Things to Look out for when Buying or Selling a Property in Pakistan
Pakistani real estate has seen tremendous growth over the past few years. Since 2010, property prices in Lahore alone, have approximately doubled. Fulfilling your dreams is not easy nowadays. Buying a dream house could be a nightmare too. Where there are people trying to help you, there are also people trying to let you down. This results in several issues when buying a property which we’ll learn how to tackle.
First of all, when buying a house, meet with the neighbors and ask them about the house and the owner. Make sure if you are buying a new house, it is actually new and not renovated. Ask about the owner if he is a defaulter, is it his own house, are the documents real? The fard and the registry could be checked from the nearest registrar office.
If buying from a society, then check the files to make sure they’re original, is the right stamp paper used? You may skip terms & condition while installing a software but while buying a property you should always read it. Making a new registry to transfer the house might also take a lot of time due to the thousands of properties transferring every day. Once you finalize the price and payment terms between you and the owner of the property, you may need to pay the owner some token money to guarantee your commitment. Always receive an acknowledgment slip for this.
Check all the ID card copies attached to the documents. If you are selling a house always accept the payment in cash or a bank pay order and make sure to store it in a safe place, the bank is your best bet in today’s era. Don’t ever give the whole amount if you’re a buyer, 70% of the payment is sufficient.
Finally, relying on a good estate agent might be a good choice but always do your independent market research which may include checking the market value of the property you are buying. In fact, you can trick the same agents to find the market value of a particular property or simply just by going on to different property portals and check the average price of that area. It will help you in negotiations and in getting a sweet deal.