If we look back at our past, our previous generations used to buy their own home or property in their 30s or 40s. It seems like that either world was moving at a slower pace then or people used to save most of their income due to fewer luxuries. In any case, people used to have home or property in Pakistan in their early ages. However, time has definitely changed now. We have become much more mobile as compared to previous generations. We want liberty – liberty to travel, liberty to take new job and liberty to settle anywhere. Homeownership does not have same status that it had to our earlier generations. However, still there are several young people who want to be a property owner.
If you are also one of them who want to own a home, plot or property in your 30s or 40s, consider the following few points.
Don’t Imagine You Can’t Buy
Certainly, most of the young people usually have little savings in the initial years of their career. They might not have enough money to buy property on full down payment or do not have enough income to afford such purchase. However, it does not mean you cannot buy a 5 marla plot in Lahore, or a home anywhere in Pakistan. Nowadays, mortgage, bank loans and instalment options are readily available around the country. In several housing schemes, plots are available on instalments enabling first-time property buyers to purchase property with little down payment. If you are responsible with money, you can take advantage of such options that can make home purchase within your reach.
Take Professional Advice
With easy access to information and online listings of Pakistan properties for sale, rent and purchase, most of the people believe they do not need any kind of help from any real estate professional or agent. It is assumed that prior internet, real estate agent used to play a role of mediator between property buyer and seller and nothing else. Most of us cannot imagine the exact role of real estate agent until we go through a transaction. A real estate agent can give you professional advice regarding investment such as where to invest, and when to invest because he knows market better.
Do your Homework
Remember, buying a property in Pakistan is not like buying a new smart phone. It is a lot more expensive, so you cannot take it lightly. Despite the fact that most of the information is available online, property purchase involves a lot of research and due diligence. You do not have prior experience so you should not rush to purchase. Don’t feel pressured by competitive prices or “Hot” offers. Learn the market trends and do your homework before making a purchase decision. With time, you will get comfortable with market and then you can get the best deal at the best price.
Take Help from Historic Data
When your parents bought their first property, probably there was no historic data available to them regarding the real estate performance of that particular area. They worked with real estate agent, who showed them different properties and they invested their finance as per agent’s suggestion. However, now with the access to current technology and information through online portals such as Homespakistan.com, you can check the track record of particular area regarding its real estate performance, property price appreciation, capital gains and investment trends. With access to this much information, you can easily decide, whether you are going to invest in the right kind of properties or not.
About Author: Khadija Aslam is a marketing analyst at homespakistan.com and she writes on a variety of subjects including business, real estate, travel etc. Check her blog and reach her on twitter, facebook, google+.