The Agents Real Estate Guide for Gawadar
The real estate guide to Investing in Gawadar can be an excellent opportunity for you. The land of Gawadar has proved to be a game-changer for the entire Pakistan. Gawadar is known to become the next Dubai. Investment in Gawadar today can yield considerable returns in the future. Many developing projects would surely be profitable shortly like Gawadar Port, International Gawadar Airport, energy systems, railway tracks, etc. It would not be brilliant of one if they would not invest in Gawadar. However, the investment will grow in Gawadar, that is for sure, but it will take time. Before you invest in Gawadar, know that you will be investing in a long-term project. The following guide will help you make your decision to invest in Gawadar real estate.
Find Trusted & Authorized Agents:
When investing in Gawadar’s real estate, make sure that you choose the land wisely. Don’t buy from any private parties without any real estate office. Make sure that whoever you are purchasing from should have credibility. Ensure that whoever you are purchasing a property from must be approved by the concerned authorities and departments. You can even ask them to show you any registration certificates. After you find such a person, book the land you want to purchase by depositing a token of at least 20% of the total amount.
After you make that deposit, your real estate agent will identify and demarcate the land, and will accompany the local Gawadar DCO office representative and the seller party. Then the exact dimension of the land is provided with a site plan. At this stage, a Bina agreement will be prepared by your real estate agent, and you would be required to pay 30% of the total price to the seller. A transfer date is decided after the transfer of payment is complete. This transfer is followed by a registry document, which seals the ownership of your land.
Pick the Right Mouzas:
Choosing the right mouza is very important. If you have selected the perfect mouza to invest in, then you have kicked start your investment, and your investment in the future will be profitable. In the future, the mouzas will be ranked based on their connectivity with major road networks and highways. The Gawadar Real Estate Developers believe that the mouzas that would be closed to the roads and highways would be of more value, but this is just an assumption that is why do not haste into buying a mouza near the roadside as the Gawadar master plan isn’t released yet.
Additional Expenses on Purchase:
There are certain other costs that you would have to incur when purchasing a property in Gawadar other than the price of the land. A particular cost is allocated for the paperwork, demarcation, GPS, newspaper ad, DCO office fee, taxes, and your agent’s commission. These are some of the additional costs that you would have to incur in purchasing the land. However, this cost is bound to fluctuate based on the size of your land.
Stringent Verification Criteria:
According to the Gawadar development authority, the buyer must get a NOC (no objection certificate) issued before investing in the project. This instruction is vital as many projects in the past have been sold without acquiring GDA’s approval. If the buyer doesn’t confirm that the GDA land is allowed for resale, it can cause him a lot of trouble. That is why avoid getting scammed by buying land without approval from the Gawadar development authority.
Conclusion:
Investing in Gawadar is different from investing in other cities in Pakistan. Gawadar’s journey has just started, and it is high time that you can invest there to earn handsome profits in the future. This city will see a massive transformation in its infrastructure, and investors are looking forward to getting the most significant gain in the real estate industry. The investment in Gawadar is no doubt a slow process, but it is a guaranteed success.
Meanwhile, if you want to read more such exciting lifestyle guides and informative property updates, stay tuned to Feeta Blog — Pakistan’s best real estate blog.
The Agents Real Estate Guide for Gawadar
10 Property Management Tips for Pakistan Real Estate Market
Anyone who has worked in the Real Estate Market understands how competitive it is. It necessitates a wide range of abilities that newcomers may not anticipate. It entails everything from dealing with evictions to negotiating contracts for waste collection, grounds maintenance, and janitorial services.
Aside from being an exciting and lucrative career, the road to success in the property management industry is a long and winding one. You must be well-versed and prepared for the drive if you want to get to your goal. It understands the difference between being a property manager in Pakistan and being a consistently successful property manager in Pakistan.
Consider these ten property management pointers to assist you in dealing with various challenges and scenarios in Pakistan.
Skills in Organizing:
The ability to organize is the first and most crucial talent required of a property manager in Pakistan. It includes talking with tenants, maintaining a complete record of each property, and keeping track of any forthcoming duties on a to-do list. It necessitates the competent and efficient management of obligations. In Pakistan, a property manager’s job requires handling many jobs simultaneously, necessitating excellent organizational skills.
Establishing Protocols and Policies:
To avoid miscommunications and potential difficulties with tenants, property managers in Pakistan must have policies and procedures in place. All regulations for tenants should be written down and supplied at the time of lease signing. Similarly, property managers must have protocols in place for a variety of situations.
Understand the law:
In Pakistan, a property manager must check the state’s fair housing legislation on a regular basis. Property managers may be required to have real estate licenses in some states, while others may demand different certificates or licenses.
He must keep up to date and ensure that he follows all regulations; if he has any legal questions, he should see a property lawyer or an attorney. To avoid any rental troubles, use a search engine to look up the regulations for the state in which you plan to manage properties.
Check out your Tenants:
Many experts stressed the importance of selecting the correct tenant and that there is no substitute for a thorough screening procedure. In Pakistan, it’s critical to ensure that your tenant screens are as thorough as possible so that you can distinguish between excellent and unreliable tenants. The most significant tenants are individuals who can pay on time, take care of the property, and have no criminal history.
Attempt to Resolve Disputes Without the Need for Lawyers First:
Meeting with the renter and addressing the issue helps resolve many tenant conflicts. Before threatening eviction and bringing in a lawyer, follow all property protocols. Noise violations, late rent payments, and management’s inability to enter the flat to undertake repairs are among the most typical complaints in Pakistan.
Abilities in Finance:
Because you may be responsible for negotiating lease agreements, collecting rent and utility payments, paying vendors, and tracking daily spending as a property manager in Pakistan, you must have a thorough understanding of financial management. As a result, you may utilize a search engine to look up different accounting software applications and rapidly produce reports, as well as keep an updated spreadsheet to track your earnings.
Marketing Skills:
Marketing abilities are one of the most undervalued aspects of property management that are often overlooked but are equally vital. Marketing is necessary to advertise vacant apartment units and to be able to write compellingly about them.
Knowing how to write a professional property description, take high-quality images, and create exciting video tours may help you showcase the most significant features of the homes you manage and pique potential tenants’ interest.
Maintain Thorough Digital Records:
Physical mounds of paper are significantly more challenging to sort through and file than digital records. You don’t need to waste time digging through your files for something specific, like a maintenance receipt or contact with a tenant, to find that the records are inaccurate or missing.
Make use of the Internet:
The usage of the Internet is expanding in tandem with the country’s advancement. The Internet is used for various tasks in today’s society, ranging from marketing to corporate administration. As a result, instead of fighting the times, it is wiser to evolve with them. A few examples are creating online ads for your vacant homes, finding tenants online, and researching the best maintenance companies.
Keep Regular Office Hours:
It may appear to be Pakistan’s most basic property management idea, but your renters must know when the management office staff is available for non-emergency issues. Tenants may quickly notify property management when a maintenance call is needed, rather than putting it off and letting the condition in their apartment deteriorate, perhaps resulting in costly repairs.
Conclusion:
Property management in Pakistan is a 24-hour-a-day job that requires constant attention. Property management may be both fascinating and profitable, but it requires both time and money. It’s a fast-paced, fiercely competitive market. As a result, it’s critical to have skills and abilities that allow you to stay ahead of the competition. These habits, along with self-discipline and drive, will benefit both your professional and personal lives.
Watch this space for more information on that. Stay tuned to Feeta Blog for the latest updates about Pakistan Real Estate Market.
10 Property Management Tips for Pakistan Real Estate Market
Tips For Investing In Gwadar Property
For Investing In Gwadar Property, Gwadar is located on the southwestern coast of Baluchistan. It is a port city located on the shores of the Arabian Sea opposite Oman.
Gwadar has been developing its infrastructure at a rapid pace. It is known to be a pivot of China Pakistan Economic Corridor. The investment influx in Gwadar is unprecedented. Experts have marked Gwadar as a game-changer for Pakistan’s real estate.
Investing In Gwadar:
When investing in any business project, one should do a background check and be aware of the pros and cons of the investment. For a profitable investment, one should do research beforehand. In real estate, one should search the area before investing. Some profitable areas for investing in Gwadar are the Sangar Highway scheme, New World City, GDA Housing Scheme, New Town Housing Scheme, and Gwadar Industrial Estate.
Tips for Investing in Gawadar:
The investment area’s prominent features should consist of amenities including green areas, hospitals, education facilities, parks, entertainment facilities, fuel stations, and transport facilities.
One should invest in an area that is up and coming as it allows one to be part of the development before the prices rise. The idea goes well for Gawadar as it’s an up-and-coming project, and investment in its property will be profitable.
Gwadar has a location that is planned to be used strategically for trading purposes of the country. Gwadar is to become such that all exports and imports will pass through its deep-water port. The imports will be from China, and exports will be to and from Africa, the Arabian Gulf states, the Middle East, and Europe. There will be a facility of a floating liquefied natural gas facility built as part of the $ 2.5 billion Iran-Pakistan gas pipeline project.
Demand For Property:
The demand for property in Gwadar has been rising, and the indicator of it is the construction carried out in the special economic zones of the city. The inspiration for Gwadar has been taken from Shenzen. Shenzen is a zone of China. Before its development, Shenzen had a population of 30,000 and today consists of between 13 to 20 million.
If a fraction of what happened with Shenzen takes place in Gwadar, the demand for real Estate in Gwadar will skyrocket. The statistics show that in 2014 Gwadar consisted of a population of 85000 inhabitants, and its current population is estimated to be 250,000.
Documentation Of Property:
Scams have been common in all parts of a business; one should be cautious when investing. CPIC helps with providing all required documents on time after the completion of the purchase. Faulty or non-existent paperwork may be provided as original to scam the investors. To ensure that the documents are original, CPIC comes in handy.
Budget:
Real estate requires making the right choices as an investor. It requires knowing one budget; how much an individual needs to spend, including extras and not just the purchase. The extra pay may include legal fees, tax fees, and other payments. The best idea is to keep extra cash on hand for expenses one may not have calculated or even thought of.
Once details are collected, one can get an idea of how much one can afford. One method to make a purchase at the best price is by being assisted by consultants and being transparent about one’s budget and costs throughout.
