Avoid Making Common Mistakes While Investing in Real Estate in Pakistan
There is a lot of interest that people keep showing in real estate in Pakistan. This business has always gone through many ups and downs. But at the end of the day, if someone invests in property through a reliable and best real estate company and waits patiently then it is for sure that the same property would give you considerable profits.
This is the time, when this same business is at its boom. It means that you have great opportunity to invest in real estate. No matter when and how much you want to invest, the only thing that matters the most is avoiding some common mistakes so that you could not invest in something that can become the reason of huge loss in the future. Following are the things that you should always avoid.
- Never trust wholly and solely on property agents
There are numerous property dealers and agents who are either helping or dodging the investors. It is quite difficult to trust whether the agent is giving you right suggestion or just trying to mislead you just for the sake of getting his share from the deal. Therefore, it is better to visit registered, well known and the best real estate portal, from where you will get the exact and accurate information about properties or lands being sold. But even through this platform you will have to be overly cautious. The price demand mentioned on such portals is relatively higher than the actual and real price value.
- Check out the exact market value
In case you have finally found the plot, commercial building or house that has attracted you, now the time comes when you need to check out its exact and real market value. This whole scenario does not require you to have a degree in this field. There is a simple way of doing this calculation or estimation. All you have to do is to create a scene. Call a property agent who is dealing in the area where you are interested in buying property. Ask him about the market value of the plot that you like. The price he will quote can be considered as X. now call another agent and tell him about the same plot but now you will have to tell him that you want to sell out that plot. He is definitely going to quote a different price. Let’s take his quoted price as Y. you can now put a basic mathematical formula on these values.
Market Value: (X+Y)/2
Now the value which you will get is going to be considered as an estimated value of the same plot.
- Don’t trust on source
If you are thinking to visit a reliable property website to search for the property that you are interested to buy, then you may not get true picture of the value of that property. You must visit more than one real estate websites so that you can make comparisons and can reach the right decision. In other case, if you are looking forward to meet property agents, even then you should meet more than one agents. Never get tempted and attracted towards luxuriously furnished offices of agents. Just focus on the target of choosing the right real estate property.
- Meet the owner
Once you are done with your discussions on the selected property with the agent, then ask him to schedule your meeting with the owner of that property. During your meet up you must inquire the real ownership of that property. Check out for allotment letter and transfer paper. You can check on these with the connection with owner’s NIC.
- Never make the full payment at once
Right after all the negotiations are completed, you will have to then make payment against that property. Never make the entire payment but should pay only the token money. And do this through stamp paper in this way, the deal will be lock and then after a couple of months you can make the full payment and only then the owner will transfer his property on your name.