Are you planning on buying your first apartment in Pakistan or abroad? Buying your first apartment allows you to customise your living space per your tastes and preferences and brings the responsibility of building your future. Many first-time buyers are interested in buying apartments to start investing in the real estate market. Big families also prefer apartments because they can live separately in apartments. There was a time when the apartments were underrated, and this trend was not common. Now, even if someone has to live temporarily, they look for separate apartments. In this blog, we will enlist some of the essential apartment-hunting tips.
Real Estate in Pakistan
The real estate market in Pakistan is projected to reach a value of US$2.08 trillion in 2025. Additionally, residential real estate dominates this market segment with a projected market volume of US$1.33 trillion in 2025. The real estate market is expected to grow at a rate of 3.82%, resulting in a market volume of US$2.41 trillion by 2029.
Most importantly, the real estate market in Pakistan is experiencing a surge in demand for luxury affordable apartments in major cities. This encourages Pakistanis to buy apartments, and even foreign investors are also investing in luxury apartments. If you own an apartment, you will enjoy many amenities with a boost in its valuation. Let’s discuss some of the apartment search checklists.
Apartment Hunting Checklist
Before you sign a lease or buy an affordable apartment in Pakistan, you will need to know how much you can afford, what type of apartment you want, and much more. To clear up all your confusion, we have prepared a list of the best ways to apartment hunt.
Figure Out What You Can Afford
What is your budget? Have you saved some money to buy a new apartment in Pakistan, or will you get a mortgage? You will need to consider all the costs of buying the apartment to get it in your name legally.
If you are buying it, you will have to know about all the costs after buying it, like any bills or any community fees, etc. It’s not like you bought a luxury apartment, and then you won’t have to spend any penny on it. Just don’t be delusional and research yourself what additional costs you will have to pay.
Decide Location
If you are buying an apartment for yourself, then you will need to consider the location more closely because you are going to live in it. If you are thinking of buying an apartment for investment or for rent, you will still have to check for the best location.
Pakistan has 6445 cities and towns, and you will need your research to decide which city or town you want to buy an apartment in. Consider carefully because if you buy in a place where there is no development, then it won’t give you much benefit.
Check for the closest points and whether your area has facilities for living a convenient life or not. For example, Union Luxury Apartments is in the heart of Etihad Town in Lahore, providing the most prime location. It is just a 5-minute drive away from Orange Line, Thokar Niaz Baig, and M-2 Motorway. Its prime location makes it convenient to navigate the busy city and enjoy luxury living.
Consider the Time of the Year
Now, after deciding your budget and your location, the third most important thing is when you are buying your first apartment in Pakistan. It is not like you made up your mind, and the next day you bought the apartment just like that.
You will have to research properly first, get all your finances, and then start consulting the relevant person. After everything is sorted, you will have to decide the time of the year when you will be buying your first apartment. Some buyers like to buy before the new fiscal year starts for taxes, and some try to buy after clearing their due taxes of the year. It depends on you when you want to proceed with buying your apartment in Pakistan. You will have to decide the date when your finances will be sorted.
Check for Amenities
Everyone looks for something different in their apartment, and you also have to figure out what you want. What should you look for when you research for the apartment? The answer depends on what kind of amenities and features you consider the most important to your lifestyle.
Do you want a two- or three-BHK apartment or need to live close to your work? Do I need access to any public transportation or need a parking lot? You have to list down all the things you are looking for.
Do you Need Something for Your Pets?
If you have pets, you must be looking for an environment that is pet-friendly. If you decide that you will have pets soon, then you must see a place where pets are allowed. A greener environment is best for you and your family’s healthy lifestyles. You must look for apartments where parks are accessible and good walking areas as well.
Request for Visit
You are buying an apartment but haven’t seen it yet? The next step is to visit your favorite apartment complexes and see for yourself if you can imagine yourself living there. Check for all the facilities like swimming pools, gyms, parks, and parking areas. If the apartment is in good condition and the amenities are good, then you can easily proceed further to buy it legally.
Documentation
It is very important that your documentation are done properly and there is no scam or missing document. If you are buying your apartment in installments, then you must know all the payment procedures and what legal documents you need.
You will need a real estate attorney to complete all the documentation and represent you as your advocate from contract to transaction. If you are investing in apartments, then you can partner with the best real estate agent as well.
Lastly,
So now that you have considered all the steps, you will have gone a long way till you actually buy an apartment. The major things you must be looking for in an apartment are location, amenities, rate, and valuation. You will need to consult the best real estate developers to give you the best references for apartments in Pakistan. If you are a foreigner, you will definitely need real estate developers to invest without getting scammed.
