Safely investing in new real estate projects
Ideally flat or home should be purchased with cash. But everyone is not financially sound so most people buy homes or plots on installments. People simply invest in new real estate projects that offer flats, homes or plots on easy payment plans with some deposits. This is a great way to climb the property ladder. But unfortunately property frauds are common in Pakistan. Many people have lost their lifetime investments because of the real estate scams. The main reason of losing money is that most people invest in new projects without the proper investigation. This blog describes the simple steps for safely investing in new real estate projects.
Get details of new developments
To safely invest in new property developments the first step is to collect the information. Most developers have the websites and social media pages to share the information of new projects. You should visit the websites and social media pages to get complete information of the project. Another important factor to consider is the price and payment plan of the property you are interested in. This is very important to select only those properties which are within your budget. Otherwise you may have to compromise on monthly expenses.
Visit the site office
The next step is to personally visit the society or real estate development you want to invest in. The personal visit has three main benefits. Firstly you will know that whether development exists on site or it’s just on ads. Secondly you will know about the situation of the project like development works. Thirdly the personal visit will give you the opportunity to meet the developers. You can ask them any question you want from the approval of the society to the possession of the properties. The answers of your questions will clear many things.
Check the past record of developer
The third step is to scrutinize the past record of the builders. You can easily check the past record of any developer as most developers have social media pages. Check the past projects and comments. The satisfactory reviews are the sign of good reputation of the developer whereas bad reviews are the sign of bad reputation. Secondly you should also visit the previous projects of the developers. Just check the construction work and see if people are living. If the old projects are complete and people are living then the builder is trustworthy.
Confirm the approval status
The fourth step is to check the approval status of the new real estate projects. Many people have lost investments as they invested in the projects that were not granted the approval certificates from the development authorities. To confirm the approval of the project just call the relevant development authority and acquire about the status. If the office of local development authority confirms the approval status then the project is genuine and builders are trustworthy. But if the office tells you that project is not approved then the project is a fraud.
Register your complain
After confirmation of the project as a scam you will move to another development. But this is not the end of the story. You have some responsibilities as a citizen if the project is a fraud. You have to register your complaint against the developers who are looting the innocent people. The relevant depart will arrest the fake developers and public will be warned about the project. By registering complaint you will save the buyers from the property fraud and it will also help the government to recover the money.