The real estate sector in Pakistan is currently undergoing a massive transformation. The incumbent government has recently provided the construction sector with a mega relief package. The package has triggered a positive stimulus for the real estate sector throughout the country. The package also includes a number of tax reliefs for the real estate sector at large. All this is being done to document the real estate sector and regulate it.
Buying a home is a one-off real estate transaction. This means that you do not buy or sell a home more than once or twice in your lifetime. This implies that you, as an end occupant, should be extremely careful when buying a home. Buying a house in Pakistan can be a challenge for most of us. Due to the fact that the real estate sector is largely unregulated, the process of buying a home can become tedious and opaque.
Here are some points to consider before buying a home in Pakistan:
If you have planned to buy a home in Islamabad, then it is better to go with a real estate agent who deals in your area of interest. A real estate agent is your advocate when you are looking to buy, sell, or rent real estate. You will need to do your research before choosing the right real estate agent. A good real estate agent is the one that enjoys a good reputation and has at least a couple of years of experience dealing with property. You can find a good real estate agent via newspaper ads and the internet. However, it is always better to go for a real estate agent hunting yourself. An agent with an office within your area of interest can be a good suite because these dealers usually have ample inventory at hand.
Selecting the Property
Once you are done with choosing the realtor, the next step is to view the shortlisted properties. Your real estate agent will be acting as your coordinator for property views. It is important that you take all the decision-makers when going to viewing a property. Also, it is important for you to brief the real estate agents regarding your requirements. This will help you save a lot of time since your real estate agent will weed out the properties that do not match with your selection criteria.
Shortlisting the Property
Once you have viewed the properties and have made your mind regarding one of them, then now is the time to ask your dealer to fix a meeting with the property owner. It is always advisable to go for deals that offer a face to face meeting with actual owners of the property. Once the meeting is fixed, you should go with a token cheque or cash. This is required because it will show your serious intent to purchase the house. Once the meeting starts, you should first give the offer that you think is the right price for the selected property. These meetings are usually long since the seller will want the deal closure at their own price. In this phase, your real estate agent will assist you in getting a good bargain.
Document Verification and Transfer:
Once you and the seller agree on the price, then is the time to verify the documents of the property. Your real estate agent will do it from the housing society’s office. It is better to go with the agent yourself when the verification is being done. During the verification of documents, the society will inform you regarding any outstanding charges that are due on the seller. If there are any such charges or surcharges, the seller is bound to clear them before the transfer is initiated. Once all the outstanding charges are cleared, the seller or his/her real estate agent will move the society office for the provision of NOC on transfer. After the society has delivered its NOC, you can then move to transfer the house on your name. The transfer procedure usually involves you and the seller to be present in society’s transfer office. The sale agreement deed is signed in presence of two or witnesses. Your real estate agent, at this point, will be responsible for all the documentation that is required from your end. This purchase process generally covers all the housing societies in Pakistan. It is important that you select a real estate agent that you can rely on. Always ask for a face to face deal in order to keep the deal transparent at all points.
Rays Marketing is one of the best real estate agencies with multiple corporate offices located in Islamabad, Rawalpindi, and Lahore. Rays Marketing is a full scale and turnkey real estate agency of Pakistan which is also a platinum partner of Lahore Smart City, Capital Smart City, Islamabad Park View City, and Blue World City, etc. For more details regarding our projects, fill the form below.