or resale
Determine whether you need a new house or a resale. New houses usually have modern day installations and styles, while resale houses may not be as up to date. However resale houses may cost less as compared to a new house.
3. Location
Another secret to buying your dream house is deciding the location where you want to find your house. The location itself and the surrounding areas are very crucial when it comes to buying the house.
- Researching Areas:
Pakistan has quite good places where you can buy a house. However each place has its own unique attractions and facilities. Before picking out any place for your house investment, make sure that the area is safe, and the neighborhood is well protected.
- Accessibility to the area:
Having a well connected neighborhood is a must. Well connected may refer to having schools, hospitals, workplaces and other essential facilities within the proximity of the place you are looking to invest in. Another thing you should consider is that the road structure leading to the place is developed and is not under construction.
Your Real Estate Agent:
A professional real estate agent will guide you well for your investment and will provide you valuable insights as well. Make sure that the real estate agent you pick out is:
- reputable
- licensed, experienced and well versed in the trends of the local real estate market.
Inspection:
When you are buying a house in Pakistan, one of the most important things to do is the thorough inspection of the house to check for things such as structural integrity and hidden defects.
- Structural integrity:
Property inspection can help you check if there are any defects or damages to the walls, roof, foundation or other critical structural elements of the house. Inspecting the property for structural integrity can save you from spending on costly repairs in the future.
- Safety concerns:
Any safety concerns including the plumbing or electrical system of the house can be uncovered during inspection, saving you from any safety hazards in the future.
Negotiation:
While buying your dream house in Pakistan, you should have strong negotiation skills, and a well know how of the real estate market trends. Here are the key factors for negotiation:
- Be patient:
When it comes to negotiation patience is literally the key. Negotiations take time but the right one eventually comes along. It is better to wait than making a deal in haste that you might regret later.
- Know the market , trends and rates.
During the negotiation process, make sure that you are well versed in the current market trends, the ups and downs of the real estate market. Take an expert’s advice as well about the location and the market conditions of the society.
Is The Property Legally Secure?
The first thing you should do is to consult a lawyer before purchasing the property. A professional lawyer can help you in the following ways to secure the property legally:
- Title verification:
Title verification is the first step in purchasing the property. It helps you ensure that the property is legitimately and undisputedly under the claim of the seller. It also ensures that the property has no illegal disputes.
- Legal documentation:
When purchasing a property , a lot of documentation is involved. Having a professional lawyer will help you review the documents and make sure they align with your interests.
- Disputes and resolution:
In case of any legal disputes , a lawyer can mediate to resolve the dispute with ways that protect your interests and rights.
The Bottom Line:
Buying your dream house in Pakistan is a milestone worth achieving. These seven secrets can help you in accomplishing your dream of finding. From understanding your budget to the negotiation and the inspection of the property we have covered it all for you. With the patience and research you can get the house of your dreams in no time.