Guide: How and where to buy Property for Investment?
Are you aspiring to become an investor in the real estate sector? While it’s not important how much you need to have money to become an investor, the real concern is how safe your hard earned money would be if you invest in the real estate sector. This article can help you to make better decisions if you buy property for investment.
The important rule to make a safe investment: always invest in popular and trusted projects and housing societies. We have shortlisted some well-known and trusted societies for investment in scheme 33.
Want to buy property for investment? Scheme 33 has a lot to offer and there are so many housing societies that it presents a variety of opportunities for investors.
Mehmood-ul-Haq Society sector 48A, Amna Co-operative Housing Society, Teachers Housing Society, Quetta Town, Sachal Sarmast, Sadar Market, Al-noor society and more. These societies are some of the popular and best options for investment in Scheme 33.
Buy property for Investment in Scheme 45:
Taiser Town Scheme 45 and along northern bypass that offers excellent investment
The most up and coming areas out of these are Scheme 45, located on the main Northern Bypass near Gulshan-e-Maymar.
Gulshan-e-Maymar, Garden City, Multi Color, Muhammad Bin Qasim, Roti Corporation, Aligarh, Hadiabad and more. These societies are some of the popular and best options for investment in Scheme 45. Recommended for
Avoid 7 Common Frauds When You Buying Property in Pakistan.
We will be going through some basic steps that you must follow to get the best deal on the property. In fact, these tips can help you avoid fraudulent real estate agents who are always ready to pounce on unsuspecting clients.
1. Do not Rely on Agents
Don’t fully trust agents. Do your research using different property portals like OLX.com.pk, Zameen.com, and Lamudi.pk.
2. Search the Market Value of the Plot, Apartment or House.
So you found a property that caught your eye? Now you need to search its actual market value.
As anybody who is familiar with the real estate scenario in Pakistan will tell you, here is what you need to do:
Call Agent (1) who
Call Agent (2) who are dealing in the same area. Ask him that you have that property and you want to sell it. Chances are that the price he quotes you is different from the price you got from Agent (1).
3. Do Not Rely On One. Find the Right Agent.
This one is tricky and does not have a straight answer. You need to talk to multiple estate agents.
Just pick an agent who quotes a price nearest to your estimated market value.
Don’t get impressed with their educated accent, luxurious offices, or a number of employees working in their office.
4. Meet and Negotiate with the landlord Face-to-face.
Ask your real estate agent to set up a meeting with the landlord. Never make a deal with
Now you need to verify ownership of the property by cross-checking the allotment/transfer letter with the NIC of the person you’re meeting with.
5. Do not Pay It All in One Go. Give Token Money to Finalize the Deal.
Once you finalize the price and payment terms between you and the landlord, you need to pay the agent/landlord some token money. This ensures that you both get bound to the deal.
Ask for a receipt from the agent/landlord about the token money.
- Your token money should not over 1 Lac.
- You must take a copy of the property.
- The token receipt must mention that the property doesn’t have any litigation or due payments.
6. Ask Your Agent to Verify Property Documents.
It’s part of an agent’s commission since they have given you a secure deal.
However, you don’t need to pay your agent anything until this point. If you have time and you are dealing with an agent for the first time, its better go with him to the Society’s office to verify the property you’re intending to buy.
7. Pay via Pay Orders.
Don’t paying in cash. It’s secure to pay using pay orders.
As for what you need to pay your agent, his commission is 2% if the property value is under 1 crore and 1% if property value above 1 crore.
Also Read: Naya Pakistan Housing Program