Pakistani real estate has exploded in popularity in recent years. Property prices in Islamabad alone have nearly doubled since 2010. Many people are eager to get a piece of this booming niche’s proverbial pie due to this beneficial trend. Continue reading if you’re interested in joining the bandwagon but don’t know where to start. I’m going to walk you through some essential procedures that you must follow in order to receive the greatest bargain and avoid being taken advantage of by unscrupulous real estate salespeople. here we discuss the steps to buying a home in pakistan.
1. Conduct independent research
Do not rely solely on agencies. Use property portals such as Zameen.com, OLX.com.pk, and Lamudi.pk to conduct your study. The majority of the prices on these portals are requested that are 20–30% higher than the market price.
2. Determine the land or house’s market value.
So you came across a house that piqued your interest? Great! You must now determine its market value. It does not require a Ph.D. You can con the same agents into determining the market value of a property. The steps are as follows:
- Call Agent A, the plot’s listing agent, and inquire about the final price. Let’s imagine he gives you a price of X.
- Contact Agent B, who works in the same region. Inquire with him about the plot you want to sell. He’ll give you a price of Y.
- Calculate M = (X+Y)/2, where M is your anticipated market value.
- 3. Locate the ideal agent
This is a difficult question with no clear answer. You must speak with and meet with several agents. Simply choose an agent who offers a price that is closest to your estimated market value M. Don’t be impressed solely by their opulent offices, sophisticated accents, or large number of subordinates.
4. Meet and bargain with the owner in person.
Request that your agent arranges a meeting with the owner. Never negotiate directly with an agency. Cross-check the allotment/transfer letter with the NIC to ensure ownership. Many agents will claim that the owner is out of town or abroad. Refuse to believe such reasons and walk away from the transaction.
5. Make a small payment to seal the contract
I hope they didn’t drag you too far in the negotiations. Once the price and payment terms are agreed upon, you must pay the owner a token sum to bind you both to the agreement. Request a receipt for the token money from the owner/agent. There are a few factors to consider:
- Your token money should range from Rs. 50K to Rs. 1 Lac.
- A copy of the allotment or transfer letter is required.
- A property’s complete address or file number must be included on the token receipt.
- The token receipt must state that the property is free of any outstanding litigation or payments.
- This fictitious money is included in a property’s overall price.
6. Verify your allotment or transfer letter with your agency.
Yes, that’s part of his fee for getting you a good bargain. You don’t have to pay anything to your agent till this point. If you have the time and are dealing with an agent for the first time, go to the society’s office with him to double-check the status.
7. Use bank pay orders to pay
Avoid paying with cash. Paying using pay orders is always more convenient and secure. Here are some additional considerations.
Taxation is governed differently in each society. This will necessitate a separate article.
The commission paid by the agent is 1% of the total price.
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