Reliable Construction:
The first step of investing in Gwadar would be buying a plot of land. The next step is to actually start the construction of a home on the plot of land bought. The reliable move would be to hire tradesmen who can get done with the construction on time at a reasonable price.
Make A Flexible Investment:
Investing in land is a secure asset and won’t wear out, or get broken, stolen, or destroyed. A finite amount of land is available in Gwadar, and prices are rising per investment; invest in land to rent out or to use yourself.
For the latest updates, please stay connected to Feeta Blog – the top property blog in Pakistan.
Tips For Investing In Gwadar Property
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Real Estate File Rates In Lahore
File Rates In Lahore, Pakistan has seen exponential growth in demand for housing, especially in urban areas. One of the major cities where this demand is highly reflected is Lahore. In response to the rising demand, numerous housing societies have sprung up and are offering files for plots. Feeta.pk, Pakistan’s smartest property portal, looks at Lahore real estate file rates and installment plans.
Real Estate File Rates in Lahore:
Given below are some of the projects whose files are available in installments:
Zam Zam City, Lahore:
Zam Zam City is a new residential project in Lahore and is marketed primarily toward the middle class (salaried class and government employees). Zam Zam Developers are developing the project.
Master Plan of the Society:
The project is divided into five blocks. These are given below:
1. Executive Block
2. Royal Classic Block
3. Egypt Block
4. Overseas Block
5. Shohda Block
Payment Plan for Zam Zam City:
(Source: Zam Zam City)
The project has plots ranging from 3.5 to 16 marlas, and the payment plan is given below:
Payment Plan for Residential Plots | |||||
| Plot Size | Down Payment | Monthly Installment | 6-Monthly Installment | Possession | In total |
| 4 Marla | 240,000 | 12,000 | 60,000 | 260,000 | 1,400,000 |
| 5 Marla | 300,000 | 15,000 | 75,000 | 325,000 | 1,750,000 |
| 8 Marla | 480,000 | 24,000 | 120,000 | 520,000 | 2,800,000 |
The payment plan for commercial plots is given in the table below:
| Plot Size | Down Payment | Monthly Installment | 6-Monthly Installment | On Confirmation (30 Days) | Total Price |
| 4 Marla | 1,200,000 | 200,000 | 1,500,000 | 1,200,000 | 7,000,000 |
Iqbal Garden, Lahore:
(Source: Iqbal Garden)
Iqbal Garden is a project of Grace Marketing and is located at the Kala Shah Kaku Motorway Toll Plaza in Lahore. The project does not have NOCs from the Lahore Development Authority (LDA) and Tehsil Municipal Administration (TMA).
Master Plan of the Society:
The society offers plots from 3 marlas to 20 marlas in the residential blocks and 2 marlas and 4 marlas in the commercial block.
Payment Plan of Iqbal Garden:
Payment plans for various blocks in the society are given below:
Payment Plan for Residential Plots (4 Years) | ||||||
| Plot Size | Down Payment | Monthly Installment | 6-Monthly Installment | Balloting | Possession | In total |
| 3 Marla | 200,000 | 7,500 | 45,000 | 75,000 | 100,000 | 1,095,000 |
| 5 Marla | 300,000 | 11,000 | 75,000 | 150,000 | 175,000 | 1,750,000 |
| 10 Marla | 600,000 | 18,500 | 150,000 | 275,000 | 400,000 | 3,350,000 |
The society also has a 2-year payment plan that is given below:
Payment Plan for Residential Plots (2 Years) | ||||||
| Plot Size | Down Payment | Monthly Installment | Quarterly Installment | Allocation | Possession | In total |
| 3 Marla | 520,000 | 15,000 | 50,000 | 110,000 | 110,000 | 1,500,000 |
| 5 Marla | 800,000 | 20,000 | 100,000 | 210,000 | 210,000 | 2,500,000 |
Iqbal Garden has a 5-year payment plan for their Overseas Block that is given below:
Payment Plan for Residential Plots (5 Years) | |||||
| Plot Size | Down Payment | Monthly Installment | 6-Monthly Installment | Balloting | In total |
| 3 Marla | 200,000 | 8,000 | 35,000 | 225,000 | 1,260,000 |
| 5 Marla | 300,000 | 11,000 | 49,000 | 300,000 | 1,750,000 |
| 10 Marla | 600,000 | 25,000 | 49,000 | 300,000 | 3,500,000 |
| 20 Marla | 1,000,000 | 40,000 | 160,000 | 1,000,000 | 6,000,000 |
The payment plan for a 4 marla commercial plot on Main Boulevard is as follows:
Payment Plan for Commercial Plots | |||||
| Plot Size | Down Payment | Monthly Installment | 6-Monthly Installment | Possession & Allocation | In total |
| 4 Marla | 2,500,000 | 125,000 | 250,000 | 1,250,000 | 1,260,000 |
Kings Town, Lahore:
(Source: Pinterest)
Kings Town is one of the latest urban residential projects in Lahore and is being developed by Al-Kabir Developers. It is in Phase 3 of Al-Kabir Town and is located near Bahria Orchard and can be accessed from Raiwind and Ring Road.
Master Plan of Kings Town:
The society spans over 175 kanals of land and has different blocks built around spacious parking lots, hospitals, schools, and lush green parks.
Payment Plan for Kings Town:
Payment plans for plots in the Overseas Block are given below:
Payment Plan for Overseas Block (4 Years) | ||||||
| Plot Size | Down Payment | Monthly Installment | 6-Monthly Installment | Balloting | Possession | In total |
| 3 Marla | 250,000 | 15,000 | 100,000 | 300,000 | 630,000 | 2,700,000 |
| 5 Marla | 350,000 | 25,000 | 150,000 | 500,000 | 1,050,000 | 4,300,000 |
Payment plan for plots in the Executive Block is given below:
Payment Plan for Executive Block (4 Years) | ||||||
| Plot Size | Booking | Monthly Installment | 6 Monthly Installments | Balloting | Possession | In total |
| 8 Marla | 600,000 | 50,000 | 125,000 | 800,000 | 1,200,000 | 6,000,000 |
| 10 Marla | 800,000 | 65,000 | 150,000 | 900,000 | 1,230,000 | 7,250,000 |
| 1 Channel | 1,200,000 | 125,000 | 225,000 | 1,200,000 | 1,800,000 | 12,000,000 |
The payment plan for residential plots in B Block is given below:
Payment Plan for B Block (4 Years) | ||||||
| Plot Size | Advance | Monthly Installment | 6 Monthly Installments | Balloting | Possession | In total |
| 3 Marla | 200,000 | 15,000 | 60,000 | 400,000 | 600,000 | 2,400,000 |
| 5 Marla | 300,000 | 30,000 | 80,000 | 600,000 | 1,020,000 | 4,000,000 |
Installment plan for commercial plots in B block is given below:
| Plot Size | Advance | Monthly Installment | 6 Monthly Installments | Balloting | Possession | In total |
| 3 Marla | 1,500,000 | 40,000 | 300,000 | 800,000 | 1,780,000 | 8,400,000 |
Liberty Lands, Lahore:
(Source: Google Maps)
Liberty Lands is a project of Union Developers in Lahore and is located on Mian Jia Bagga Road. The society can be accessed from Ring Road, Raiwind Road, and Khayaban-e-Amin near Pine Avenue.
Payment Plan of Liberty Lands:
The payment plan for liberty lands is given below:
Payment Plan for Commercial and Residential Plots | ||||
| Plot Size | Category | Down Payment | Monthly Installment | In total |
| 2.66 Marla | Commercial | 1,195,000 | 850,000 | 7,995,000 |
| 5.33 Marla | Commercial | 2,275,000 | 1,590,000 | 14,995,000 |
| 5 marla | Residential | 475,000 | 340,000 | 3,195,000 |
Zaitoon Lifestyle, Lahore:
(Source: Zaitoon City)
Zaitoon Lifestyle is a project by Zaitoon Group and is approved by LDA. The project is located on Jia Bagga Road next to Halloki interchange exit Ring Road. Adjacent to the society are Lake City, Etihad Town Phase 2, and Liberty Lands.
Payment Plan:
Payment plans for the different plots are given below:
Payment Plan for Plots | |||||
| Plot Size | Booking | Monthly Installment | 6 Month Installment | 24 Month Installment | In total |
| 3 Marla | 270,000 | 15,000 | 191,250 | 270,000 | 2,700,000 |
| 5 Marla | 400,000 | 400,000 | 268,750 | 400,000 | 4,000,000 |
| 8 Marla | 640,000 | 35,000 | 456,252 | 640,000 | 6,400,000 |
| 10 marla | 700,000 | 40,000 | 490,000 | 700,000 | 7,000,000 |
For more information on Lahore real estate file rates, visit Feeta blog.
Real Estate File Rates In Lahore
How to Calculate ROI in Real Estate
Most investors do not know how to calculate ROI in real estate, and that is where they cannot assess the value of their property in the right ways.
Real estate is considered to be one of the most profitable industries. It offers investments in several forms such as residential or commercial projects, retail offices, real estate investment trusts (REITs), and shareholding in properties.
It provides investors with steady cash flows, long-term financial security, investment diversification, tax advantages, and, in most cases, higher return on investment (ROI).
Most investors prefer rental properties as they generate a steady cash flow that they can further invest in several other domains. Some investors buy properties with the intent of selling them after a short period of time and earning higher profits.
Investment goals might differ for various investors; however, the primary objective is usually a high return on investment (ROI).
Feeta.pk, Pakistan’s smartest property portal, brings you a complete guide on how to calculate ROI in real estate.
What Is ROI?
ROI is a mathematical calculation that allows investors to evaluate the performance of a particular asset over a period of time, in comparison to others. To summarize, it is the profit an investor gains over his / her investment.
In real estate, ROI is the profit gained from a property in the form of rent or property value appreciation.
Requirements to Calculate ROI:
After finding a property for investment, there are some basic requirements to calculate the potential ROI. These factors will determine how a property investment will grow in the near future.
- Property details: Location, repair cost, per square feet price, and number of bedrooms
- Mortgage details: Down payment, loan terms, interest rate, and closing costs
- Rental income details: Anticipated rental value, tenancy ratio
- Property maintenance expenses
How to Calculate ROI?
