|Buying Property Tips#1: Choose the Right Location|
|Before you choose a location, it is of utmost importance that you consider the development prospect of the area. Other factors to consider here is crime record of the area, availability and nearness of public facilities and utilities.|
|Buying Property Tips#2: Study the Local Market Dynamics|
|It is important to get well familiar with the local realty market. Learn the variation in property prices by street. Don’t shy away from asking a few realty investment agents questions to get better insight on the matter.|
Do you think that despite facing high security concerns, unstable economic conditions and continuous energy crisis, it would be feasible to invest in Pakistan? Thus, taking the current scenario in view, experts suggest real estate sector as the safest domain to invest your money.
Perhaps, this is the only sector which has seen tremendous development despite being through all the unfavorable circumstances. In the past few years, we have seen emergence and development of a number of housing societies in Pakistan, which is the reason that investors now have become more interested in real estate sector than any other industry. Progress of this sector owes much to the tremendous development in architectural and interior designing industry, which is the reason that people now have got good sense of a house layout and furnishing.
If you are also interested in property investment then you must be aware of the top investment areas in Pakistan.
Be it Karachi, Lahore, Islamabad or any other city, Defense Housing Authority anywhere in Pakistan, is the most profitable society for the investors to invest their money. DHA is not new, perhaps this is the oldest known housing schemes in Pakistan as it offers state-of-the art infrastructural facilities, standard rules and regulations of the construction and so on. Inside DHA, there are different phases where the price of the property is according to the worth of a particular place. For instance, if you are looking for a house then Phase 5 and DHA Rahbar are good to go; whereas in case of making an investment just in plots, you must consider Phase 6, where the development work is just on peak. For a plot of 1 Kanal in Phase 6 and 7, you need to spend around Rs12-13 million.
|Buying Property Tips#3: Choose the Right Property|
|Getting the right property right away is quite unlikely. First, you need to be clear on why you want to buy an investment property. After that, you will be able to make right decision based on factors like remoteness or accessibility of the property.|
|Buying Property Tips#4: Do the Math Properly|
|Get a precise idea on the value of assets you have available. If you are investing in rental property, make sure you can easily cover the mortgage payment through rents. Additionally, get a clear idea on the appraisal value of the property beforehand.|
|Buying Property Tips#5: Consider Additional Expenses|
|When purchasing an investment property, it is not only the selling price that investors need to consider. There are various additional expenses such as property tax, home owner’s insurance, repair & maintenance that must be considered.|
The second top housing society in Pakistan is Bahria Town which has gained rapid popularity for providing international level luxury homes in Pakistan. Like many other housing societies, it also has its own structure and scheming that includes electricity system, education, health, market and every other thing from basic necessacities to luxurious facilities. This is the reason that in the past few years, Bahria Town has been developed in all the major cities of Pakistan including Karachi, Lahore and Islamabad. The society is also valued for its high quality architectural and construction standards, the live example of which is the Grand Jamia mosque in Lahore Bahria town which is the biggest Mosque in the country and 7th largest in the world. The splendid interior of this Masjid speaks for itself as it has an amazing amalgamation of traditional Islamic culture with Pakistan's local culture.
Islamabad Bahria Town is also thought to be a best place for investors to invest money as here they can get double return because society is being improved and developed quickly and in the upcoming 4 to 5 years, it is expected to be populated completely.
Lake City is the third biggest name in the housing societies of Pakistan as it offers luxurious resorts and residences, on the outer edge of Lahore. Inside the society you will see a more focus towards giving a natural living style to the urban people, which is the reason that artificial lakes become the specialty of this housing area.
Another biggest society is Lahore Development Authority (LDA) which is a grand housing project located in the central location around main Ferozepur Road.
Not all the investors can invest in high-profile housing societies as mentioned above but there are some others which provide residences as well as plots on the highly affordable prices. Investing on such societies is good in a way that these would give you double return as the prices in the real estate sector rise.
|Buying Property Tips#6: Inspect the Property|
|To ensure that you are getting everything you are paying for, a thorough inspection of the property is essential. Besides ensuring that you are not overpaying, a rigorous property inspection also gives you a good estimation on what the additional expenses might be.|
|Buying Property Tips#7: Pick the Right Financing Option|
|While interests on investment property loans are tax free, some borrowing costs aren’t immediately tax deductible. Knowing that, and structuring your financing in accordance is crucial. Don’t hesitate to ask for help from a financial advisor.|
|Buying Property Tips#8: Invest through Equity|
|One of the best ways to purchase an investment property is to leverage the equity of another property (including your primary home). This is a preferable way among regular investors, especially due to added tax deduction advantages.|