If you want to invest in any type of property like a house or apartment and are not sure from where to start, make sure you read this article. You may see many banners around the city saying “Property for Sale in Lahore” but finding the right property is the most important thing. Mentioned below are the 10 most important things that must be considered before purchasing any property in Lahore.
Find the reliable estate agents
Even with all this advanced technology and information at our fingertips, buying a property is never like a walk in the park. Never do it alone. Talk to the estate agents in the area where you are looking to invest. Take your time and do all the research you can to find the most reliable estate agent. An estate agent is one of the key factors in purchasing the property in Lahore as they can give you better insights into investments and could answer any questions that you have.
Find out more about the neighbourhood
If you want to get settled in Lahore, finding the best neighbourhood that suits your needs is very important. Location is the most important key factor. Choose the right community. Talk to the people around that area to make sure the neighbourhood fits your requirements.
Look at other options before you decide
Another important factor in purchasing the best property in Lahore is to always look for more options. Never go with the first property you like. You may be missing out on a better deal just a few properties. Look for at least three or four properties or apartment projects before you decide which one you are going to buy. If you still prefer the first even after seeing all the options, then go for it.
Inspect the property thoroughly
Always keep your mind and eyes open when you look at the property, because the sellers sometimes hide some crucial information that must be in your knowledge before you buy a property for sale in Lahore. Don’t just look at the façade but also inspect the condition of bricks, mortar, wiring, plumbing, etc. Making a reasonable offer depends a lot on how much you know about the property. There could be some maintenance required to which you should direct the seller’s attention to get the best value for money.
Put your needs before your wants
When buying a house or a luxury apartment, it is very important to keep your requirements in mind and do not get carried away by the gorgeous look of the house or the apartment projects. The house may have a fascinating interior but it may not have enough bedrooms or space to accommodate your furniture. Similarly, apartments may have good facilities and but not good locations. Try to focus more on the area and floor plan of the purchasing Property.
Know what you can afford
It is important to always keep in mind what you can afford and what you can’t. This will help you narrow down the research you are putting together in finding the best property for you. Knowing your affordability will help you make the best offer without jumping outside your comfort zone and you’ll be able to make the necessary payments easily should the deal be cracked.
Don’t be extravagant
Sometimes when you fall in love with a property, you try all possible means to gain it. Try your best to avoid this and find a property that gives you the best value for money. The best way to avoid this situation is to do thorough market research and comparing other properties of the same price with the one that you chose. Look for the pros and cons of each property before making a final offer.
Most expensive is not always the best
Even if you are easy with letting the money flow, never go for the most expensive house or an apartment in the area. It may have the best looks and comfort but you will have trouble selling it later on from the investment return point of view. In short, it will be difficult to sell it for a better price.
It does not matter how well planned or well organized a deal may be but there is always a scope of unpredicted issues that creep in without your knowledge. If you don’t have enough experience to tackle them yourself, always ask for advice from the estate agent as they will be able to provide a solution easily without you have to worry about it.
Think again before you sign
The Offer to Purchase (OTP) document is an agreement of sale and it can be a lengthy document. It mentions all the terms & conditions, and obligations, and rights of both buyer and seller. It is necessary to read all of it carefully as it is a legally binding document. If you have any questions or any uncertainties about the terms, you should get the service of a conveyancing attorney. They’ll be able to translate all the crucial details of the contract.
Once signed, the buyer and seller are legally bound by the terms of the contract and are liable to fulfill all their responsibilities. If any of the parties fail to hold fast to the terms of the contract or try to cancel it without any legal cause, the other party can declare it as breaching the terms. They can then either ask the law to enforce the party, which violated the terms, to abide by the OTP or claim the damages caused by breaking the contract.
Investing in the property can likely cost you your life savings as money doesn’t grow on trees. You spend quite a big part of your life-saving money so it is natural that you take all the careful steps before investing it. To sum it all up, never do it alone, always look for advice from reputable estate agents. Do market research and look at more options before buying a property for sale in Lahore. Think twice before finally signing the contract.