The following formula is used to calculate ROI in real estate:
(ROI = Gain in investment – Initial cost of investment / Total Cost)
- To calculate ROI, you need to calculate the final value of your property including investment gains.
- Subtract it from the initial value of the investment without closing costs.
- Divide the resulting value by the total investment cost, which includes closing costs as well.
This formula is basic and easy to work with. However, investors might get confused as they have to keep track of all factors that can affect it.
For instance, the closing cost can be unpredictable and can affect the ROI negatively.
What Is Good or Bad ROI?
If a property is generating sufficient profits after covering all the closing costs, it is said to have a good ROI. According to major real estate firms, a good ROI value falls somewhere between 8-10%.
On the other hand, if a property fails to generate profits, it has a bad ROI. Properties with 2-5% ROIs are less attractive to investors.
Factors Affecting a Property’s ROI Value:
Source: Pinterest
The following are some of the factors that can affect the value of your property’s ROI:
- Location
- Property type
- Property’s condition
Location:
A property’s location is a prime factor in defining its value and the potential return on investment it can generate. If a property is well-connected to major areas, such as schools, hospitals, and roads, there are great chances that it will generate a high ROI.
However, if a property is located in some far-off area, it is unrealistic to expect a high ROI from it.
Moreover, demographics, such as age factors and socioeconomic factors of that particular area, also matter.
If the residents of a particular area earn well and have a good living, they will make greater investments.
Property Type:
There are six different property types based on their usage:
- Residential
- Commercial
- Mixed-Use
- Industrial
- Agriculture
- Special Purposes (Offices, Research)
All these different types of properties have different ROI values. For instance, commercial units generate more income in a short span as compared to residential units, which keep growing with time and produce low rental income.
Similarly, agricultural land can generate crop income. So, while investing, you should carefully assess property types and the potential income you can get in return from them.
Condition of the Property:
Source: Housing
Buying a property in a bad condition is a waste of investment. It will cost a lot of money in the form of maintenance and repair charges. Moreover, there are fewer chances of tenancy for such properties.
On the other hand, well-maintained properties that offer a range of amenities and facilities will attract a number of tenants and buyers.
Ways to Increase ROI in Real Estate:
The following are some important strategies that can be used to increase ROI in real estate:
- Invest in the right property type
- Purchase cheap properties
- Improve your property’s condition
- Reduce annual costs on property maintenance
- Create a marketing strategy for your property’s advertisement
Keeping all of the above factors in mind, investors can make a hefty profit on their property investments.
To get more information about real estate investments, visit our feeta blog.
How to Calculate ROI in Real Estate
Features and Functions of Punjab Land Record Authority
The Punjab Land Record Authority registration system is for keeping detailed records of matters relating to land ownership, possession, and other rights. These serve as evidence of title, make transactions easier, and prevent illegal land disposal. It is critical to understand the meaning of land in connection to property in order to comprehend the land registration system. ‘Immovable property,’ as defined by the law, includes land, buildings, benefits derived from land, objects attached to the earth, and anything permanently fastened to anything attached to the earth. This is more important in Punjab as it is the biggest province in Pakistan with the highest population. Therefore, it required the Punjab Land Record Authority.
Furthermore, in Pakistan, the terms ‘land’ and ‘property’ are interchangeable. The property became a provincial topic after the 18th Amendment was passed by the Parliament in 2010, which means it is regulated by the provinces rather than the federal government. The land registration system is divided into rural and urban systems, in addition to provincial rules. The legislation is founded principally on the colonial Deeds Registration System, which records the ‘sale deed’ as a title instrument.
Because the system does not provide for ownership of the title or interest in the property, this emphasizes the significance of due diligence in real estate transactions. The lack of a centralized land register and database leads to financial crimes and creates opportunities for third-party malpractices, such as brokers and fake agents, trapping uneducated investors in a ‘capital trap’.
Feeta.pk, Pakistan’s smartest property portal, takes a look at the history of land records in Pakistan and how the Punjab Land Record Authority is bringing a revolution.
Framework for Land Administration:
Organogram of the Punjab Land Record Authority (Source: PLRA)
The manual process of land [property] registration consists of six steps and takes two months. The stamp duty rate, which varies by region, is another crucial cost to consider when registering deeds. In Punjab, for example, stamp duty on deed registration costs 5% of the whole property value. The procedure begins with the engagement of an attorney to draft the Instrument of Transaction on stamp paper. The Land Registrar is supplied with the document for verification.
The owner must deliver the paperwork to the Board of Revenue, or patwari, in order for the mutation to be recorded in the Record of Rights (Jamabandi). The patwari gives out fard, which acts as proof of ownership. The province of Punjab, on the other hand, has revolutionized its land registration system by digitizing land records. The Punjab Land Records Management and Information Systems (LRMIS) scanned 10 million pages of old records, digitized 55 million landowner records (or 98 percent of all records), and made all rural land title information available online for landowners.
Land registration has become more efficient and cost-effective because of the digitization of land records. Investors’ concerns about property verification and inspection, however, continue to this day. With recent digitization trends in the real estate sector, the Digital Property Verification System is the ideal solution to streamline Pakistan’s Land Registration System. It will raise public awareness and provide investors with instant access to information. Third parties, such as brokers and patwaris, will not be able to interfere with a digital database. It would ensure that real estate transactions are transparent and that malpractices are reduced. Bribery will be eradicated as a result of the streamlined processes of property verification and inspection.
The Land Registration System’s History:
Old map of Rawalpindi (Source: My Historical Pakistan Society)
Pakistan’s Land Registration System is based on the British Deeds Registration System and dates back to colonial times. The main goal was to create a repository, where the land records could be kept. In the pre-industrial era, where land was mostly used for agricultural purposes, this approach worked well. In the subcontinent, the British used this technique to collect taxes through the revenue department.
However, as the number of people interested in land grew, it became clear that a more organized system of land registration was required. The Deeds Registration System, for example, does not give a record of the land title, but rather the title of the registered deed. As a result, the precise information and documentation of land rights are essentially unavailable. This is why there is an expanding backlog of land-related cases in Pakistan’s courts, believed to be approximately 1 million in number. Accurate and fabricated land records, imprecise border descriptions by patwaris that result in overlapping claims, and multiple registrations of the same land by various parties are all major sources of land disputes.
Furthermore, in 2002, England repealed the Deeds Registration System by enacting the Torrens System-based Land Registration Act. The new system keeps track of land titles and makes it easier for investors. For example, to navigate the title of the land, an investor can browse the digital register and look for ownership facts. Similarly, the digitization of Land Records on a provincial level has made tremendous progress for the Pakistani government. However, due to the lengthy procedure of property transfer and the lack of a digital database for property verification, it is difficult to conduct safe and secure transactions.
Background of PLRA:
(Source: Punjab Land Record Authority)
The Pakistani government and the World Bank struck an agreement in 2007 for a project named Land Record Management and Information System (LRMIS) in Punjab to avoid malpractices. The main goals of this program were to provide complete access to property records, increase transparency in land transactions, and improve land right holders’ tenure security.
LRMIS was created with the intention of providing services in 18 Punjab districts. The project was then expanded to include all 36 districts. The World Bank also provided insight and a Project Management Unit (PMU) for the digitization of land records was established in 2007.
Following the completion of Project LRMIS, the Punjab government established the Punjab Land Records Authority (PLRA) in 2017 under the administrative jurisdiction of the Punjab Board of Revenue. PLRA has accomplished a lot in a short period of time. The creation of Arazi Record Centers (ARC) in all districts of Punjab especially has aided in the timely issuing of fard and eased the process of land mutation registration.
PLRA’S Features and Functions:
(Source: gisportal.punjab-zameen.gov.pk)
Land digital titling is critical for underprivileged farmers and proprietors in Punjab to protect their property rights. As a result, land records are now being digitized, allowing the rightful property owner to be identified with a single click of a button. The Punjab Land Records Authority (PLRA) has been instrumental in transforming Punjab’s land record management system. You can now acquire information about a property, land ownership in Punjab, and register your property online. The key accomplishments of the Punjab Land Records Authority are listed below.
- Automated services for expediting fard issuance, mutation attestation, and e-pass book
- 151 Arazi Record Centers
- 16 satellite fard booths
- 24/7 availability of land records
- Reduced time for property registration, from 56 days to merely 11 days
Checking Land Ownership:
(Source: glisten.pk)
You don’t have to leave your home to check and verify the ownership of your property. This can now be done by filling out property and personal information on the PLRA website. Just click on Property Registry Search and fill out the following information:
- Head to the PLRA website.
- Select your district name from the drop-down option.
- Choose a service center from the list.
- Then choose whether you want to enter your CNIC number, bahi number, registration number, or name.
You will receive complete records for each mauza once you have provided the information. Choose the one you want to learn more about. When you click View Details, you’ll see all of the property’s ownership information.
Advantages of PLRA:
Following are the advantages of using Punjab Land Record Authority:
- You do not have to pay the patwari any fees.
- Check records from the comfort of your own home.
- Transferring property ownership, also known as a mutation, takes less time.
Checking Blush Online:
(Source: Thoughtco.com)
While there are many different forms of fard, you can only get the document through PLRA if you need it for your personal records. It’s also crucial to check whether or not your property record has been computerized. As indicated above, you’ll need to locate property registration information or land records information to do so. Once you’ve determined that land ownership information is available online, follow this step-by-step guide to obtaining online fard.
- When you arrive at the Punjab Land Records Authority’s home page, you’ll notice a tab that says: Get your online fard by clicking here.
- Select the aforementioned tab.
- Mention your CNIC, Passport, POC, or NICOP if you have one.
- Your cellphone number will receive a code.
- Click next after entering the code.
- A new page will appear with blank forms. Enter the district, tehsil, and mauza of your property. You must also specify the reason for obtaining fard, which should be just for your own records.
- If you need fard for any other reason, you must go to the Arazi Record Center in person, as biometric verification is required in this case.
Obtaining a Fard from the Local Arazi Record Center:
(Source: onlinefard.punjab-zameen.gov.pk)
You can get your fard through the following process:
- Tell the police at the Arazi Record Center your name, father’s name, and husband’s name.
- It is not necessary to give the khewat number. By providing your CNIC number, you can get fard.
