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Home buying tips

Home buying tips

Buying a suitable home according to one’s requirements and budget is the real task. Let’s discuss the home buying tips.

Requirements

For buying a suitable home, you should first consider your requirements. Some people need flats, whereas others like independent homes. It’s also important to decide about the size of home or number of bedrooms, as size of home has great impact on the price. Large houses or flats are expensive, whereas small or medium size houses are affordable. You should also decide about your preferred location to buy a home.

Budget

Budget assessment is very important while buying a home. Some people can buy home on cash whereas other can buys on installments or mortgage. In Pakistan many developers offer state of the art housing schemes, where houses are available on installments. In case of installments, you should not spend more than 35% of your monthly income on installments, as it will disturb your other expenditures.

Home search

Once you know your requirements and budget, you can start searching for a suitable home. You can search home via property portals and also can visit the local real estate agencies. Real estate agents will help you find the homes that match your budget and requirements. If you have found your preferred home online, you can contact the real estate agent or owner to get all information about the home.

Visit the home

After you have selected the homes online or estate agent has found some properties for you, your next move is to personally visit the homes. This will give you a good idea about the homes condition, location, orientation and living environment. During physical visit you can also meet with the home owner.

Price negotiations

After you have seen & selected home, now you can negotiate price. There is always about 10-15% price negotiation margin. Your offer should be realistic to mature the deal. Unrealistic offers are normally turned down and you have to find some other property. You can get information about property prices in that area from the dealer, as it will be useful for negotiating the price.

Documentation

After you and seller have agreed the home price, now you can move towards documentation work. This includes the mode of payment and transfer of the home. For this you should hire good property lawyer. Lawyer will help you in checking the property documents. Lawyer is also needed to transfer home on your name.

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(15) Comments

  1. rizwan

    on   said 

    YESTERDAY I TALKED TO A REAL ESTATE AGENT IN LHR WHO IS ALSO MY RELATIVE…AS I CANNOT AFFORD ANYTHING IN KHI THEREFORE ASKED HIM WHAT TO BUY IN LHR IN DHA….HE SAID PRICES HAVE NOT FALLEN ALTHOUGH NUMBER OF TRANSACTIONS ARE LOW…BUT THERE IS ALMOST NONE FALL IN PRICES…..Y IS DIS SO ???? 🙁 DISHEARTED

    Reply
    • rizwan
      DHA Lahore like DHA Karachi is the hotspot of black money. If you ever visit DHA Lahore, its more than 60% empty. Only crack down o black money will bring down the prices.
      Next thing to watch is the heavy taxes coming in budget 2017-18 as IMF has told Pakistan to impose extra taxes of 1.8 billion dollar.
      Lets see the final outcome.

      Reply
      • rizwan

        on   said 

        GHAR47 SIR CRACKDOWN TU HOTA HUA NAZAR NAI ARAHA K KABHI HOGA COZ SARAY WAZEER AND GOVT CHAHAY WO KOI BHE POLITICAL PARTY HO SAB HE CORRUPT HAIN…AND SAB SAY ZIADA TU IN K APNAY HE PLOTS AND GHAR HAIN SO Y WILL THEY ACT AGAINST THEIR OWN INTRESTS….MJAY TU PRICES KAM HOTI NAZAR NAI ARAHI…BALKAY PRICES ARE RISING EVERYDAY IN KHI SPECIALLY IN DHA

        Reply
        • rizwan
          Crack down is not from gov but from courts. Its on the way. We should trust our courts. Only crack down will bring down the prices. Otherwise property mafia with black money further increase the prices.

          Reply
      • m anwar

        on   said 

        ok, then we have to wait for the budget if I am going to buy a plot,,
        also what are ur comments on agosh 1 housing society isb,
        Jinnah garden or agosh1 which is better

        Reply
    • rizwan
      Government is planning to reform the real estate sector
      No builder of developer of housing scheme will be able to collect money / down payment from investors unless this society has clearance from Securities and exchanges commission of Pakistan (SECP) and valid NOC. In this way government will provide security to the investors. In past people have invested in many projects and projects never completed.

      Reply
  2. Ali Asghar

    on   said 

    Some how even with low transactions the overall prices in Lahore have not come down significantly for genuine buyers to be able to afford a good property. I see empty plots in many locations such as phase 7 DHA. Phase 6 and Prism 9 which is still only on paper, yet prices are way out of reach for a salaried person. How long will this trend continue and why prices have not fallen?

