It is true that real estate is becoming an attractive sector for investment in Pakistan, but it is safe to say that most people are reluctant to invest in this sector.
If you want to buy a plot or a house for yourself in Pakistan or make a real estate investment, it is important that you avoid fraud. In order to safeguard yourself from traps, you need to take care of a few things.
AboutPakistan Property portal presents some of the most important elements which you need to keep in mind while investing in real estate.
Look at the reputation of the housing society
If you have decided to purchase a plot in a housing society, first look at its reputation. Ask yourself how old this developer is and what people in the market think of him. Check to see if it exists on digital platforms and whether the contact detail and photos are trustworthy.
It has been observed that most of the people in the market use agents for calling buyers and convince them through attractive packages. But you should talk to the broker directly and check his confidence and profile in your work.
How much development has been done and how much remains to be done?
A large number of Pakistanis abroad are either investing in or thinking of investing in real estate. The investment in this field is increasing day by day.
Who doesn’t want to strengthen their home and their land financially? But those who want to build their own home also have many doubts and concerns. Every Pakistani abroad asks the same question how to protect themselves from fraud in the real estate sector.
Meanwhile, the answer to this question is that you check out how much development has taken place in the housing society in which you want to buy a plot.
Is the land purchased or is the booking in progress?
If you yourself are abroad and you can’t see how much development has taken place, at least ask a friend or relative to visit the site, see if the land has been purchased by the developer or just booked now.
Read more: Real Estate Investment: How to choose the best location for your property?
Because it often happens that there are thousands of plots available but the booking is done against more numbers and later you are asked to buy the land and the customers are asked for a draw again. You are initially told that your plot is booked in Block A and later it is found out that now suddenly Plot has joined Block B.
Therefore, it is necessary to make it a responsibility for someone to visit the site every half a month to see what progress has been made and how much work is being done on it.
Don’t act hastily
Experts say that you should never rush into buying a property and always take your full time and do not invest anywhere until you are satisfied.
Most agents rush you in by offering you a limited time offer and try to take advantage of your every need with invitations and offers of attractive packages but don’t rush to take your full time.
Ensure that you have an excellent credit profile. When considering real estate investment, a credit report generally is one of the most critical documents that financial and lease specialists will look at when helping in a brand new home search. Get those free credit scores by checking the Credit Sesame review.
Also look at the government level
According to the officials of the Ministry of Overseas Pakistanis, one of the major complaints of migrants is that their property is seized and most of them are related to fraud. Strict laws are being enacted in this regard by the present government. Problems can be understood as soon as possible.
Cases are pending in the courts regarding the seizure of properties of Pakistanis abroad and the fraud and deception committed against them, which are also being worked on in the fast-track courts according to the present government and these courts are exclusively outside the country is being set up by Pakistanis to deal with people occupying property and their other problems.
Whenever you start investing, always look at how much the federal or provincial government is backing the project and what the business environment is like at the national level, how the people involved in lies and fraud are being caught and the business community. How concessions are being given.
This will give you a peace of mind when you are investing in real estate and you will know who to go to in any unpleasant situation with your complaint.