- Your thumb impression will be taken, as well as a photograph.
- The system will identify any discrepancies in the records.
- To pay the charge, you will receive a printed challan.
- Keep in mind that the cost can only be paid at any Punjab Bank branch.
- The cost varies between PKR 500 and PKR 700, depending on the type of blush you desire.
- Fill out the challan form.
- The printed fard will be sent to you.
Registering a Property:
(Source: Housing.com)
Since the establishment of the Punjab Land Record Authority, the process of registering your property has also changed dramatically. The entire procedure has been shortened to only 11 days, down from 56 days earlier. As indicated in the diagram above, the property registration procedure consists of four steps:
- Arazi Record Center can provide you with fard for PKR 500-700.
- Pay the taxes such as the 2% Capital Value Tax (CVT), the 3% Stamp Duty, and the 1% Town Fee.
- Tax payments can only be made at the Punjab Bank.
- Hire a lawyer or a deed writer.
- The registration of a deed in the attendance of a registrar’s office will be completed at the sub-registrar office in 8 days.
- The registration process will cost you PKR 1000.
To read more on land registration in other provinces of Pakistan, visit our feeta blog.
Features and Functions of Punjab Land Record Authority
How to Reduce Risk in Real Estate Business
For all investors, it is important to take measures to reduce risk in real estate investments. For that, a complete understanding of various market factors and trends is important.
Real estate shares a huge portion of economies around the world. With rapid population growth around the world, commercial and residential real estate has been on the rise. This has created opportunities for investors to pool their money in potential projects and secure their assets.
However, real estate investment is a complex and risky process. The market is volatile with several potential risks. Government policies keep changing and, similarly, the market trends keep shifting. Thus, a proper understanding of the market is required before making an investment.
Feeta.pk, Pakistan’s smartest property portal, brings you a guide to reducing risk in the real estate business.
Benefits of Investing in Real Estate:
There are several benefits of investing in real estate. Firstly, it is the best way to reduce the risk of assets losing their value. Secondly, a rental property provides a source of continuous cash flow.
The following are some other benefits of real estate investment:
- Provides greater returns on initial investments
- Long-term assets security
- Tax breaks and deductions
- A passive income source
- Covers mortgage payments
- Ability to leverage funds
- Protects against inflation
Risks of Investing in Real Estate:
Most investors are unaware of the risks involved in real estate investments and are unable to plan a strategy.
The following are some of the most prominent investment risks in real estate.
- Volatile market
- Negative cash flows
- High maintenance costs
- Investment in real estate takes time to grow
- Real estate transactions are slow
Factors Affecting the Real Estate Market:
The following are some factors that can affect the real estate market:
- Demographics
- Economy
- Employment opportunities
- Interest rates on loans and properties
- External investors
- Fiscal budget
- Government policies and laws
These factors govern the investment trends in any given area. Considering these factors and devising a strategy accordingly will help you reduce the risks involved.
Tips to Reduce Risk in Real Estate Business:
The following tips can help you get the most out of your investment with minimal risks:
- Understand the real estate market and its trends
- Choose the right real estate domain
- Consider the functional attributes of projects to reduce risk in real estate
- Invest at the right stage of project development
Understand the Real Estate Market and its Trends:
Understanding the real estate market is essential, especially in Pakistan, where inflation is growing every day, rupee devaluation is a common occurrence, and investment trends keep changing. Without having a solid knowledge of different trends, there are higher chances of investment failure.
Investment in real estate is of three types: buying, selling, and renting. Each type of investment requires a completely different understanding of the market. To understand each one of them, break down the market into micro components and research it.
Real estate companies can also guide you about the current changes that the market is experiencing. Moreover, they can give you options for projects with potential growth.
Choose the Right Real Estate Domain:
Source: Pinterest
With population growth, more residential projects have been launched. However, commercial real estate is mostly a high-end investment option, with people investing billions each year.
Real estate investment can be in the form of buying, selling, renting, and shareholding. All these options have different market requirements, risks, and benefits. Your investment in real estate largely depends upon your capital.
If you are a seasonal investor and looking to get the best out of your investment quickly, then buying a property and selling it after some time can be a suitable choice.
Consider the Functional Attributes of Projects to reduce risk in real estate:
Before making an investment, you need to understand the functional attributes of the relevant project. The first major thing to decide is whether you want to invest in a commercial project or a residential project.
To invest in a commercial project, you need a high investment. There are generally higher returns associated with this investment.
Commercial areas develop faster, and the development of local and international brands increases the value of these commercial plots.
Residential projects, on the other hand, require smaller investments, but it requires a long time to receive profitable returns. However, investors are confident to invest in residential projects, as the market is currently growing at a fast pace.
Apart from the nature of the projects, you need to look for the following functional attributes of a property:
- Location, location, and location
- Property style and size
- Home amenities
- Nearby facilities
- Taxes and cost of living
- Lifestyle needs
- Basic infrastructure
- Connectivity and transport
- Local market indicators
Compare your desired property to the other properties in the market with the same features. It will help you make the right investment with minimum chances of loss.
Invest At the Right Stage of the Project Development:
Source: Levelst
Real estate development is completed in seven different steps: land banking, land packaging, land development, building development, building operation, building renovation, and site redevelopment.
At every stage of project development, investment varies. For instance, if you are buying a plot file while land development authorities have released the construction plans you can own the property at low rates.
However, buying a fully developed commercial or residential unit is a big investment. These units can help you regain the initial investment in a short amount of time, however, the risk associated with it is also bigger. Thus, you need to carefully evaluate all factors before investing.
For more tips on how to navigate the real estate market, visit our Feeta blog.
How to Reduce Risk in Real Estate Business
How to Save Money to Buy a Home
Save Money to Buy a Home is the single biggest investment for most families. For many of them, it takes years to save enough money for the down payment. Factors such as an ever-changing housing sector, skyrocketing market prices, and high inflation add to problems when purchasing a house. Inflation, above all, has been the most prominent factor that has caused a sudden rise in property prices.
Feeta.pk, Pakistan’s smartest property portal, has compiled a guide that can help you save money to buy a home.
Tips to Save Money:
The following are some of the most effective tips that can help save money to buy a home as well as make the following payments:
- Break down the payments
- Eliminate your debt
- Create a budget
- Set saving goals
- Spend to save
- Choose a cheaper place
- Find new ways to generate income
- Find new ways to generate income
Break Down the Payments:
Whether you are a first-time property buyer or a regular investor, you will have to break down payments that you are required to make at various steps. Therefore, you must consider each factor while making the calculations.
The most important and difficult payment while purchasing a property is the down payment. In most cases, it is usually around 2-30% of the total cost of the property.
If you are depending on a mortgage or loan payment, it might be even trickier. Most lenders will give you money if you possess a minimum of 10% of the price of the house. Even once they lend you money, you would have to repay the amount at a specific interest rate later on.
There are also closing costs that need to be paid while completing the sales process. These can put a burden on your budget during and after the purchase. The following factors can add to the closing cost:
- Inspection costs
- Appraisal costs
- Title services
- Property insurance
- HOA (Homeowners Association) Fees
- Moving charges
- Renovation and maintenance
- Government and local body taxes
Eliminate Your Debt:
Most home buyers have to save money for years to buy their first home. Moreover, they have to manage money for various daily expenses as well. It leads them to take loans from banks or other money lenders, disrupting their savings amount.
So, if you are trying to save money through budgeting and still have a large debt burden, you need to pay it off first. Most money lenders take interest while you repay them the amount. Once you eliminate all the debt, you can add that money to your savings account.
Secondly, prioritizing your debt payments earlier will help you in managing other financial obligations later on.
Create a Budget:
The most important strategy to save money for any purpose is to have a budget plan. Whether you have a single source of income or multiple sources, if you don’t plan your budget, you will end up wasting all your money. A budget will help you to:
- Manage your expenses effectively
- Allocate appropriate resources to wants and needs
- Monitor your objectives
- Make confident financial decisions
- Identify problems of over-budgeting
However, creating a budget is not a simple task. For that, you need to consider all your expenses, future goals, and income, along with many other factors. The following checklist can help you create a realistic budget:
- Gather your financial paperwork
- Calculate your income
- Create a list of monthly expenses
- Set realistic goals
- Calculate your monthly income and expenses
- Make adjustments to the budget
Step 1: First, calculate your income from all sources. In this manner, you will be able to divide your income equally for various expenses.
Source: MS Excel
Step 2: Secondly, list down all your expenses and keep track on a daily basis.
Source: MS Excel
Step 3: Sum up the overall budget at the end of the month.
Source: MS Excel
The difference between the budget set and the total money spent will help you in reviewing your plan. You would be able to check if your expenses will be over the budget and how you can save more money.
Set Saving Goals:
Without setting proper financial goals, budgets are likely to fail. Your financial goals can be of two types: short-term or long-term goals. Achieving short-term financial goals by managing your income and expenses will help you in achieving your long-term financial goals.
You can use the 50/30/20 rule to set realistic saving goals. Define 50% of your total monthly income for your daily needs, 30% for your wants, and save 20%. This rule will help you in the first step by allocating the budget for specific purposes.
Now, you need to check the area where you are wasting your money. If you are spending too much on your needs or wants, you should cut a specific percentage from them and add it to your savings.
Luxury items and food from restaurants account for the most percentage of your budget. You can also cut these expenses by reducing your purchase of luxury items and cooking food at home. This will increase your savings over time.
The following measures can help you achieve all your saving goals:
- Go shopping with a smarter list and shop.
- Avoid unnecessary trips to the markets.
- Prefer to eat at home.
- Eliminate unnecessary bills.
- Use less electricity and gas.
- Pay your bills on time to avoid penalties.
- Use public transportation.
- Cut the cost of your water bills.
- Trim down your daily expenses.
Spend to Save:
Source: Readers Fusion
When you buy a home, there can be several problems. For instance, there can be issues with water pipelines, electric wiring, paint, doors, windows, etc. If you ignore these repairs at first, they will eventually cost you more in the future.
