The Agents Real Estate Guide for Karachi
In Real Estate Guide for Karachi, Karachi’s real estate sector provides services to nearly 20 million individuals. From dozens of residential properties to thousands of squatter colonies, the size and complexity of this city captivate everyone. Property values are rising in practically every popular neighborhood.
In the latest days, the city has seen the development of multiple real estate developments in various parts of Karachi, especially in the outskirts, causing its real estate industry to expand on an unprecedented scale. These quickly developing property projects provide people with numerous residential and commercial plots, resulting in new real estate investment options.
What Should You Know About Property Investment in Karachi?
Purchasing a home or property in Karachi can be an exciting experience for people. But, being a landlord in Karachi is not as simple as it sounds. First and foremost, you must conduct a property price survey to determine which types of property in Karachi are in high demand and expanding in value.
Karachi is a sprawling metropolis with numerous districts and localities. As a result, considering property investment in Karachi is akin to capturing a small fish in a vast ocean. Simply put the search query ‘Property for Sale in Karachi‘ yields hundreds of responses with varying price tags.
Projects offered solely through the internet or Text, with no authorization from a trustworthy agency, should be viewed with caution. So, if you cannot validate their legitimacy or any other information they offer, it is best not to deposit any money in such a case. It is one of the most significant real estate investment ideas that Karachi property investors should follow.
If you search for a business or a domestic property, having close facilities and a protected place can only increase the property’s value. When looking for a particular house for sale in Karachi, you must consider all of these things. Under development, housing projects inside the city have higher profit possibilities than fully built societies in Karachi’s outskirts.
The Fundamentals of Property Investing in Pakistan:
It will help if you are mindful that there is no one-size-fits-all approach to defining real estate investment adequately. Yet, we may say that selling, buying, or leasing property for the sake of capital gains is essentially a property investment. Here are some property investments that are most useful in Pakistan’s real estate market:
Buying and Reselling Plots:
Buying plots at cheaper costs to sell them at increased prices is among Pakistan’s most prevalent real estate investing techniques. In this business, investors buy lands and retain them till their prices rise. This rise is subject to the passage of time and the progress of the project in question.
Buying a Property to Rent Out:
Whether it’s a flat, a house, or a business building, buying and renting out a place is a profit real estate investment. Now, all you can do is sit back and enjoy a steady monthly income while your property worth rises day by day.
Attempting to Sell Your Property:
It is the phase at which you begin to see a return on your investment. When you believe your property has reached its maximum value potential, it is time to sell it. If your desire is to get the most out of your investment, bear in mind the listed considerations.
- Make use of a variety of resources
- Analyze the value of your item
- Analyze the value of your item
- Reconfirm allotment
- Cash transactions must be rescinded
Conclusion:
Yes, after you’ve looked over all of the suggestions mentioned earlier, you should do this. If it meets your requirements and budget, purchasing a plot in Karachi can be a fascinating experience. Before closing on a contract, as an investor, double-check everything regarding the property you’re interested in.
Stay tuned to Feeta Blog to learn more about Property investment in Pakistan.
The Agents Real Estate Guide for Karachi
Overseas Property Interest in Homeland: Top Housing Societies
Overseas Property interest, whether working or living abroad, are always looking to create an investment portfolio to continue their lifestyle in their country after retirement. Making safe investments could be difficult, but thanks to continued government incentives, real estate is a great and highly desirable alternative nowadays.
Although choosing a decent real estate project requires prudence and precision, New Metro City is largely considered to be the safest and most successful investment.
Real estate has always been an attractive sector that provides great returns on investment both in the short and long term. In addition, several benefits included in the 2022 Construction Package, as well as recent incentive constructions in New Metro City, have given weight to the huge housing program for Pakistani expatriates.
In addition, many Pakistanis living abroad were deceived when they tried to buy property in Pakistan. To minimize anxiety, we provide this information on the best societies in Pakistan so that our foreign Pakistanis can invest safely in their country.
The reason for interest in homeland property for overseas Pakistanis:
Foreign visitors now account for more than 30% of all real estate purchases in Pakistan. Let’s first discuss the benefits:
Roshan Online Account:
Roshan Digital Accounts was also launched, allowing overseas Pakistanis to effortlessly participate in residential and commercial real estate through legal methods. The State Bank has imposed a three-year minimum period for investment in real estate.
