Things You Should Know Before Purchasing A Property On Installments
Purchasing a property in Pakistan is a hassle and it becomes more difficult for new investors if they are looking to invest with an installment plan. Different housing societies such as Rudn Enclave, Park View City, Capital Smart City, and Nova City offer installment plots in Islamabad.
However, there are multiple considerations before purchasing installment plots in Islamabad as there are not only multiple options but extensive documentation involved in the process. Moreover, it is important to understand the property’s worth before making any substantial deposit for the property.
Following are the things that you will be required to consider before purchasing installment plots in Islamabad:
Do Your Research
There are many new housing societies in Islamabad right now that are offering great payment plans. You must do your research before committing. You will have to research every housing society since every housing society has a unique plan and these may vary from the size of the property to the location of the property.
Each housing society is going to offer different facilities and it is completely up to you to invest in any of them. You will also have to bear in mind that you have to remain within your budget limits and it can only be achieved if you complete your research about every housing society in your region before choosing the best installment plots in Islamabad for you.
Pick a Location
Sometimes it is less about the housing society itself but more about the location of the project. If you have an interest in a particular location, research the housing societies present there and make an informed decision.
You must pick a location that is convenient for you since you are looking for installment plots in Islamabad. The installment plan for a particular location is also going to vary from others and it is very important to look for a location with a convenient installment plan that does not exceed your budget.
Look out for Legal Matters
Whenever you are looking to invest in a property with an installment plan, do not always fall for the attractive prices. Many people in the past have suffered from illegal encroachments that were later removed by the government of Pakistan.
These properties were also sold on installment to the poor residents would it not complete their research about the location of the project. It is important to look for all the legal matters before signing up for installment plots in Islamabad. If you are not capable enough to understand the technicalities of legal matters, it is advisable to hire legal counsel.
Always be Up-to-date
The new housing societies are developing at a rapid pace and they conduct balloting of the plots more often. If you are enrolled in an installment plan, you are required to keep yourself updated with all the latest news about the housing society.
Every new development in the housing society is going to impact your investment since you are paying all your installments on time. This is a follow-up that you will have to maintain unless you have received the possession of the property.
Know about your Payment Plan
Every society has a different payment structure and initial deposit amount. You must know your payment plan and the entire plan must be a documented form with you. This will eliminate any discrepancy in the future.
You must discuss your payment plan with the society developers upfront and make sure that all the details are verified and according to your payment plan. Some of the new societies even have mobile apps where you can trace the amount that you have paid and the balance left to be paid. You should have the receipts for all the payments that you make after buying installment plots in Islamabad.
Conclusion
Purchasing installment plots in Islamabad is a cumbersome process and the entire energy is wasted in understanding the correct plan for oneself. Since there are new housing societies in Pakistan, they are trying to enhance the consumer experience but people are still skeptical of the payments that they make.
You can hire a legal counsel to guide you through the entire process and keep track of the payments as well. It is important to be cautious since there have been cases of fraud in purchasing a property on installment.
Contact Manahil Estate to buy installment plots in Islamabad or call at 0345-5222253