You can also hire certified professionals who can give you an overall efficiency report of everything inside and outside the building. You can follow the given checklist to assess the condition of the property:
- Water damages
- Damaged roof
- Faulty electrical system
- Plumbing problems
- Structural and foundational issues
- Pest infestation
- HVAC system problems
Choose a Cheaper Place:
Property prices vary from area to area. Property prices are usually higher in densely-populated areas with a large number of commercial set-ups. On the other hand, in new residential areas with less population and small commercial set-ups, property prices are very low. Thus, you need to make a conscious decision while choosing the location.
The following are some benefits of buying a cheaper property:
- There is less competition for cheap properties as they are located in less prosperous areas.
- Cheap properties are suitable for cash investors.
- They minimize stamp duty bills.
- Cheap properties require low deposits, low payments, and low interest.
- There is a lower risk of loss of investment if you have to sell the property.
- These properties have good rental prospects.
- You will have control over all the updates and improvements.
Find New Ways to Generate Income:
Depending solely on one source of income might not help you these days in saving money. With the high inflation rate, the prices of everyday commodities have gone up. Moreover, this inflation has changed the real estate market with soaring prices. So, one must find ways to earn and save money for future investment goals.
The good news is that the internet has already provided hundreds of ways to learn and earn money online. The following are some of the ways that can help you generate income apart from a single job:
- Become a freelancer
- Become a virtual assistant
- Start an eCommerce business
- Write online reviews
- Start your own blog
- Sell photography
- Become a rideshare driver (Uber, Careem)
- Rent out items
- Manage other people’s properties
- Invest in stocks
- Become a digital creator
- Start a coaching business
There are also several other resources that you can invest in to save money to buy a home.
For more information about saving money, visit Feeta Blog.
How to Save Money to Buy a Home
How to Generate Buyer Leads in Real Estate
It is not very difficult to generate buyer leads in real estate if realtors follow the right strategy after studying the market.
The real estate business has witnessed tremendous growth during the past few years due to the exponential population boom. Real estate companies are investing in big construction projects and expanding their business to large extents. However, individual realtors are facing a tough challenge to grow in the market.
Realtors solely depend on market trends and competition to generate sales. A successful strategy in a stable market helps them generate buyer leads in the real estate business.
However, fierce market competition, changing consumer demands, evolving technology trends, and environmental changes are causing economic uncertainties in markets. It affects the sales strategies of realtors in the long run. So, they have to keep a track of several factors and update their strategies accordingly.
Feeta.pk, Pakistan’s smartest property portal, has compiled a guide that can help realtors generate buyer leads in real estate.
Ways to Generate Buyer Leads in Real Estate:
From arranging physical tours of the property to using digital media platforms for marketing, the following strategies can help generate buyer leads in real estate.
- Focus on a niche
- Become your local subject expert
- Create a website
- Create a social media marketing strategy
- Use email marketing
- Develop real estate content
- Offer virtual tours
- Provide testimonials and portfolio
- Build partnerships
- Advertise through traditional media
Focus on a Single Niche:
One of the most common mistakes that realtors make is that they don’t have a single defined niche. They think that focusing on multiple areas will help them generate buyer leads and build their portfolio. However, that is a false assumption. Taking multiple areas of investment into account diverts the prospective client’s focus, causing a loss of confidence.
Therefore, focusing on a single niche at one time is essential. It will help you gain expertise in that particular area strategically and stand out amongst other realtors. Potential clients mostly consult realtors who possess expertise in their area of interest and, hence, can help in securing growth investments.
Moreover, by covering your area you will be able to create the right content and market it to the right investors.
The following are certain niches that individual realtors can choose from:
- First-time home buyers
- Commercial real estate
- Luxury real estate
- Relocations
- Rental Properties
- Mountain homes
- Farms
Apart from these, you can choose a niche depending upon the demographics of the area. For instance, in every area, the population is divided into various groups ie, hostels, single-family homes, multiple-family homes, university areas, etc. So, you can opt for a single area and build the presence of your services in it.
Become Your Local Area’s Expert:
Most real estate agents prefer to work in more than one area. They keep track of various projects in those areas and provide investors with potential investment opportunities. However, in most cases, they lack expertise in all of these locations, which goes on to cause problems later on.
To attract potential clients, becoming an expert in one area can increase your chances of gaining leads. A local area expert realtor must be aware of schools, parks, entertainment spots, restaurants, and all other facilities and amenities that can attract investors.
For instance, if you are working with a first-time home buyer with kids, you should provide them with options where schools and parks are nearby. It will help them choose the best property according to their needs. Therefore, it will eventually build investors’ confidence in the realtor.
If the realtor is confused about his or her area and has to consult others in the market, it gives a red signal to the investors. Becoming a local area expert will help you build your portfolio within a short period.
Create a Website:
With the evolution of technology and the online presence of real estate firms, investing in real estate has become quite easier. Although investors make their final decisions after physically visiting the properties, the internet and digital marketing can also influence their choices.
From finding a property to selecting a real estate agent, investors are now relying on the internet for information. With a single search, they can find thousands of properties and real estate agents to make their investment easier. Therefore, to stand out from the competition, building a website is an essential step for a real estate agent.
If you are working with a real estate firm, they may provide you with a web page presence, but that is not enough. You should create your own website to present your work to potential investors.
Having your website will help you in:
- Building a strong online presence
- Generating more leads
- Providing exposure to properties in your inventory
- Bringing innovation to your business
- Spreading the word about your business
- Using web listings during presentations
- Displaying testimonials and portfolio
Create a Social Media Marketing Strategy:
Over the past few years, social media has been influential in boosting the success of businesses. With an effective online presence through a defined strategy, companies can attract a large roster of clients.
Digital marketing with engaging and cohesive social media content provides the best strategy for the long-term success of a business. Having a social media following can bring in loyal customers who are influenced by your content and services.
Your social media content should focus on:
- 80% engaging content to build the interest of the public and keep them updated with industry trends.
- 20% sales-related content and messages to promote your business.
The following are some benefits of having social media presence:
- It gives a better exposure to your business.
- It provides a cost-friendly approach to reaching more investors.
- Reporting and analysis of lead generation are easier.
- It helps in enhancing customer relationships.
- It builds brand trust.
Use Email Marketing:
Source: Cmarix
Keeping clients regularly informed about your services is important as it helps build permanent relationships with clients. Website content and social media play a major role in maintaining bonds with investors and clients.
However, not all investors may have a social media presence. In this case, building an email marketing list will help a great deal. Once you have compiled the list of emails, send them weekly newsletters about upcoming local events or the latest developments in the real estate market.
The following are some benefits of email marketing:
- Enhances brand presence
- Helps in closing more real estate sales
- Reaches a broader range of customers
- Nurtures relationships with the clients
- Save time and money
Develop Real Estate-Related Content:
In the digital age, the traditional concept of real estate marketing has changed. Now, clients look for more information about projects and possible areas of online investment. So, real estate firms and agents have been generating informative content for this audience through blogs.
A real estate website is the ultimate platform to keep clients informed. However, having a website with your portfolio and client testimonials is not enough. You need to produce quality content on your site. Clients have a bundle of questions and concerns that should be answered.
Being aware of the most common real estate questions will help you plan content related to client concerns. With such content, you can address the client’s problems, build brand authority, and ultimately attract a regular audience. In case you are unaware of the most common real estate problems, you can follow the most famous real estate blogs on the internet and generate related content.
Offer Virtual Tours:
With the latest developments in technology, most real estate firms and realtors are adopting modern techniques to attract clients. Virtual tours, for instance, have become one of the most important tools for an agency. Clients need to view the condition of properties before they can consider investing in them. In such cases, physical visits and virtual tours play their role.
Most investors do not have enough time to visit the properties physically, so they prefer virtual tours. These allow them to assess the overall condition of properties. Virtual tours can also be helpful to a realtor.
They help in:
- Displaying property in the best way
- Gaining the trust of the clients
- Saving time and money spent on arranging physical tours
- Attracting more customers to your website
- Standing out from the other agents in the market
Provide Testimonials and Portfolio:
Salesforce
Clients usually do not trust the real estate agents in the market. Instead, they trust personal references from people they know or the other investors in the market. Secondly, they believe in the quality of projects in a realtor’s profile.
Hence, providing your clients with testimonials and past projects in your portfolio will help you gain their trust.
Providing testimonials will:
- Build credibility and trust in the market
- Establish an emotional draw
- Help during effective marketing
- Generate buyer leads
- Maintain permanent customers
Build Partnerships:
The real estate sector is connected to several industries. It is essential to expand your network in all allied industries. Building partnerships will help you and everyone connected in the loop in enhancing business.
The following are some industries where real estate agents can form profitable partnerships:
- Professional renovation firms
- Insurance companies
- Personal bankers
- Commercial lenders
- Title companies
- Property managers
- Cleaning services
Advertise Through Traditional Media:
Apart from all the strategies that involve technology, traditional advertising campaigns can also help in reaching out to more potential clients. For example, billboards and brochures can promote word-of-mouth among those who do not use social media.
By using these strategies, realtors can close more sales from their deals. To get more information about generating leads in the real estate business, visit Feeta Blog.
How to Generate Buyer Leads in Real Estate
How to Choose a Property Manager for Your Rental
A rental property bringing in a steady cash flow is a great asset to have Property Manager. Several investors in the real estate industry tend to buy properties and, after minor repairs, lease them to the tenants. However, it can also be a difficult decision to leave your property entirely in the hands of tenants.
Unfortunately, as is the case with most rental properties, tenants do not uphold the responsibility of taking care of the property. This can even cause a financial loss to the owner. In such cases, owners need to hire a property manager.
An experienced property manager will take good care of the property, keep the tenants satisfied, and maintain a steady cash flow for the owners. However, if you hire an inexperienced property manager, he or she can mishandle the property and tenants, eventually causing a low retention rate. Therefore, it is essential to hire the right professional.
Feeta.pk, Pakistan’s smartest property portal has prepared a guide to help you choose the right property manager for your rental.
Benefits of Hiring a Property Manager
Hiring a property manager comes at a cost, but it saves you the hassle of property management and legal procedures, among several other things. The following are some of the benefits of appointing the right property manager:
- Ensures traction on the property with effective marketing
- Helps you obtain high-quality tenants
- Saves you from any legal issues
- Maintains proper rent collection and cash flow
- Eases the eviction process
- Maintains solid monthly reporting and accounting
- Acquires a higher holding retention rate
- Ensures proper maintenance and repair work
- Prevents longer periods of property vacancy
Tips to Choose the Right Property Manager
A property manager can help you build a good portfolio in the market. However, finding the right professional is not an easy task. Rental property management is a long, complex process that involves tenant screening, constant communication, and property maintenance.