Depreciation of the Pakistani rupee:
Pakistani migrants living in places like the United Kingdom, the United States and Dubai are earning in the currencies of their respective countries, which are now trading heavily against the Pakistani rupee. As a result of the inequality in currency prices, they have an advantage over locals in investing more in local homes and real estate.
Interest Rate Reduction:
According to a recent official announcement issued by the State Bank of Pakistan, the interest rate has been declining. People are forced to withdraw their funds from banks and invest in other areas when interest rates fall. Obviously, the real estate sector has an advantage here.
Tax Reduction:
The government’s 2022 Construction Package, unveiled after an ongoing epidemic, is appealing, especially for overseas buyers. It includes a tax amnesty system for the real estate sector, which allows people to participate in the building business without identifying their source of income.
Then, a one-time capital gains tax exemption was provided on the sale of a personal home of up to 500-yard home or 4000 sq. ft. payment. These incentives are valid until December 31, 2022, however, the deadline is likely to be extended.
Best Pakistani Foreign Investment Companies:
There are various options for foreign Pakistanis to invest in real estate. We will look at some housing plans in Pakistan for foreign investors.
However, before investing in any property, including the largest corporations in Pakistan, you should consider the precautions outlined later in the blog.
New Metro city Kharian:
Overseas Enclave is one of the most common blocks in New Metro city Kharian. The assets are approved and licensed. This block is completely built, and it offers a wide range of facilities, from basic to grand. According to the project’s official website, Overseas Enclave was “built around bright sights of the beautiful lake.”
Add beautiful green parks to its grandeur. People who want to get away from the hustle and bustle of the city while still being in an elite area generally visit Overseas Enclave. Many families already live here. It should be noted, however, that only Pakistanis living in other countries can buy property in Pakistan.
One channel of land is rentable in the Overseas Block. In the society, there are also 10 marl mansions with property values ranging from crore PKR 1.3 and crore PKR 2.5. If you want to invest in plots in Overseas Enclave, you can buy 10 seas and 1 canal property. Contact reliable network dealers to keep you updated.
New Metro City Gujar Khan:
New Metro city Gujjar Khan is the next residence project. Rumor has it that 10 or 5 sea homes will be offered for sale. Prices range from approximately PKR 50 lakh to PKR 85 lakh. Get help from our property consultant to know more.
Documents Needed When Investing In The Leading Companies Of Pakistan:
Everything is incomplete unless proper documentation is provided. To invest and register property on your behalf, you will need sufficient legal documentation. The following are the basic lists of articles that are needed by you for an additional method:
- 2 or more existing passport photocopies
- Latest passport size photos of you
- At least 2 copies of the National Foreign Pakistan ID Card
- Photocopy of entry mark for residence in a foreign country
- Pakistani exit mark photocopy
- List of family members
- Photocopy of the National Identity Card of the next of kin
Before the articles can be submitted and processed further, you must first approve them. You also need to keep the security deposit and security index on file for future problems.
Before Making A Property Investment, Security Resources For Overseas Pakistanis:
Consider these tips before investing in leading companies in Pakistan for foreign Pakistanis.
Confirm that the land has been approved by government authorities:
The first concern that arises when considering buying a property is whether or not a home project is safe to invest in. If it is administered by municipal authorities such as the Capital Development Authority (CDA), the Karachi Development Authority (KDA), or the Lahore. Development Authority (LDA). Either from a regulated administration such as the Defense Housing Authority (DHA) or the Pakistan Armed Forces (PAF), it is almost certainly a safe investment opportunity. Check if the housing plan is approved by the government. If a project is still seeking official permission, it should raise red flags for potential buyers.
Government officials continue to double-check the housing scheme. If work is still awaiting government permission, it should serve as a red flag to potential clients. Lack of approval, more often than not, means that the property will be revoked by the authorities in the near future. As a result, investing only in well-known, approved businesses is your best chance.
Don’t believe false claims:
Try not to be pushed into falling for real estate sales ads that are targeted at you on Facebook, other social media platforms, and on TV every other day. To be more specific, every Pakistani living abroad who wishes to acquire property in Pakistan should avoid falling prey to the tariffs advertised in these brilliant advertisements and should be aware of these commercially produced scams.
