The real estate industry in Pakistan has been experiencing significant growth in the last ten years. Prices of property in some of the major towns in Pakistan have doubled. As a result, many people are interested in buying property as an investment. However, to avoid any instances of fraud when engaging in real estate property in Pakistan, you have a few tips. In every country, there are malicious people who are always ready to take advantage of vulnerable customers. In real estate, there are fraudulent agents who you should be aware of.
Below are seven tips to buy a property in Pakistan that will help you.
Agents are not reliable
The internet is a great tool which we can be used to buy and sell items. You can easily find real estate websites from which you can buy property. However, the internet has its downsides too. It is not advisable to trust every real estate agent you find online, especially when making property deals. You have to carry out enough research about the portal and ask around for any recommendations. Additionally, prices on such sites are usually at least thirty percent more than the actual cost of the property.
Find out the actual price of a property
When you find a property you are interested in, make a point of searching for its real market price. Seek help from an agent who will help you identify its price. A simple trick you can use is by asking the price of the property from two different agents. Find the average of the rates quoted by each realtor to help you estimate the market value. Moreover, in Pakistan, you can ask different people who live near the property of interest.
Look for a qualified agent
You can only pick the best agent by talking to several of them and choosing one out of all. You need to select an agent who quotes the price nearest to your market value. It is also essential that he or she shares the same work ethics as you do to ensure that you work in harmony. Sometimes fraudulent real estate agents dress to impress, have fancy offices and polished accents. Do not fall for this trick. Ask your realtor to present his or her educational qualifications to confirm his/ her credentials.
Meet the owner of the property
It is always advisable to have a meeting with the owner of the property. This gives room for further negotiations rather than simply working with an agent. The meet up will help you verify ownership of the land or plot based on the documents presented by the owner.
Pay in installments
Once you and the property owner have agreed on the final price, you should present a down payment. The money solidifies the deal you have made. When this is completed, you need to receive a copy of the transfer letter and a receipt of the token payment.
Your real estate agent should verify the authenticity of the transfer letter
With the help of your agent, head to the Society’s office. Here, you will acquire all the necessary information regarding the status of the property you look forward to buying.
Do not pay in cash
Pay through bank pay orders. Ensure that you understand the taxes charged in this transaction. Additionally, you pay the real estate agent his or her commission. In Pakistan, the commission is usually 1% of the value of the property.