To choose the right property manager, you can follow the tips given below:
- Research the market
- Stick with local expertise
- Look for Organization and Tech Expertise
- Conduct multiple interviews
- Get referrals
- Prefer a proven track record
- Look for licensed property managers
- Review local ads
Let’s discuss these tips in detail for a better understanding:
Research the Market
Market research is essential when choosing a property manager. These days, technology has made this easier for property owners to look for relevant firms and professionals, and shortlist those with the best reviews.
Once you have prepared a list of potential property managers, you should check the following key information on their websites:
- List of services they provide
- Management charges and schedule
- Staff and leadership information
- Services for tenants and owners
- Contact information
- Customer testimonials
- Having reviews
- Original license
Stick with Local Expertise
Property management requires a thorough understanding of the local markets. Experts are well aware of various market factors, thus making the process easier for both owners and tenants. Before choosing a property manager, you can inquire about their knowledge of the following factors:
- Tenancy laws and licensing: Different areas have different property laws that govern tenancy conditions and rental licensing. During the tenancy, some problems may occur that would require a legal solution, hence, the property manager should be aware of related procedures and laws.
- Market demographics: Understanding the market demographics helps acquire the right tenants and maintain the tenancy rate. For instance, if a property is located in an area with a large student population, the property manager will help market the property as a suitable option for students.
- Vendor relationships: Property management requires property maintenance and repairs at different intervals. If the manager is unaware of the vendors in the local market, the cost of property management will be high.
Look for Organization and Tech Expertise
Property management is all about organization. If the property manager does not take care of everything meticulously, it might result in a bad reputation for your property. For this, proper documentation and communication are essential.
Electronic systems are secure and help maintain quick and effective communication. Technology awareness can also help find the best solutions for various problems. So, managers that are up to date with the latest technological trends can provide huge benefits to owners and tenants.
Conduct Multiple Interviews
While you are looking for a property manager, several candidates might approach you with their portfolios. You need to gather as much information as possible before proceeding further.
While you are interviewing candidates, the following questions might help you in getting the best results:
- How long have you been in the property management business?
- What will you cover in the monthly management fee?
- What are the conditions for the management fee?
- Will you provide a property management agreement?
- How many properties can you cover each month?
- What are the basic tenant requirements and basic screening process?
- How do you carry out property inspections?
- What is your deposit returning policy?
- Are you aware of the demographics of the area?
- Do you have an online portal for tenants and owners?
- Will you provide monthly and annual financial and property management reports?
These questions will help you analyze the management skills and professionalism of the applicants.
Get Referrals
An important way to hire the best property manager is to get referrals from friends and investors in the market. If a manager or a company has a bad reputation, it will eventually come out when consulted with others. Similarly, good property managers will have a stellar reputation in the market, and everyone will suggest their services.
Prefer Proven Track Record
Source: Pinterest
A professional’s track record with previous clients can give you a better idea about the quality of his or her services. When choosing a property manager, look for an individual who has the best projects in his portfolio.
Generally, owners look for the average time property managers take to fill a vacant property. Moreover, the maintenance factor should also be kept a priority. If the track record of a property manager shows excellent property maintenance, he or she should be your first choice.
Look for Licensed Property Managers
Property managers with licenses and proper documentation are a safer option for better management of your rental. Some property handlers have a good reputation in the market and a strong track record, but they lack legal authority. It makes them unreliable.
A licensed property manager is certified by the local government. They have taken the required property management courses and exams, which means they have a comprehensive knowledge of property management.
Review Local Ads
Property managers use local property advertisement agencies to share details about vacancies in different areas. These ads are displayed in newspapers or simply on digital platforms. For instance, big real estate companies or property management firms utilize their websites to display rental properties.
These ads and classifieds are your best ways to analyze the best property managers. Look for the following features in ads to help you make your decision:
- Unit Description: The best unit descriptions describe the rental place in detail, with all its features listed. If the management firm is showcasing all aspects of the property, it shows professionalism.
- Quality Photos: These days, property advertisement has become easier because of digital platforms. If the property manager displays quality images of the property to attract the tenants, it shows his professionalism.
- Virtual Tour of the Property: With the arrival of technology, it has become possible for managers to arrange virtual tours of rental properties. This helps the tenants in ‘visiting’ the property virtually from any place.
These aspects can help you find the property manager you are looking for.
To get more information about rental property management tips, visit Feeta Blog.
How to Choose a Property Manager for Your Rental
A Guide to Rental Property Financing
Rental property financing is complex for new investors to understand.
Real estate investments are highly desirable as they provide opportunities for sustainable growth. For the majority of investors, buying rental properties can be the right way to start in real estate. Rental properties can be a source of healthy passive income. With time, expanding and diversifying this real estate portfolio becomes desirable.
However, financing the first rental property can be challenging. For a first-time real estate investor, the right funding for the first rental property is essential, otherwise, it can turn out to be a problem in the future.
However, financing has become very difficult for new investors due to trust issues in the market. For investors with decent credit sources, there are several ways to arrange funds.
A conventional way to invest in rental properties is saving money for down payments and arranging mortgages for the remaining payments. However, this is not the only path to financing rental properties.
Feeta.pk, Pakistan’s smartest property portal provides a complete guide on rental property financing.
Ways to Rental Property Financing:
The following are some of the ways that can help generate rental property financing:
- Private funding
- Online mortgage providers
- Seller financing
- Home equity
- Group investing
Let’s discuss these sources in detail.
Private Funding:
The real estate market has giant investors and businessmen who are always looking for different investment opportunities. They provide buyers with private financing with interest. The process is quite similar to conventional mortgage payments, but a quicker one.
For people who are looking to expand their portfolio in the real estate market, private financing can be an excellent way to fund properties. Traditional mortgage payments are slow and require documentation and legal procedures. However, a private funding source will provide you with the required funds with little documentation and no hassle related to legal procedures.
Rental properties are mostly financially feasible investments with a positive cash flow each month. In such cases, buyers can avail of private funding for short periods and then shift to mortgages later on. This will allow them to save more money from rent.
Buyers must also keep the high-interest rate factor in mind. Private lenders take higher interests as compensation for payments of large sums in a shorter time. However, this factor should not stop buyers from availing of quick funds.
Online Mortgage Providers:
Arranging a traditional mortgage is a complex and daunting task. It takes anywhere between three to seven weeks and lots of documentation procedures to get a traditional mortgage approved. The conventional mortgage process is completed in six steps:
- Pre-approval
- Property shopping
- Mortgage application
- Loan processing
- Underwriting
- Closing
To avoid this toil and lengthy procedures, finding an online mortgage provider can be a good choice. Rental property loan from an online lender is hassle-free and convenient. Buyers do not require to visit any banks and arrange brokers for the legal procedures and paperwork. All they have to do is to fill out the mortgage application online from their computers or mobile phones.
Online mortgage providers usually do not demand debt-to-income (DTI) details or any details about property size. This helps buyers get the required loans and invest them in any property of their choice. Moreover, loan repayment conditions are also flexible.
Seller Financing:
Seller financing might not seem like an appropriate idea while thinking about rental property financing. But, in cases when investors are unable to find finances from traditional or online mortgage providers or private funding, this can be a good option to try.
Seller financing is the process of arranging finances from the person who will sell you the property. If the property owner agrees to lend you the funds, it might be the easiest way to finance your rental property. Banks and credit unions have lengthy procedures to follow.
Seller financing has two major scenarios: first, where the seller finances the entire purchase; and second, where the seller finances the down payment. In both cases, the deal becomes easier to conclude.
However, getting finances from the seller is not an easy procedure. Most sellers may not sponsor the deal as they might want to sell their property to finance other projects. The trust factor also comes in while the talks are in process.
The contract must outline all the terms and conditions of seller financing to take the owner in confidence. Moreover, the owner should be aware of all the legal procedures and documentation that will provide a guarantee of payments over time.
Home Equity:
As a buyer who may have an old property in his / her name, an investor can draw money through a property equity loan or cash-out refinance. In most cases, it is one of the best ways to finance a rental property. Property lenders take your existing property as a guarantee to give you loans. The loan can then be refinanced in a new property.
Additionally, investors can borrow loans on their existing property. Most properties can fetch 80% loans of the equity value. On the other hand, cash-out refinance only gives a fixed rate of the loan. In all cases, the process can save you from paying extra payments to banks. ‘
Group Investing:
For investors with limited sources and no other means to finance the rental properties, group investing can be a profitable way to do so. There are hundreds of people out there in the market who can connect and invest in groups.
The concept is very similar to stocks and shareholding. Every individual in the group will get the shares in the rental property according to their investment percentage. This method is being used as ‘real estate investment trusts’ in big real estate projects.
Factors to Consider While Purchasing a Rental Property:
Buying and financing a rental property is a complex process. Several factors should be considered before selecting any property and pouring money into the market. The following are several factors that every rental property buyer must keep in mind:
- Buy a low-cost property
- Avoid high-interest rates on property loans
- Calculate the right repayment margins
Buy a Low-Cost Property:
While starting ventures in the real estate market, investors want to invest in big projects. Most times, it proves to be a big mistake. Similarly, for small investors, it is essential to think before making any investments. Small and low-cost properties are profitable and better investment areas. Higher mortgage payments burden the cash flow from the property as well.
So, to maintain a considerable amount of monthly rent and pay the mortgages, low-cost properties are very convenient.
Avoid High-Interest Rates on Property Loans:
Over the past few years, property prices have skyrocketed and so have the interest rates on loans or mortgage payments. However, some banks and lenders are charging more than the average market rates. Therefore, while purchasing any property on loans, it is essential to look for the right mortgage providers.
Arranging a low-interest mortgage provider will help investors save money from the monthly profits. Moreover, it will help property owners during any renovation work later on.
Calculate the Right Repayment Margins:
Calculation of the right repayment margins is as essential as selecting a low-interest mortgage provider. If the investor is not aware of all the expenses, he or she might miscalculate the payments and profits. It will lead to mismanagement, eventually burdening the owners. Therefore, investors must plan the loan repayment strategy.