Beware of illegal properties and housing:
When dealing with counterfeit assets, these fraudulent companies and their schemes can be a nightmare for individuals living in Pakistan, regardless of who lives abroad. These companies or properties may be bad or likely to start later due to a lack of legal permits or government approval.
The Bottom:
Buying property isn’t easy, especially if you’re not from the nation, but if you follow the above guidelines, you should be able to get what you want without falling victim to fraud.
You can also seek help and information from reputable properties with proven histories, such as Feeta.pk. We are one of the leaders in Pakistan real estate companies, dealing with various features like New Metro City, Gwadar Golf City and many more reliable housing societies.
Overseas Property Interest in Homeland: Top Housing Societies
- Published in Best Pakistani Societies, Business, housing societies, new metro city gujar khan, New Metro city Gujjar khan, new metro city kharian, Overseas Property Interest in Homeland, Overseas Property Investment, Pakistan's Top Societies, Property Consultant, Property News, Real Estate, Real Estate News, Top Housing Societies
FAQ on Rental properties in Pakistan / Passive income in real estate
Frequently Asked Questions – Pakistani Rental Properties / Passive Income
Earning a passive income from Rental properties in Pakistan is by far the safest and surest way to get rich. This FAQ will answer some of the basic questions you may have in mind.
Q-1 Rental properties are depreciating and therefore do not offer high yields.
Answer- The problem of depreciation only exists in houses, especially since they offer only 3 to 4% rental yield per year. Advertisements and shops can be like new after small renovations and some apartments offer up to 10% rent to offset any depreciation effect. As a general rule, rental real estate should give you an average of 15% earnings per year. In some value classes, rent can be more than capital gains and vice versa, but it’s good as much as you get 15% of the total earnings. In addition, the benefits you receive from your rental income will be value added over this 15% or will make up for any shortcomings.
At the end of the day, you have to be careful to find a rental property that gives you a nice return. That’s why you need an expert who can analyze and predict capital gains and expected rents for at least the next 5 to 6 years.
Q-2 Do rental properties need time to build and therefore cannot offer returns as shown?
Answer- When you buy a rental property in Pakistan, you need to look at both aspects of income which are capital gains and rental income. Normally, the already-built property will offer 6% rent per year. However, if you plan to build one or buy one that is still under development, what you lose in rentals during the time it is being built, you get capital gains. Those that need time to build, such as tall ones, are usually much cheaper while they are being built.
On average, a good high-growth project will add at least 60 to 80% in capital gains over the construction period, which lasts 3 to 4 years. This capital gain is usually more than 20% thus compensating for the lack of rental income during this period.
Q-3 In rental properties, can problems arise such as lower rents, which can decrease your ROI?
Answer- Like all investments, even rental property can change under certain circumstances. However, this change can be negative or it can also be positive. For research and analysis, target conditions must be ideal for both rental property investment and speculative business investment. Because the chances that speculative traders are wrong are much higher than the tenant investor losing a few months of the lease. Therefore, maintaining the ideal situation for both types of investors is important and is in fact more favorable to the speculative trader.
Q-4 Do houses or commercials give more capital gains than apartments?
Answer- Houses, commercials and apartments are three different asset classes and will not follow similar cycles. A gain in houses over time is due to a gain in plots, which calms down after the area matures, similarly, apartments will also slow down after the building matures. Later, many other factors will come into play to decide whether that property will grow further or not. Similarly, commercials have their own cycle to follow with their own risks because a very large number of commercials do not show much appreciation.
As long as you understand the different dynamics and act accordingly, all of this will yield very good capital gains. Therefore, capital gains will depend on many other factors than just the active class.
Q-5 Which is the best rental property among houses, apartments, commercials and shops?
Answer- Houses are not suitable for rentals, however, as for the other three, each property must be judged separately to identify who will give you optimal rental returns. It will be wrong to give any preference depending on the active class as such.
Ultimately, it all depends on your choice of individual property rather than its value class. A good housing project can outperform an average business in capital gains and conversely, a good commercial property can beat an average housing project easily.
Luxury serviced apartments in Gulberg Lahore for Air BnB rentals are a safer and safer bet than other types of real estate for rental purposes.
Q-5 ROI on rental income is slow, while plots can double their price in a very short period of time.
Answer- You must have heard the old saying. ” slow and steady wins the race“. Rental properties are that turtle that seems slow but never stops, thus giving you a more stable consistent income over the period.
