How to Buy, Sell & Rent Real Estate Property in Pakistan? – Step-By-Step Guideline
Investing in the real estate market is not an easy sail. It’s more than just buying at a lower price and selling at a higher one!
To reap more benefits, one must understand the basics of real estate investment. It needs not just a lot of thinking but also a lot of market research practice and a solid financial understanding.
Buying and selling property is a complex and time-consuming task. But don’t worry if you don’t know the procedure for this. First of all, be informed that even before making big decisions such as finalizing a property and arranging finances, you have a number of small tasks to perform.
Pros and Cons of Real Estate Investment
As we discussed earlier, it’s not a piece of cake and has many gains and losses linked with it. You must do a cost-benefit analysis before making a final decision about your real estate investment.
- Possibility of higher returns over a short time period.
- Ownership of a solid asset.
- A constant source of monthly income if you rent out your property.
- A valuable asset to pass on to your generation.
- Price fluctuation sometimes does not suit or meet your expectations.
- You will have to pay property taxes in case of having ownership.
- The possibility of a dramatic fall in the value of your property due to some unfortunate circumstances.
- You might become a victim of property scams.
This blog serves as a complete guide that covers the basic steps of buying, selling, or renting real estate property in Pakistan. This guide also includes common property frauds and scams that one should avoid at all costs.
Let’s dive right in!
Determine Your Investment Purpose
You should first determine what are your investment goals. Whether you want to buy a property for residential purposes or give it on lease and generate monthly profit.
As a first step, you should be well aware of your requirements and goals. You should be clear about why you’re making this investment and what you hope to accomplish with it.
Furthermore, you should be very crystal clear about your budget so that market research may be conducted appropriately. You must also decide whether you want to invest in your current city or another city.
Make the right choice by listing all the essential features that you want in your real property. You can skim through this list when overviewing a property and check what features are present in the property.
Do Your Market Research
Before making any property decisions, do your own research and do not rely on only one external source. The first step in purchasing, selling, or leasing a property in Pakistan is to conduct background research. This should be the first step you take before beginning any work.
The Internet is a vast marketplace, and you will receive numerous responses to your search query. Visit one of the best property-related markets, such as Al Sadat Marketing, to conduct your search on real estate property and marketing services. There, you can find properties in your chosen neighborhood that have all the essential amenities.
Compare The Rates
You will have a good idea of the pricing after exploring the web marketplace and hiring an agent.
You can also have many property prices at the same time. As a result, you should compare these prices to determine which is the best. You should also compare all of the data to each other, as well as the financial budget you have set aside for purchasing or selling a home.
Look for The Best Real Estate Agency
The next step is to involve a real estate agency and ask for their services because this way you can shift half your burden to them.
You won’t have to rush from society to society to look for a perfect house that meets all your requirements. Also, if you are planning to sell your property, you won’t have to run every time someone wants to see your house. Your real estate agent will take care of all these things.
The agent acts as a middleman and plays an important role in the entire property trading process. You might want to cut the expenses of paying the agent but as a result, he will save your time and energy and will provide you with the best options.
You don’t have to worry at this step because Al Sadat Marketing will be your savior. It is the leading real estate agency in Islamabad that is providing affordable and hassle-free services in the real estate industry.
Visit The Property/ Get in Touch with The Other Party Personally
No doubt that your agent will make your sail smooth throughout the entire process but do not rely completely on him. Always take time out to meet the other party personally before selling your property or giving your house for rent.
Before closing the deal for buying a property, you should personally visit and inspect the property at least once. Visiting the location will assist you in identifying the property’s missing and damaged portions. You’ll also learn about the area surrounding the property.
Verify All The Documents and Legal Details
The next thing you should do before buying or renting any property is to verify all the legal details of the property.
It is one of the most important things to check for a NOC or approval from the district or tehsil development authority. The approval of the governing body is critical for a property.
The development authority’s permission is crucial since it gives financial stability and secures your investment. As a result, you should double-check the approval copy for that property.
Before the final step of payment, you must verify all the papers/documents of the property you want to buy, sell or rent. You can also hand over this task to your real estate agent but still, you should look at the documents yourself before closing the deal.
Fix Your House
Before inviting potential buyers to your house, you need to finish all the maintenance work and fix all the apparent flaws.
For example, if you have any leaks or a wall that needs to be repaired, go ahead and fix it before the visitor arrives.
These repairs may be costly, but they are also extremely rewarding. A residence that has been restored and polished can get you handsome rates.
Avoid Property Frauds
The real estate industry is full of scams. Therefore, before making any kind of property or investment decision, it is very important to stay attentive to the following property frauds;
- Do not buy an unseen property. Always visit the place before you decide to invest in it.
- Be aware of the scams at the hands of agents. Always hire an agent from a well-reputed real estate agency.
- Verify that the property you are planning to buy is authorized and has its NOC approved by the concerning authorities.
- Stay vigilant about the property documents and do not fall into the scam of fake documentation. Thoroughly verify all the documents yourself, you can also consult professionals at this step.
Whether you sell or buy a house on your own or with the help of a listing agent, the process is almost the same. Although certain details may vary, the above checklist might serve as a general guide or reference. Just make sure to check with a local expert for precise information on all the requirements.
You can also invest in other famous and most in demand housing societies, such as , Blue World City, Rudn Enclave, 7 Wonders City Peshawar, Taj Residencia, Kingdom Valley, New Metro City Gujar Khan, Forest Town Rawalpindi, University Town Rawalpindi, ICHS Town, Park View City Islamabad, Multi Gardens B17 Islamabad and Nova City Islamabad.
Few more real estate housing schemes which are trending now a days in Islamabad by including: Faisal Town Phase 2, Prism Town Gujar Khan, New City Paradise, Eighteen Islamabad, 7 Wonders City Islamabad, Capital Smart City, Silver City Islamabad, The Life Residencia, Faisal Town Islamabad, Islamabad Golf City, Islamabad Model Town and Marble Arch Enclave.
Al Sadat Marketing is an emerging Real Estate Agency headquartered in Islamabad, Pakistan. With over 10+ Years of experience, Al Sadat Marketing is providing its services and dealing all trending housing societies projects in different cities of Pakistan. Islamabad Projects, Rawalpindi Projects, Gujar Khan Projects, Burhan Projects, and Peshawar Projects etc.
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