5 Things You Must Consider Before Buying a House in Pakistan
One of the biggest investment you’ll ever make in your lifetime is buying property. Due to the amount of money involved, you must be very careful in purchasing a plot, house or any type of land. With proper research and planning, you can make this process easier and stress-free. Here are some basic guidelines to follow to make this tedious process smoother:
- Set Your Price Range:
You will find many Houses for Sale in Pakistan with an enormous price tag. It might be tempting to buy a large house with a swimming pool and garden, but you need to be realistic in setting your price range. Many people make the mistake of buying a high priced house, thinking they’d be able to afford it but end up high in debt. You need to take into account your monthly costs on utilities, groceries, entertainment, bills and other expenditures and then figure out how much you can afford to pay for mortgage.
Simply create a list of your monthly expenses including all bills, rent and household maintenance. The amount that’s left after monthly expenditures is what you can afford to pay for mortgage or add to your savings to purchase a house.
- Establish Your Requirements:
Expenses are not the only matter you need to consider when purchasing a new house. You should also keep in mind your needs. Are you looking for an apartment or a townhouse? How many rooms and bathrooms do you need in the house? Should there be a lawn or not? How much garage space do you require? You must make a decision on these matters before you go out hunting for houses. It will give you direction and will limit your options to tailor your needs.
- Pick a Neighborhood:
Several aspects should be considered when selecting a neighborhood for your house. Some of them include nearby facilities, crime statistics, traffic rush, property taxes, distance from work and energy supply among others. This is a very important decision and you must be cautious in making it. Take your time and figure out which neighborhood best suits your requirements.house for
- Find a Good House Inspector:
As a layman, you might not be able to scrutinize a house in the same way as a professional examiner would. Because of that, it is a good idea to hire a professional house inspector, who will give you a detailed analysis of the house. If there are any issues, a good house inspector will tell you beforehand and you can save yourself from costly problems later on. Talk to various inspectors before deciding on one. Ask about their qualifications, experience and the scope of the inspection procedure.
- Get the Paperwork in Order:
After going through the points mentioned above, if you’ve finally identified a house you like and the inspection didn’t uncover any problems, you’re now ready to start the paperwork. You will need to fill out documents such as the Sales Deed, stamp duty and registration papers. Once all the paperwork is complete, you can finally get the keys to the house and move in.