    Reply
    • Ali Asghar
      This is the fruit of black money.
      Money circulation is in few hands. People with black money has purchased lot of properties to whiten the black money. Due to this genuine buyers are forced out of the market. Only crackdown on black money will crash the property prices.

      Reply
    • rizwan

      on   said 

      ALI BHAI YEHI TU ROONA HAI IS MULK MAIN….GENUINE JIS NAY REHNAY K LIAY LENA HAI GHAR CANNOT BUY ANYTHING DUE TO PRICES AND JIS K PAS BUHAT PAISA HAI WO EK JAGA 10 10 PLOT LAY K BETHA HAI….THERE IS NO GOVT INFACT GOVT K APNAY HE WAZEERO NAY MAFIA BANAYEE HUI HAI IN PROPERTY

      Reply
  3. Nazish fatima

    on   said 

    It is true that only industrialization we can grow our country as well as providing job to the educated as well as uneducated people.

    But it is true that govt has no focus and consideration this is the one and main reason our export is from dropping 24 b to 20.

    And still real estate sector still hype then export further shrink and may be it will 15 b with in next 2 years.

    It is the law of finance that where good profit businessman turns on it.

    Similarly we will see more criminal activities having new patterns because people don’t have job.if you visit any big school it should fear to see that we are arriving any boarder line and just near break up any war.

    Aa well as women can not wear jewellery because mostly have looted and now if any motorcycle just cross from.near my car it seems fear and just feel that now these man will stop and snatch by gun point.

    These are the reality and main causes REAL ESTATE boom and away from industrialization.

    I have not read any if the book entire my life that any country of the world have prosperous have speculation of real estate and stock market.

    Kindly analysis your opinion should my views are wrong or what will be Wright.

    Reply
    • nazish fatima
      Pakistan deficit is record high at 20 billion dollar. This is astonishing.
      Secondly IMF has told Pakistani government to impose extra taxes of 1.8 billion dollar in the new budget 2017-18.
      This are gonna very ugly for Pakistanis in the coming months.

      Its true, only industrialization creates jobs and for industry we need electricity
      When there is no electricity, then only real estate business.

      Nothing can keep on rising in this world. Life is a complete cycle of ups and downs.

      2000 Stocks crash
      2008 Stock and real estate crash
      2017? stocks, real estate and bonds crash

      This information is according to famous financial experts of USA.

      http://usawatchdog.com/insane-bond-stock-and-real-estate-markets-mike-maloney/

      In Pakistan real estate sector will not remain attractive forever, a crash more worst than 2005 is imminent.

      Reply
  4. Muhammad azeem yddin

    on   said 

    sir..
    this is to inform you that prices have also increased about 20% to 30% at DHA phase 8 Karachi.

    I would like request you kindly give your opinion and technical analysis what are the main causes to soaring prices ?

    similarly what happen in pakistan that the new price boom at DHA 8.

    should this new trend discourage the investment in machines and attract to invest in REAL ESTATE sector ??

    installing machines created JOB but investment in plot no job creation. would you agree this.. if yes.. then why this missing link govt is unable to understand or behind their is some unknown hands who is doing and sending Pakistan 50 years back in Asian region. ????

    Reply
    • Muhamamd azeem yddin
      There is total confusion due to Panama Case since its decision Feb 23 2017.
      Since then people with black money have bought properties to whiten the black money.
      This is why price hike can be seen.

      CURRENT SITUATION
      Market is stagnant. Lot of new projects but low transactions due to;
      1- Political turmoil
      2- Panama case
      3- Dawn leaks
      4- High taxes
      5- Overall uncertainty

      NEAR FUTURE DEVELOPMENTS
      Real estate experts are waiting the new tax regime soon to be unleashed 26 May / Budget 2017-18.
      IMP has told Pakistan for extra taxes of 1.8 Billion dollar.
      We can clearly see what will be the out come of the budget as taxes on real estate sector will massively increase.
      This will result in low property transactions.

      Yes its true, lot of money is parked in property sector and stocks and both sector creates few jobs. There should be higher taxes on empty plots as it will result in more construction activities and job creation.

      Reply

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