The unpredictability in speculative trading is its biggest enemy. Although speculative trading gives an illusion of higher returns, the high failure rate balances it out. In addition, speculative trading is not suitable if you are an emigrant or a busy person who will not have time to look at the real estate markets constantly.
Our study has shown that both rental returns and successful speculative trading can make almost equal amounts of money in the long run. So renting property leads to being the safest and safest way to achieve your financial freedom goals.
Q-6 Rental properties usually only give 3 to 4% rental income per year.
Answer- That’s not true, only houses give 3% and we already consider them as lame wolf property. Apart from this, some commercial real estate does offer only 4% rental production, but this is usually because they are not yet fully mature and offer much more in terms of capital gains. So investors are happy with them considering that the combined gains are usually 15% or more.
Q-7 (Part 1) Suppose I invest 13 million in a 562 sq.Ft apartment. After 13 years will I get my capital back on 10% rent?
For example:
Hotel Apartment Sq.Ft: 562
Tariff (kv.Ft): 23000
Total Price: 12,926,000
10% Annual Income: 1,292,600
Annual Service Fees (Kv. Ft): 30 Rs * 562 = 202,320
Own tax: 50,000
Rent Tax: 60,000
Annual in Manluo: 980,280
Answer- The calculations we provide do not cover any taxes or liabilities, no matter if you are investing in speculative real estate or rental property in Pakistan. The impact of these taxes will be felt on both sides and will certainly affect ROI but is the bare minimum. For example, the service costs are not as high as 30 PKR and in some cases, they should not be paid by you but by the developer or tenant. In addition, after one or two years, a 10 to 20% increase in rentals will cover any debts without putting a big dent in your rentals.
Second, if the purpose of the question is to compare plots or files with wolf holdings, then similar duties apply to commercial plots as below:
a. Instead of annual service costs you pay a non-construction penalty on parcels and even sometimes development costs.
b. Property tax will be paid even if you also own land, so it is not only applicable to the wolf property.
c. You will pay capital gains instead of income tax because during trading you will sell plots mostly in less than 4 years.
Q-8 (Part 2) If rent is in between it can get my capital back in 11 to 12 years?
Answer- The mistake most investors make when it comes to this calculation is that they do not calculate the profit on rental income. In reality, it will take a maximum of 5 to 6 years for the repayment of capital investment, if you reinvest your rental income at 10% per annum. This could be even faster if you invest with Feeta.pk 1 crore challenge where we can get you up to 20% annual returns.
Take a look at the calculations below, based on a conservative analysis of the apartment in question. During the construction process, we expect 80% growth, then 12% for three years, and 10% later for capital gains. Similarly, the reinvestment of capital is only calculated at a conservative 10% per annum instead of 20%. You can clearly see that it will only take 6 years for the return of your capital after ownership.
Even if we calculate capital gains at 5% after the 3rd year, the value of your asset will still be close to Rs 4 crore. However, it can be said that the rent capital should grow by 15 to 20% rather than 10%, so realistic performance can vary and the calculations below are just to understand the concept of rental investment and the compounding effect.
Q-9 (Part 3) During this period If I want to sell my apartment to invest in some other area. I will be stuck in the apartment.
Liquidating Assets (housing) will be more difficult. You may be blocked for a longer period than plot Winding. Because Average Liquid Asset (plot/house) lasts 6-12 months on normal days.
Service Apartments are good for rental purposes. But for monetization, we may be stuck for a longer period of time. Because people prefer to book new apartments for a fee not 5-10-year-old apartments at full payment?
Answer- Selling a rented built property will take a little longer than a plot or file. However, rental property continues to give you cash every year, unlike a plot or file, which is in fact a liability because you will pay the non-construction penalty and other company charges as well as development costs in case of any plots and files.
So it all depends on how you define liquidity. a property that will sell out quickly or a property that will repay you 10% in cash each year and repay 100% capital in 5 to 6 years.
Ultimately, like any other property, how quickly your apartment will sell depends on the quality of the project rather than the value class. Not all projects will be the same and sales will vary depending on your choice today. Monotation is also much better in relation to wolf ownership because you will have full capital in 6 years which can be invested again in other places.
For more information on the real estate sector of the country, keep reading Feeta Blog.
