Whether its Lahore, Karachi or Islamabad, you need different questions for different real estate portal in Pakistan. There are times when you compete with other potential buyers in the market. In the seller’s market, you need to act quickly and stick to the most basic and essential questions for your decision making. Here are the most basic and essential questions for you to ask before buying your next property.
Ask Price Before Buying a House
A buyer usually begins with the most basic question- what’s the price? The first thing that everyone enquires about is how much they have to and should pay for a house they are going to move into? With fluctuating financial resources, people often find it difficult to adjust with the pace of household expenses rising high and if it comes to moving into another place, then definitely it creates a troublesome situation. To afford luxury and comfort at the same time is what we believe to be an element of perfection but what it costs, is what decides if it’s worth it or not. So, always go for your first question regarding the financial value of the house demanded by the owner.
Focus on the Market Comparison
Next cones the Market comparison in terms of price, location and condition. It is the right of a buyer and duty of a dealer to brief about it and all the relevant details regarding what buyer could possibly look into this house as compared to other houses.
Comparison sales either strengthens or weakens a buyer’s Negotiation power. Effective Cost-benefit analysis and effective market competitive report enhance strong decision making. This is the point where a buyer must have sufficient market knowledge to compare and contrast the dealer information.
What’s the Reason for Selling the House?
This is often asked whether the house is affiliated with any criminal history or not. Moreover, why the owner is selling his property in the first place is what you should ask for? Buying a property is like a whole new project to work on with keen observation, and market valuation should be your first homework.
Authentication of the Property
This critical area of digging down your property details is the most crucial one to ask for- what’s the authentication of the ownership papers. This should definitely be asked because usually there exist some property cases where a single house is registered to multiple owners. And paperwork is not clear on who owns the property that makes it difficult for a buyer on a later stage in legal terms but makes sure it doesn’t get too late to ask for this. It is better if you involve a legal help to get more clear command on property frameworks.
Ask for all the Property Loan Details
Whether the house you are going to purchase has any loan conditions applied to it or not?
You should ask every question that comes to your mind regarding property because first, it will minimize queries on a later stage and second, it would make dealer clear about your negotiation skills and market knowledge to void any trap or ‘extra-topping’. Lengthy paperwork, long waiting time and transferring ownership require a lot of details that some buyers may not be interested in. So, it depends on your’ desire to purchase’ or ‘your patience level’ otherwise you are good to go!
Relevant Location Details
There are two types of buyers in the market. The first type is of those who focus on cost-effective property, and the second one is who focus on quality-effective property no matter what’s the price unless it’s worth paying for.
It depends on the requirements that you are looking for in a house. Be it facing the park, near a mosque or commercial area- choose what you want.
According to the market survey, some buyers avoid buying a house near graveyards due to certain spiritual or idealistic beliefs, others having a low budget doesn’t enquire into it and instead prefer to see the condition no matter if its near graveyard or not. Others prefer not to buy near mosques in certain areas, for instance in areas of DHA people ask not to look for ones near the mosque. Similarly, people also consider the location of the property in line with the commercial sector, some may like it others may not. Most people complain about the family environment being disturbed due to this and ask their dealers about alternative options. So, it depends on what kind of requirements you have in your mind.
How Many Days Has the House Been in the Market?
This ensures an effective negotiation space with your dealer. As long as the house has been in the market for sale increases your chance to bargain more on the price. This not only increases your potential bargaining but also keeps in the loop the opportunity to make a fair and convenient deal.
Buying a property is a matter of nerves. Prepare your mind for competitive market research, and you are good to go!