The real estate sector is an emerging industry in Pakistan. It has a lot of potential for growth and the most lucrative investment opportunity. If you are looking to invest in real estate it can be tricky to find the best fit. One has to be conscious and must look out for all the available options that are feasible according to budget and requirements.
Buying property includes various steps and tasks, it can make you anxious about making an expensive mistake. You should spend some time researching before entering into any transaction.
Here is the guide for you to purchase a property in Pakistan.
Study different types of properties.
Before investing an investor must have a basic knowledge of different types of properties before stepping into the real estate market. They can be divided into five different types i.e residential agricultural, commercial, vacant land, and industrial. Choose the property according to your requirements.
Look for the perfect location
Choose a promising location that offers a high return on investment. Rates vary from area to area depending upon the value of the property. Select the area that fulfills your needs.
NOC (no objection certificate) & Approvals
If you are buying a property in a society investigate that they have NOCs issued by the concerned authorities. As several residential projects are awaiting approvals, so verify before making your purchase.
Visit the front desk of CDA or offices of other authorities to check if the plot or property is approved. Confirm if the developer has approvals for gas, water, electricity, and sewerage connections.
Find a trustworthy real estate agent
It is very essential to have a trustworthy real estate agent. You require a skilled and professional agent to carry out these tasks as it is not something that most people do on a regular basis. It is acceptable to ask for references and then check those references. Most importantly find an agent you trust and feel comfortable working with.
Ensure there is no Legal Dispute
Always make sure that the property you are going to buy is legal and approved. As land disputes occur and can cause you to land in an uncertain situation. So many cases of land disputes occur every day.
Directly contact the plot owner
If you do not want to hire a real estate agent, try connecting directly with the owner of the plot. Arrange meetings, discuss and negotiate on the things related to the plot.
Fulfill all the legal documents and check if the seller has the original documents available. Make sure you have a complete set of documents in order to avoid future worries.
After buying the plot ensure that plot is transferred correctly and all the documentations are under your name.
A Guide To Purchase Property in Pakistan