FAQ on Rental properties in Pakistan / Passive income in real estate
All About Property Mutation in Pakistan
Property Mutation, Once you have completed all the formalities of a real estate transaction, the next and final step is to register the said property under your name to make it official in government records. This is known as the mutation of a property. It refers to the entire process in which the title of ownership of a property is transferred to another person. Simply put, it is the title deed (also called a conveyance deed) needed to have the property under your name.
Feeta.pk has compiled all the basic details that you need to know regarding the property mutation process.
When do you need a mutation certificate?
- When you buy a property
- When you inherit a property
- When you receive a property as a gift
- When you purchase a property through a power of attorney
How do you apply for a mutation certificate?
Since obtaining the mutation certificate is not a legal obligation, many new property owners postpone the process. However, the mutation process should ideally be started as soon as possible once the property has changed hands – at least within 3-6 months of the land purchase. Without it, the buyer may risk facing issues in obtaining complete legal ownership of the property in question.
The process just comprises a few, simple steps:
- Visit the land administrator’s office in the concerned area (where the property is located) and submit the required documents. These may also vary according to circumstances. For example, if this is a mutation of the property after the owner’s death, applicants would have to submit a death certificate, succession certificate, etc. You can cross-check on the government website or call on the helpline for further information, but you would still have to visit the municipal body to hand in the papers.
- Both the seller and buyer have to appear with two witnesses and the sub-registrar will hear their verbal agreement for trading the property.
- This will be recorded in the Inteqal (Mutation) Register, and you will be handed a receipt.
- Afterward, you would have to submit a nominal process fee to the National Bank of Pakistan (this will be just a one-time charge).
- There will be a physical verification of the site by the relevant authorities.
- The municipal body may take up to a month to update the record, after which they would issue the mutation certificate.
Why is it important to get a mutation certificate?
Even though it is not a legally binding document, the mutation certificate is still necessary for several reasons:
- It serves as additional proof of ownership.
- You will be able to record the property under your name in the municipal local body.
- It can also be required when applying for utilities, such as electricity and water services.
- It may also serve as a tax record.
- You would need it if you want to sell or transfer your property to someone else in the future. If you are unable to produce a mutation certificate before potential buyers for verifying the chain of ownership, you may risk the sale of your asset.
- In case of land dispute, corruption or hostile takeovers, the mutation certificate can help challenge false claims in court.
- All immovable assets (individual homes, apartments, land, etc.) are subject to property tax payment, and mutation is just a way to ensure that. The certificate is required by the government to fix the property tax liability and other levies on the rightful owner.
- It can also help you correct any errors in the records in case there is an unauthorized transaction.
What is the difference between registration and mutation?
There is some ambiguity over the difference between property registration and mutation since the purpose of both seems similar. Property registration refers to the process in which you claim legal rights on a property by registering the sale under your name. The process of mutation, on the other hand, is the buyer’s responsibility and can only be initiated once the property registration has been executed.
| Property Registration | Property Mutation |
| Also called a baye-nama | Also called inteqal |
| Mandatory process after transfer of property | Not a legally required process after the transfer of property |
| Legalizes the actual sale of a property | Transfers ownership of the property |
| A sale deed | Does not require a sale to take place; it applies to inherited and gifted properties too |
While the key differences between the two are just a few, it is still important to know the significance of each to avoid any potential problems or confusion in the future if you choose to resell the property. This is why it is advised to acquire both in the beginning.
If you are looking for more information on the real estate processes in Pakistan, you can visit this link.
All About Property Mutation in Pakistan
The Ultimate Guide to Selling Property in Pakistan
Selling and Transferring Property in Pakistan is a regular occurrence in the country, where hundreds and thousands of people sell and transfer property. For those familiar with the process, the transferring procedure might just be a piece of cake. But for people who are new and confused about where to start, you’ve come to the right place.
Before we jump into the tricky aspect of this process, let’s clear the air about what exactly transferring property means and why it is an essential aspect of buying and selling property in Pakistan.
What do we mean by transferring property?
As per the law, any individual who owns a property should have the land or property verified under their name. The land should be under the designated ownership; only then can they sell the property to themselves. This is the basic requirement of selling a property.
In Pakistan, the transfer of any property generally consists of the owner transferring the title of the land from one person to the other. Transferring property can occur in multiple ways for various reasons, such as a mortgage, gift deed, inheritance, lease, exchange, etc. All such explanations are why transferring is an essential legal procedure.
