Things to consider before buying a house
Buying a house is a very emotional yet exciting process. 2022 is a very challenging time to enter the housing market because of rising inflation and recession.
Before making a final decision, one must know the do’s and dont’s of buying a house. Before making any significant real estate investment, it is crucial to use caution.
With inflation on the rise, it is not a good time to overspend or make hasty decisions. Instead, examine your finances to see what you can actually afford. Do your homework and understand what you’re getting into if you’re going to invest in real estate.
Don’t give up; there are still plenty of excellent bargains available. You may still choose wisely in these uncertain times by being savvy with your investments.
Before buying a house, you should consider the challenges that you might face and prepare yourself accordingly.
Here’s a detailed guideline and a list of factors that you should consider before buying a home:
Define Your Needs and End Goal
Buying a house is a big decision and should not be taken in a hurry. You must be very clear about the following:
- Why do you need to buy a house?
- What are your long-term plans regarding the home?
- Do you intend to generate rental income from this house?
- Are you buying a home to live in with your family?
- Which type of house will best suit your needs; a single-story or a double-story?
- Are you prepared to take the responsibility of maintaining a home?
These are essential questions you need to ask yourself before buying a house.
Figure Out Your Total Budget
You will undoubtedly need to have sufficient cash in your pocket before buying a house. Calculating and putting aside a handsome amount for the home you plan on buying is mandatory.
When calculating the cost, you should include the additional charges you might have to pay. You will almost certainly have to bear unexpected expenses, such as property taxes, unforeseen repairs, and maintenance costs while buying a house.
Do a serious audit of your finances and ensure you have your budget figured out before you start.
Explore The Market
Don’t let people convince you that an area or society is suitable for you unless you yourself are very much clear about it. Do not let anyone’s judgments blur your decision-making. Do not let anyone prepare a recipe for your disaster.
Take a closer look, for instance, at the potential neighborhoods. Investigate critical questions like:
- What are the property rates in the nearby housing societies?
- What amenities are available at the doorstep if I buy this house?
Before making any property decisions or buying a house, do your own research and do not rely on only one external source. The first step in buying a home 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. You can find properties in your chosen neighborhood with all the essential amenities.
When buying a house, one of the essential things to consider is the location of the house. Check for the accessibility points and nearby landmarks. Closely inspect the traffic flow and access to the main road.
For more information regarding the best housing societies in Islamabad, Rawalpindi, Peshawar, and Gujar Khan, head over to Al Sadat Marketing and clear all your queries about real estate.
Size of The House
Before buying a house, it is vital to take into account the size of the house. Do not buy a house way bigger than your need. When buying a home, everyone knows how many bedrooms they would need. Most people do not need a lot of rooms and prefer that their children share bedrooms.
If you have relatives or guests that frequently visit you for a stay, it is good to have an extra room set as a guest room.
Buying a house bigger than your need will become an unnecessary headache for you. Extra rooms and space in the house mean additional utility bills and extra maintenance.
So, carefully examine this factor before investing in a house.
Before buying the house, explore the neighborhood and take a look at the nearby amenities. What facilities are available in the area? Check if there are parks, schools, hospitals, or grocery stores available nearby or not.
Proximity to Work and Schools
When buying a home, one of the most important elements to take into account is the location’s accessibility, particularly from your workplace. Verify the home’s proximity to and ease of access to bus stops.
Since you’ll be traveling every day, it shouldn’t happen that you waste a lot of time getting from your house to the office and back because it can seriously interfere with both your personal and professional life.
It is therefore highly advised that you search for a home closer to your place of employment; the closer the better, to save time on commuting and have space to unwind alone and with your family.
It is also important to check the distance of the house from schools. If you have school-going children, it is essential to consider this factor, as you would not want your children to go through the drill of traveling hours daily.
Verify All the Legal Documents
Verify all the legal information before buying the house. Checking for a NOC or approval from the district or tehsil development authority is one of the essential things to do. Having the governing body’s consent or authorization is crucial for every property or house.
The approval of the development authority is essential since it provides financial security and protects your investment. Before making the final payment, you must confirm all the paperwork and documents for the home you wish to purchase.
Even if you can hand over this process to your real estate agent, you should still review the paperwork before finalizing or closing the deal.
Detailed Home Inspection
Although house inspection through a professional might cost you a little extra, you will end up saving thousands of money.
Running a detailed house inspection can help you identify the house’s underlying issues and construction faults, which can help you make a more wise decision.
Minor faults in the house can also be used as bargaining chips, and you can convince the seller to agree to a better deal.
Before buying the house, you might need to have a certain amount of work done. An examination will prevent many future issues, hassles, and costs.
The Crime Rate in the Area
Before buying a house, it is necessary to examine the crime rate in the area. Nobody wants to live in a housing society with a higher ratio of crimes.
The local police station can easily verify these statistics. Take notes of the major and minor crimes. You should also know about the security situation where you want to buy a house and how frequently police visit the nearby area.
Buying a house is a significant decision and often cannot be reversed. It is essential to stay true to your priorities and carefully consider all the factors that might influence your decision.
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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