Other costs such as home insurance, association fees, property taxes, regular maintenance costs, and pest control expenses should also be part of the payment plan.
For more information about rental property investments, visit Feeta Blog.
A Guide to Rental Property Financing
10 Most Commonly Asked Questions About Real Estate Investment
To answer the most commonly asked questions about real estate investment, understanding various factors is essential.
Real estate investment seems overwhelming to beginners because of the significant financial growth linked to it. In Pakistan, it is one of the most lucrative and highly-profitable investments. Construction projects across the country are attracting investors to secure their assets for a better future.
However, investing in the real estate industry is a complex process. Many new investors fail because they are unaware of the factors that can influence their investments. They tend to repeat common mistakes and lose their investments. So, a solid knowledge of the industry is essential before pouring money into real estate.
One way to predict the ups and downs of the market is to ask questions from experts. Real estate market analysts keep a track of key factors over time as it helps them predict market dynamics accurately. Gaining their insights can give you direction when investing.
Feeta.pk, Pakistan’s smartest property portal brings you answers to the 10 most commonly asked questions about real estate investment.
10 Most Commonly Asked Questions About Real Estate Investment
Familiarity with answers to the most common questions of real estate investment can help to avoid the most common mistakes during real estate investment. Here are the questions that every new real estate investor asks:
- What are the ways to determine the value of an investment property?
- How can one finance real estate deals?
- What is the best real estate investment strategy?
- Where can one find profitable investment areas?
- Can investments in real estate begin with no money?
- Are real estate agents essential to buy or sell any property?
- How can one predict rent charges for their property?
- How can one find the right tenant for a property?
- Who handles the basic repair value of a property?
- What should be the financial goals?
Let’s dig into the details of these questions and find out the answers.
What are the ways to determine the value of an investment property?
As a beginner in the real estate market, it can be difficult to find out the prices of properties. When it comes to selling or buying a property, both sides involve different factors. So, what are the ways that can help determine the value of a property?
Comparative market analysis (CMA) is one of the best methods to solve this problem. While working in a market with many properties on sale and many investors involved, it is easy to predict the rates of a property according to the area. An in-depth analysis of the most recently sold properties can give you the best estimate.
CMA reports are set by the real estate agents in the market, which helps new sellers and buyers with listing prices and estimates for investments. CMA compares one property to another with the same features, area, and facilities.
Another way to predict a property’s value is to get help from government officials. Land record offices have all the properties listed according to their locations. Moreover, they set a base price per sq. ft. of each property. Hence, it can help a lot in predicting the overall price of the property.
How can one finance real estate deals?
For most beginners, financing a real estate deal is the biggest problem. With no stable income sources, they fail to invest in any property and eventually fail to get started. However, proper awareness of potential sources that can generate finances for investments can be helpful.
There are two ways to generate finance: selling an old, self-owned property or acquiring conventional property investment loans. The first method can become a source of positive ongoing cash flow. Selling a home and then buying a new property can give you hefty annual returns on your initial investment.
Most people living in rural areas of Pakistan own a large number of properties. But, due to remote locations, these properties are considered practically worthless. So, these days, people from rural areas are selling their properties and investing in real estate projects in major cities instead.
On the other hand, for most investors with no previously owned property, loans are the only way to start real estate investments. However, these investments are not desirable as annual returns are not too high.
What is the best real estate investment strategy?
Without a proper strategy, a real estate investment is bound to fail. According to real estate experts, most beginners lose their investments because they do not strategize beforehand. Beginners are under the false impression that possessing a sufficient amount of money is all that is required, and it will give them profitable returns straightaway. However, the reality is pretty much the opposite.
Successful real estate investors formulate a strategy based on their investment goals, which helps them in their next venture. It provides them with a timeline to hold on to their assets and then invest at the right time. So, tuning investment strategy to goals is essential.
Generally, there are three main strategies that successful investors follow: opportunistic, add-on, and core. Moreover, factors such as types of property and location can also influence the decisions. For example, commercial properties are profitable as compared to residential properties.
How can one find profitable investment areas?
A very important factor to consider before investing in real estate is to choose the right area. Pouring money into properties with no real value is not a good strategy. With the recent widespread development of residential and commercial projects around Pakistan, property prices have skyrocketed.
Commercial properties have a higher value as compared to residential properties. For an investor who is looking to grow assets in a relatively short time, investment in commercial areas is recommended. Houses need repairs and time to increase their value.
Moreover, the availability of water, gas, and transport systems near a property also influences its value. If it does not have such facilities, it is not desirable for buyers.
Can investments in real estate begin with no money?
The state of one’s finances is the most important factor to start a real estate investment. However, in cases where investors do not have enough money to pay for down payments, investors need to be more creative. Funds can be generated in several ways to finance a real estate deal. However, these cannot be guaranteed every time as the market keeps changing. Some of these ways have been listed below:
- Real estate partnerships
- Wholesale dealings
- Conventional property investment loans
- Home equity loans
Are real estate agents essential to buy or sell any property?
One can start investing in the real estate market without any external help. However, the process will be time-consuming and rigorous as the market is much more complex to understand. The presence of a real estate agent can help a great deal as they are aware of all the complexities of the market as well as the processes that are involved in a property deal.
From evaluating markets, finding an attorney, and getting pre-approved loans, to negotiating and closing the deal, the real estate agent makes everything smooth and easy. However, with hundreds of agents in the market, scammers get the chance to target investors. So, choosing the right real estate agent is also important.
How can one predict rent charges for my property?
For investors who purchase properties to rent them out, a basic awareness of the right rent charges is essential. Proper rent estimation helps in advertising the property. An over-estimated property may remain vacant and a low-rented property might end up in negative cash flow.
An analysis of how tenants navigate the competitive rental market gives the best estimate of a property’s rent. Local market conditions and rates can also help you in advertising your property with the right rent charges.
How can one find the right tenant for a property?
If you have rented out a property, you would want to ensure that it is kept safe and protected. A good tenant takes care of your rental property and also makes rent payments on time.
When choosing the right tenant, proper screening is important. Check the references they have provided you with for a more thorough screening process.
Who handles the basic repair value of a property?
While purchasing any property, buyers are concerned about the expenses of basic repairs. Hiring professional teams can cost you a lot of money and affect your profits. If you are a new buyer, you should preferably do all the minor repairs yourself. It will help you keep the cost in control.
However, if you are a potential real estate investor, then you can hire a team to carry out all the repair and renovation work, as this helps to enhance the overall rates of a property.
What should be the financial goals?
Just like the right strategy, the right financial goals are also important. Whether you are a part-timer or a full-time investor, you need to have everything figured out. Should you hold on to the property until prices appreciate to make a profit? Or should you buy a commercial property to start your own business?
Before you start investing, also try to make an accurate calculation of whether you might end up losing money in the first few months, the point at which you may break even, and how much you can expect to make after three to five years.
Factors Influencing Real Estate Investment
Apart from all the above questions, new investors must also be aware of the factors that can influence their real estate investments:
- Demographics of the country
- Government policies
- The annual budget of the country
- Employment opportunities
- Interest rates on loans and property
- Market trust
- Tax policies
To get more information about real estate investment in Pakistan, visit Feeta blogs.
10 Most Commonly Asked Questions About Real Estate Investment
Tips to Get the Best Deal on Your Property
To get the best deal on your property when it comes to buying or selling a property, you need to avoid some common mistakes. Selling a property, in particular, is a more complex process. From preparing the house for selling to finding a suitable buyer, the process takes a lot of time to secure the deal.
A property is probably the most expensive asset an individual owns, so selling comes with an element of caution. Most property owners sell their property because they need immediate finances to manage expenses or invest in some other project.
While visiting a property on sale, most buyers generally offer less money than your property’s actual worth. Moreover, they will criticize several elements such as home design, closet positioning, and color choices. It can be emotionally challenging as a place is more than walls and roofs for the owners.
With no experience and knowledge, property owners face heavy losses while selling a property. However, a little know-how about the process can help secure the best deal with the highest possible rates in a reasonable time frame.
Feeta.pk, Pakistan’s smartest property portal, brings you essential tips to get the best deal on your property.
Tips to Get the Best Deal on Your Property
The following are some essential tips that property owners can follow to get the best deal on their property:
- Prepare your home for selling
- Improve your home’s exterior
- Make the repairs
- Be patient while selling your property
- Do the Comparative Market Analysis (CMA)
- Choose a realtor carefully
- Setup a realistic price
Prepare Your Home for Selling
Before buying a property, the buyer imagines himself living inside it. If everything is properly arranged and decluttered, buyers can put in a good offer.
The following are certain measures that you can opt to prepare your property for sale:
- Thoroughly clean every part of your property
- Get rid of the clutter
- Depersonalize by removing family photos
- Rearrange all the furniture
- Move all the bulky items to storage
Apart from these measures, you can hire property stagers. They will showcase your best assets in order to impress the buyers. Stagers help property owners in selling their properties in a reasonable time frame.
Improving the Property’s Exterior
The exterior of a property is the first impression potential buyers have of your place. Hence, if you want to sell quickly, make sure your property’s exterior is attractive. For that reason, you should consider taking the following measures:
- Clean your house’s surroundings
- Consider minor repairs and maintenance of exterior elements
- Wash the windows
- Repaint some parts of your home, if needed
- Replace your door handles, if required
- Clean the pathway from the curb to the porch
- Prune the outgrown bushes and straighten up uneven paths
- Dust away debris and spiderwebs from windows
Taking these measures will make your home appealing to visitors and leave a positive impression.
Make the repairs
Minor repairs can greatly impact your property’s selling price. If you do not have enough time to do full renovations, you can focus on quick repairs. A complete survey of the house will point out all the areas that need quick fixing, such as:
- Loose tiles in bathroom and kitchen
- Loose hinges on doors and cabinets
- Stuck drawers and cabinets
- Leaky faucets
- Stains on carpets
If you have enough budget and time, you can add new hardware as well to make your home more attractive.
Be Patient While Selling Your Property
Most people want to sell their property as soon as possible because they think selling property is a piece of cake. However, it is completely the opposite. If you want to sell your property quickly, you probably need to rethink your strategy because a hasty decision will result in big losses.
