How to Buy a Plot in Pakistan: A Guide for First Time Buyers
Buying a plot in Pakistan is one of the greatest challenges for many investors because of multiple reasons. It is important to be vigilant and do your research before making a purchase.
Fortunately, there are a few steps that can help any investor in buying a plot in Pakistan. It is a huge investment, and it is better than the person is completely aware of their purchase to avoid any future inconvenience. All the first-time customers need to be even more careful as buying a plot in Pakistan is a bit tricky at times.
Contents
It is important to follow these steps:
Explore Your Options
It is important to explore your options before making any substantial investment. There are many projects in Pakistan, and some are relatively new to the real estate market. It is a time-taking decision and hasty decisions may lead to problems in the future. Therefore, it is advised that the person takes their time before they jump to a decision.
Check Legal Status
There are new housing societies that are still looking forward to getting approval from the concerned authorities. If it is your first time in the real estate market, make sure that the investment you are making is in a legally approved housing society.
Different authorities including CDA and LDA request the investors to wait before the society gets its NOC from the authorities to avoid any inconvenience. All the first-time buyers must adhere to this caution to avoid any trouble.
Look for Minor Details
It is very important to visit the land physically to steer clear of any fraudulent activities. As a first-time buyer, look for all the minor details in society to avoid any problems. For example, a society is in its development phase, and it has promised all the amenities.
It is important to run the background check of the developers and look if they have reserved land for the provision of these amenities. In this way, one can manage to look at all the minor details and it is significant to get help from some professionals as well.
Find the Right Professional/Agent
Real estate agents are the ones that can keep all the transactions and details in line. The right real estate agent can point out the good locations to buy land. They can also notify you of all the minor details and you can make an informed decision.
Manahil Estate is your reliable partner in the hunt for a suitable plot! Contact us any day to buy a plot or get assistance.
Visit the Location
As a first-time buyer, it is very important to visit the location where you are planning to buy a plot. If you have hired a real estate agent, you can visit the land with this person to get a better idea of the location. If you have finalized a plot, it is important to hire a land surveyor to analyze the land to check for any traces of water. Such type of land can damage the foundations of the building.
Negotiate and Token Money – Pay Using Bank Pay Order (PO)
Once you have verified all the details, make sure to intimate your real estate agent to get you the best deal. If you are purchasing on your own, negotiate the price with the seller before signing any deal. You can hand over the Token Money to the seller once all the details are verified and you are satisfied with the price.
Token Money is usually 5% of the total amount as a common practice in the market. All the money transferred must be on record to avoid any fraud and for this purpose, the money must be transferred through bank Pay orders. It is the safest method to transfer any money.
Allotment Letter and Transfer Letter
It is important to note that the allotment or transfer letter is in your name before making the complete payment. You should never make these decisions hurriedly and verify all the documents before any transaction. Again, the real estate agent can help guide you about the allotment and transfer letter.
Conclusion
So, that sums up this guide to buying a plot in Pakistan. We hope you would have found something to learn in this blog. Keep in mind that a professional real agency such as Manahil Estate can help you in the process and make it easier for you.
So get in touch with us now and buy a plot in your desired housing society!
