How To Buy Best Property In 7 Steps In Pakistan

Buy_Property_in_7_Steps_in_Pakistan

Do you want to buy best property in 7 Steps in Pakistan – after avoiding fraud risk ? get to the right House / flat / Land / Commercial property.

Pakistani real estate has boomed over the years, specially since 2010.Property prices in Karachi, Lahore & Islamabad have doubled.

This positive trend has forced many individuals to grab their piece in niche market. Owning a property for personal use is a dream of everyone and I am sure you will try to Buy one.

I present to you some guidance / steps that will help you to get the best property and would ensure it’s a genuine.

No. 1 : Research … Research

Remember , do not just trust agents and do your research using different property portals like Zameen.com, OLX.com.pk darwazo.com and 1947classifieds.com etc. Prices may be higher by 20 to 30% on these portals , therefore do a proper research.

No. 2 : Find out realistic & True Market Value of Property / Plots / Land / Commercial Property

Play a simple Game to reach out realistic market value.

Use below way :

-->Call Agent “One” who list the plot & negotiate final price. Lets say he quotes final price A.

-->Call another Agent “Two” dealing in the same area. Ask him you have that plot and wants to sell it. He will quote you price B.

-->Now do the math: M = (A+B)/2; M is your estimated market value 

No. 3 : Right Agent

Don’t get trap with luxurious office, furniture , cars etc. of agent & Choose the right agent.

This is difficult part as its not easy to identify right agent.

Trick is try to reach the agent who offers you price as calculate in Step 3.

Don’t get trap with luxurious office, furniture , cars etc. of agent & Choose the right agent.

No. 4 : Meet / Negotiate owner face-to-face

Ask your agent to setup a meeting with real owner. Never make a deal with agent directly. Verify ownership by cross checking the allotment/transfer letter with the NIC. Many agent will make excuses that owner is not in town or is abroad. Just simply don’t buy those excuses and walk away from the deal.

No. 5 : Token Money & Strike a deal

Great , I hope they didn’t drag you much in negotiation. Once you finalize the price and payment terms, you need to pay owner a token money so that you both get bound to the deal. Always ask for a receipt from owner/agent about the token money. Couple of things to take care of:

-->Token money should be in between rupees 50K to 1Lac.

-->Take a copy of allotment or transfer letter.

-->Token receipt must have complete address or file number of a property.

-->Token receipt must mention that the property doesn’t has any litigation or due payments.

-->Token money is counted in a total price of a property.

No. 6 : Ask your agent to verify allotment or transfer letter

Yes, thats part of his commission to give you a secure deal. You don’t need to pay your agent any thing till this point. If you have time and you are dealing with an agent for the first time, better go with him to the society’s office to cross check its status.

No. 7 : Always Pay using Bank pay orders

Avoid to pay using cash. Always better and secure to pay using pay orders. Here are some other things to keep in mind.

  • Every society has different rules because of Taxation.
  • Agent’s commission is 1% of a total price.

After following above steps, I believe you will mitigate the chances of being screwed by a huge margin.

 

Good luck !