Who is eligible to transfer property?
All individuals who can sign a contract are authorized to transfer property ownership in Pakistan. According to the Contract Act 1872, a contract is claimed as a binding agreement between two parties, meaning that it is a legally binding document for any sale and purchase of land in the country.
There are a few exceptions for people who are not eligible to transfer a property:
- Minor: Anyone under the age of 18 is a minor and therefore cannot carry out the process.
- Unstable Individuals: Someone who cannot understand the consequences of their actions, for instance, that of a mentally ill person. Other reasons can be permanent or temporary physical disability such as a Coma etc.
- Legally Barred Individuals: Someone barred from signing contracts cannot transfer property in Pakistan.
What are the steps involved in transferring and Selling a property in Pakistan?
The transferring process, although time-taking, is a simple and easy process with not many legal proceedings. We’ll break down the process into different steps to help you better understand.
Token (Bayaana)
This is the very first step of selling after you’ve successfully secured a client. This involves the buyer giving approximately 1 / 4th of the total price. If not the exact percentage, there is an agreed amount between the buyer and the seller to indicate an agreement from both sides of the party.
The Token (Bayaana) is given by the buyer with a series of negotiations and based on a contract, in which all details are specified. After this, the seller holds negotiations with any other potential buyers.
Usually, a specified period is set and written in the contract for the full amount to be paid. If the sale falls through, the token is returned. But if the full amount is not paid in the specified time, the seller has no obligation to return the token, even if the sale doesn’t go through.
What is a Property Sale Agreement and how can we get it?
A sale agreement contract is a set of required documents that include all information related to the seller and buyer involved in the transfer process. In Pakistan, these are the required documents that are attached with the Bayaana form:
- Complete details of the property with the property owner’s verified name
- Terms of sale for the property
- The total amount of money which the property is being sold for
- Final date for the buyer to pay the remaining sum of money
What is the complete list of documents required?
To carry out the transfer process smoothly, you need to collect the following documents organized. You’ll need:
- Recent Passport Photos of both parties involved (Buyer and Seller)
- Photocopies of National Identity Cards of both parties
- Original Purchase Deed of the Seller (From the time they purchased the property)
- The original ‘Sale deed’ which is the agreement contract between both parties
This list of documents can also include some more documents depending on the province, region, area, etc. (A lot of documents, we know, but verified property takes tough measures!)
- A ‘Record of Rights’ also known as Fard-e-Malkiat, is a form that can be obtained by the seller from the property registration office. This guarantees that the property is under the name of the seller.
- You’ll need a Non-Demand Certificate (NDC), a document that shows you don’t have any fine due on the property. Depending on the location, you can get this from the local development authority’s office.
- For properties in private housing schemes, there is the need to request a letter from a particular society to carry out the property transfer. This can be used in place of the Fard-e-Malkiat document.
Possession of Stamp Paper and Tax Payment
Source: Pinterest
This is one of the essential and final steps of the transfer process. You’ll need a stamp paper to draft the deed for the sales; that will be the contract for the sale. You can choose. Buyers; will be required to pay stamp duty and taxes during this step.
Let’s take a look at this easy breakdown of the tax duty involved:
- Stamp Duty 3%
- Capital Value Tax 2%
- District Council Fee 1%
- Fixed Registration Fee PKR500 (Can differ as per govt. Order)
Drafting the Sales Deed
In Pakistan, the sales deed is usually recommended to be drafted by a property lawyer or a property agent aware of the bylaws and the rules involved in the process. This is a particularly safe option to avoid any complications that might arise in case you are doing it yourself.
Although, people who are selling and buying property as a business have become familiar with constructing the ideal draft for this deed, which can be done easily with the help of the internet. However, the common practice and recommendation are to take the help of a lawyer to avoid any future complications that may occur.
What do we do after drafting the Sale Deed?
Source: Freepik
Finally, after a long process, you’ve reached the last step. You can take the sales deed (inscribed stamp paper) along with the required documents to the registrar’s office. From here, the sub-registrar will call both parties simultaneously and hear their verbal agreement for the trading of property.
You’ll need to sign the documents and put in your fingerprint to verify the final sale and complete the transfer process. Once this is done, the official will register the sale deed successfully, then the transfer process is complete, and the property is now successfully transferred to the buyer.
