How To Buy A Plot In Pakistan: A Guide For First Time Buyers

How To Buy A Plot In Pakistan A Guide For First Time Buyers

Steps To Follow To Buy A Plot In Pakistan

Beware From Fake Services When Buying Property In Pakistan

Important Things To Consider Before Buying A Plot

Looking to buy your first plot? If not, in the future you may have the dream of buying and owning a property. Buying a plot or land seems to be one of the stable investments for having a lot of return on your money on the property. If you’re afraid of losing your money, then buying a plot or piece of property, whether it’s residential or industrial, it’s going to be a lucrative investment.

Globe Estate & Builders, Pakistan’s best property agents can provide you with the best property for sale in Pakistan. There are different ways to purchase a property, like purchasing from a real owner, a person or a housing corporation. In all provinces of Pakistan, the process of buying and owning a plot is almost similar. Buying a plot is a fairly hands-off transaction, but in the entire cycle of buying a plot, it takes a lot of analysis and money-making techniques to get the profits.

Steps To Follow To Buy A Plot In Pakistan

Here’s a complete step-by-step guide for buyers and investors to get rid of fraud and scams before they buy the plot.

Location

The location is the first thing in buying a plot. Decide where the property you want to purchase is located. Tariffs vary according to region. Like, you’ll get a 5 Marla plot in Rs 5 Million in Bahria town of Lahore, and the same 5 Marla plot will cost you about 10 Million Rs in DHA Lahore. So, decide first of all where you want to spend your money.

Know The Master Plan

After visiting the area, and you are persuaded that the area will be fruitful in the future, now is the time to know the master plan. Check the planning of the area, and features of the project. If community planning is in line with modern standards, put it on your white list, otherwise place it on your grey list.

Research About The Developer

If the sponsor is a respectable person or company, there is a strong probability that the developer will be good too. Even so, it’s important to find out about the developer. If the developer is reputable and other projects have been created, then you can go and check the standards of construction. Put it in your white list if the criteria are reasonable, otherwise, put it in your grey list.

If all of the above points are in your white list, then this is the greatest investment opportunity. If your white list contains the first three points and your grey list contains the last two points, you which always go for purchase. If the second point is gray, i.e. the project is being approved, you can review the developer’s application documents as well as the development authority’s verification. If things seem all right, then you should go for the order. If any point falls into the blacklist, you need to be careful and it’s safer to avoid this option.

Meet With The Plot Owner Face-To-Face

If you are not interested in hiring a property agent then try to contact the owner of the plot and schedule a meeting with the owner to discuss all the plot-related matters as well as try negotiating.

Trusted Real Estate Agent

Finding the right real estate agent is not as easy as you thought it would be. Globe Estate & Builders is the best residential or commercial property marketplace and one of the most trusted property companies to find the right plot for you. Or come to our office in Lahore town of Bahria so we can better assist you.

One of the most significant considerations that you need to consider before you purchase land is the legal conflict. Since there are several court cases that refer to the Pakistan land dispute. But it’s extremely important to look at whether the plot is in a legal conflict or not before you purchase land. You must be confident that this land is free of any legal disputes.

Documentation

For owning a plot, it is important to get to know about all legal documents. When purchasing a plot, first ensure all the documents are full to get rid of all the hustles in the future.

Verify Transfer Letter

Until purchasing a property please ensure that your purchased plot is transferred to you and that it is registered on the paper with your name on the transfer list.

Beware From Fake Services When Buying Property In Pakistan

Buying a plot is somehow a tricky operation, especially where corruption is involved. Since some of the fake real estate agents are trapping property buyers by giving the buyer the greed, with the help of false documents, or by demanding the half payment beforehand. So, if you’re ready to place your investment in a secure way then Globe Estate & Builders will provide you with the best investment options when buying a plot in Pakistan.

Important Things To Consider Before Buying A Plot

The following things should be considered before buying a plot:

Selecting Among The Plot Options On Offer

Opting for a low-priced unit also ranks as genuine buyers’ first choice. However, this practice may be deadly because lower price tags can appear to lower their potential for more sales. It can also outsource buyers at risk of property fraud.

Hence, we strongly recommend taking up projects owned by reputable developers. You should also always pay a visit to the platform – before you put your money on the line.

Property analysts are suggesting investors purchase land while the price is down. And to a large extent, this is really one of the best investment property tips for those who wish to capitalize on Pakistani real estate.

Check NOC And Related Approvals

As of writing this article, a number of housing schemes are being investigated by the public authorities concerned to check their status as approved. This includes many residential projects awaiting approval by planning authorities and providers of utility services. So, our advice for whenever you face the possibility of investing in such schemes: for now stop making any purchases.

The Lahore Development Authority (LDA), in particular, warn buyers against the project marketing gimmicks and cut brochures of these projects expensively. Indeed, the authority is specifically demanding that buyers check the full details of the approval status of their community.

Demand A Copy Of Sale Agreement

Request a copy of the agreement to sell at the time of sale. It may not be useful to you but keeping a record of each document is fine. The selling agreement will display the amount you paid for the plot and will include the check number/pay order number or cash amount (if any) on the agreement along with plot information.

Inquire About Specific Details & Deadlines

If a company is in the process of growth, ask about the timeline developer to produce it. You should also provide an estimation in writing of the time it takes to hand over its custody.

If the developer has demanded NOC for utility service provision, ask for evidence. You may also claim the list of mortgaged plots with the authority concerned. Most of all, make sure the plot you are buying is not mortgaged or situated in an area designated for plots of amenities. Also, you can check that there are no complaints against the company.

Fix The Property Agent’s Commission

The real estate agents usually charge 1 percent of the value of the house. If only one person is involved in the transaction, a real estate agent is entitled to receive a 1 percent fee from all parties. That’s not something that happens in all situations, however. Some agents work at 2% and some work on even less than 1%. In certain cases, the amount of commission is set by real estate agents.

The agent’s profit margin largely depends on the buyer’s negotiating abilities. It is strongly recommended that the commission rate be set in advance. But a customer is not entitled to pay anything other than his fee to an agent.

Review Market Rates

Property prices will differ from one project to another based on the individual plan of society. So, in case you pick a plot in some existing projects, this will work well. If yes, you’ll need to ask about the prevailing market rates.

Contact a few real estate agents for this reason. You may ask from different sources about the market rate of a similar or same movie. Please notice that there is still space to lower the request rate by 10 % to 15%. Negotiate on it, then.

When the market lacks successful customers, the margin to bargain on prices rises. Until making the final offer weigh those factors.

Globe Estate & Builders is the best website to sell houses, as it includes all of Pakistan’s new and featured properties for sale to you. Only browse the website with your desired location where you would like to buy a plot in Pakistan and get the results you want. Globe Estate & Constructors takes care of you and shows you the best choices for having a lot of return on investment or living in your dream home. Look at Pakistan’s top projects to better and more optimally invest your capital.

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