How much is the Commission for the Property Dealer Involved?
If you’re wondering what the person who helped you secure a client and help you proceed with the sale and transfer of the property is, there is a commission that the dealer/agent gets from the client. Although there are no specific laws to govern and record the work of real estate agents and dealers in Pakistan, the general practice remains a constantly changing variable and experiences changes from time to time.
Usually, the commission of property agents comes to around 1% of the total value of a property. This 1% of the value is each from the buyer and seller as the commission to the dealer. If the buyer and seller both have different agents, then both agents get to keep a 1% commission each from their own clients. Sometimes, property agents will ask for as high as 2% of the property value, or even lower than 1%. The amount varied according to the success, reputation of a property dealer, or property value.
Suppose you’re looking to learn more about the legal aspects and procedures involved in property buying and selling. In that case, you can stay connected with our blogs at Feeta.pk, where you can easily find comprehensive information to guide you through the real estate market.
The Ultimate Guide to Selling Property in Pakistan
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Rental Properties: Complete Maintenance Supervisor
Good care of your rental properties ensures that you can have tenants everywhere as the property will remain attractive and appealing in the real estate market. You can do maintenance to fix some problems or upgrade some aspects of the properties to keep them updated with the current properties.
Booking wolves can be difficult if you are new to the real estate market. For example, the needs of your tenants may change from time to time. Additionally, property maintenance requires that you carefully monitor your property or that an administrator manages the property and informs you of areas to be cared for. If you don’t have an eye anymore to look at your rentals, things might fall apart. When you realize it, the cost of the repair could be already very high.
This article gives you a complete checklist that you can use to make sure your property is well maintained.
Check The Roof
A good roof in the right condition ensures that your tenants are protected from external conditions, such as storms, rain and the hot sun. It will also regulate the internal temperature.
Confirm that all tiles are in place and undamaged. Check if nails come out and if rays of light penetrate the roof. All of these are signs of roof damage and you need immediate action. Get a professional to perform your roof repair or contact the company that helps you preserve your property.
Inspect the Cellar
It is good to check the cellar once or more a year. Check if molds and pests intrude on your property. Often this area is forgotten. Leaving it unattended can make your basement ugly and can cause your tenants to start disliking your property.
Do Deep Cleaning
Deep cleaning of your rental property is important at least once a year. This keeps the property in good condition and prevents any dirt from accumulating on the property. Deep cleaning also causes reduced rent from tenants, which is your goal as a landlord.
Try Every Emergency Alarm
Installed carbon monoxide and smoke detectors are key to saving the lives of your tenants. The best time to confirm if they work perfectly is in summer and spring. Moreover, most alarms are equipped with a test button and the batteries are designed to operate for ten years. So try every device on your property at once.
Replace batteries that are already ten years old. You can replace them even if they are not yet ten years old. This optimizes the operation of the devices. If you own a multi-family farm, remember to try shared detectors.
Inspect The Outside
Maintenance not only for the interior of your house but also for the exterior. Check for water damage causing leaks. Also, check for blockage of the sewer lines and unblock them. Also, remove leaves from the drains. Consider doing this before and after each rainy season. Blocked drains can cause wastewater to seep into the storage tanks. Therefore any damaged drains need to be repaired or replaced.
Also, make sure the garden is in the right condition. Remove protruding roots that are likely to cause accidents. If there are branches broken and falling on the houses, you must carefully cut them so that they do not damage your property.
Change The Filters
In your checklist, remember to regularly change the dishwasher, AC and hood filters; you are expected to do this every three months. If you have any water filters, you should also replace them as well.
In the long run, doing these steps will save you money. This is because it will keep your devices in good condition for a long time and you will also avoid breaking down, making your tenants happy.
Inspect The Fire Extinguishers
Make sure the fire extinguishers you have on your rental property are good to use to avoid any kind of fire tragedy. Look at the expiration date and inspect for any signs of wear and tear on the package. Check to see if they are also located in places where they can be easily accessed.
Conclusion
Always make sure your tenants have a checklist that they can use to track everything, as your tenants can also help you identify areas that need your attention. Create a quick response mechanism whenever a problem arises to prevent it from getting worse. By following this checklist, you can keep your property in good condition for a long time, ensuring that your tenants are satisfied with your services.
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