If you do not analyze market prices and dynamics, real estate agents and buyers will benefit from the situation. The real estate market keeps fluctuating and you should wait for the right time to make your decision instead of rushing the process.
Even if you have spent money on quick repairs or renovation, this may backfire if you haven’t taken the current market conditions into account.
Do the Comparative Market Analysis (CMA)
In the real estate business, a comparative market analysis is essential. If you are unaware of the market factors and dynamics, your investment might crash. Your asset is the most valuable thing that you have and, for that, you need to be mindful.
CMA report will provide you with the following essential elements:
- Addresses of all the comparable properties in the area
- Description of all the properties including floor plan, facilities, and amenities
- The sales price of each property
- Prices of recently sold properties
- The fair market value of properties
- Neighborhood Details
Apart from these factors, the CMA report gives you a realistic estimate of your property’s price. So, comparative market analysis saves you from fraud and losses and you can get the best deal on your property.
Choose Your Realtor Carefully
Being new to the real estate market, you might not be able to understand the complex process of property selling. In such cases, you should hire a real estate agent after proper research. Although real estate agents usually charge 2-4% of the final cost, they help in securing a good deal.
A good real estate agent will keep your interests at the core of his business. He can present your property in much better ways to potential buyers. The following are the main responsibilities of a real estate agent:
- Facilitate meetings with potential buyers
- Carry out CMA and set the property’s price
- Prepare listings preparations for clients
- Take photographs of the property to present it on digital platforms
- Market your property
- Make property repair suggestions
- Stage home for a better impression in front of clients
- Process documentation, agreements, and records
- Coordinate meetings and appointments
- Secure the best deal
Set Up a Realistic Price
Setting a realistic price for your property is very crucial. While listing your property for sale, you should consider a comparative market analysis. It will help you decide the right price for your property. Just like all sellers, buyers and their real estate agents also conduct comparative market analysis so they have an idea about property prices in a particular area.
If you have set a high price for your property, chances are it will remain unsold. Similarly, setting lower prices will result in losses. Therefore, a balanced strategy is helpful in this regard.
For the latest updates, please stay connected to Feeta Blog – the top property blog in Pakistan.
Tips to Get the Best Deal on Your Property
How to Differentiate Your Property from Other Listings
With thousands of listings available online, buyers can easily get overwhelmed navigating through a sea of properties. There’s a high possibility that your listing may get swept under the plethora of estates that already stand out. Under such circumstances, the only way to cut through the noise is to differentiate your property from other listings.
If you’re not sure where to start, we have you covered. Feeta.pk, Pakistan’s smartest property portal, features an in-depth guide on how to differentiate your property from other listings.
How to Differentiate Your Property from Other Listings
Even if your property offers something that others don’t, buyers will have no way to find out unless your listing is shaped in a way that stands apart. A listing that is able to instantly catch the attention of buyers is one that is more likely to be sold quickly as compared to others. Follow these steps and make your listing truly unique.
Stage Your Listing
When buyers look at pictures of a listing, they want to imagine themselves living there, something which is not possible with pictures of an empty, dull room. This practice not only attracts more buyers but also increases your property’s value.
Real estate experts have estimated that a staged home is likely to sell for 17 percent higher than non-staged homes on average. Moreover, the rate at which these listings get sold is also significantly much faster.
Hire a Photographer
Source: Pinterest
Simply taking pictures with your phone may seem like an easy and tempting idea. However, selling your property is a big deal, meaning you should go all out on presenting your property in the best way possible.
Hire a professional photographer, one that specializes in shooting interiors. Since online listings rely primarily on photos, low-quality DIY photos may lower your chances of finding a buyer.
Highlight the Best Features
Source: Pinterest
Not every part of your home needs to be photographed. Highlight the part of your home that stands out, something that others cannot offer. This can also take away the attention from a few undesirable features of your property.
If you have a spacious living room with plenty of natural lighting, highlight it through images and by mentioning it in the listing’s description. These factors can amount to a significant differentiation from other listings, allowing yours to stand out.
Keep It Neat
Source: Pinterest
A cluttered and messy space not only looks unappealing and uninviting but also bars buyers from envisioning themselves living there. When taking photos for your listing, ensure that the room is clean and free from any of your personal belongings.
A polished and inviting space offers the perfect imagery for buyers to visualize themselves with their own belongings.
Provide a Floor Plan
Source: Pinterest
Most listings tend to leave out one essential detail of the property – a floor plan. A detailed floor plan provides a bird’s eye view of the overall layout and design of the property. This information allows buyers to visualize the property and get an idea of how their furniture would fit.
Know Your Keywords
One mistake that most sellers make is erratically describing the property. This makes it hard for buyers to skim through the details, forcing them to move on to the next one. Knowing a few keywords pertaining to your property can make it easy for buyers to find exactly what they are looking for.
You can use keywords to either highlight the property’s main features or use descriptive keywords for triggering imagery. Some of the most common keywords you can use for describing your listings have been listed below.
- Wooden Flooring
- Air Conditioning
- Close to Public Transport
- Commercial Areas Nearby
- City Views
- Master Bedrooms
- Stainless Steel Appliances
Provide a Virtual Tour
Source: Pinterest
Apart from photos and floor plans, you can also upload a virtual tour of the whole house. This allows buyers to completely visualize the flow of the property. You can hire a professional videographer to shoot a thorough house video, showcasing the highlights of the property.
A 3-D floor plan is another way to provide some virtual insight into the property’s floor plan. This option might be a bit on the pricy side, but it will certainly be worth it. A 3-D plan not only allows buyers to visualize the interiors but also differentiates your property from other listings.
The Bottom Line
Even if your property is exceptionally unique, buyers will have no means of knowing that unless your listing is able to transcribe the same attributes. With thousands of listings already available, a differentiating factor is the only thing that can allow your property to stand out and garner attention from the right buyers. Use this guide to differentiate your property from other listings and find the best deal.
For more information, visit Feeta blogs – Pakistan’s first online real estate marketplace.
How to Differentiate Your Property from Other Listings
Should I Buy a House Near a Train Track?
House Near a Train Track, With cities expanding at immense rates and the need for housing at an all-time high, buyers have been left with no choice but to consider settling down in rather unconventional localities. Such is the case with those that are considering buying a house near a train track. As the decision comes with a myriad of benefits and drawbacks, many of you will be plagued by the question; should I buy a house near a train track?
To help you thoroughly evaluate and make an informed decision, Feeta.pk, Pakistan’s smartest property portal, features an in-depth analysis of buying a house near a train track.
Pros and Cons of Buying a House Near a Train Track
Despite seeming like an obvious pass, a house near a train track can offer several benefits. Some of these may even be enticing enough to forgo the few cons of this situation. So, if you’ve come across an excellent property near a train track, don’t let it slide by without considering both sides.
Pros of Living Near a Train Track
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A property near a train track has several benefits to offer. Depending on your situation, some of these benefits might be just what you were looking for. Following are some of the pros of living near a train track.
Affordable Properties
If you’re on a tight budget, a property near a train track might be the perfect option for you. Since most people tend to avoid living near turbulent places, the values of properties tend to be much lower as compared to other city areas.
If a compromise can be made on the strident sounds of trains passing by, these properties can offer some of the most reasonable prices out there – perfect for those on a smaller budget.
Accessibility
Since train stations accompany train tracks at regular intervals, there is a high probability that your property will be close to a train station. This serves as a substantial benefit for those that commute through public transport.
Moreover, train stations are surrounded by public bus stops, motels, restaurants, and overall well-developed infrastructure. These amenities and services make properties near a train track a good option for regular travelers and commuters.
Infrastructure Development
Another benefit that areas near train tracks offer is better infrastructure. As trains produce much traction in the locality, governing authorities are forced to invest in improving the surrounding areas. This could either mean better facilities and amenities, or a well-developed roadway surrounding the locality.
Cons of Buying a House Near a Train Track
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Buying a house near a train track comes with its own set of problems. From the regular blaring noise to a low resale price, these properties offer a myriad of drawbacks that should be thoroughly evaluated.
Noise Pollution
The incessant rattling and deafening sound of trains are one of the few reasons why buying a house near a train track can be so off-putting. Living near such high-intensity noise pollution can have severe repercussions on your health – both physical and mental.
Train transits during the day might be bearable, but night-time freights are surely an impediment. Regular sleep disturbance can lead to serious sleep-related issues such as insomnia or sleep deprivation.
Low Resale Value
Houses near train tracks tend to favor the buyer’s market, owing to the low demand for these properties. If you are buying a property to invest and resell, a house near a train track will be detrimental to your investment.
If you do plan on buying a house near a train track, carefully evaluate your plans since reselling these properties can be a hassle. From finding the right buyer to getting a good price for the property, the hassle of reselling these properties is just not worth it.
Air Pollutants
Trains emit an immense level of gaseous waste that is not only detrimental to the environment but also to your health. Given the high quantity of carbon monoxide and sulfur dioxide that trains produce excessively, your respiratory system could sustain severe deterioration.
Longer Commute
Since train tracks are generally located on the outskirts of the city, a house near one will surely be far from the city center. This may seem like a benefit to those who prefer a secluded lifestyle. However, living in a far-off area would also mean giving up on essential services and facilities.
This can be an even greater issue for those who have jobs in the city. Commuting to and from work can take up considerable time, not to mention the higher costs that come with increased distances.
Tips to Consider While Buying a House Near a Train Track
Source: Pinterest
If you plan on buying a house near a train track, you will inevitably have to deal with the drawbacks. However, there are a few workarounds that you can employ to make living near a train track slightly more bearable.
Invest in Insulation – To reduce the incessant rumbling, triple-glazed insulation can be the perfect option.
Buy an Air Filter – Air filters are a great choice to reduce the overall impact of air contaminants.
Study the Schedule – Most trains and cargo freights have a fixed schedule. You can align your routine along with the train’s schedule, ensuring you don’t get interrupted suddenly by a train passing by.
Buying a house is a once-in-a-lifetime decision, meaning it should certainly be thoroughly evaluated. If you are considering buying a house near a train track, these pros and cons should be meticulously analyzed. However, it all boils down to your personal preferences and deal-breakers.
Meanwhile, if you want to read more such exciting lifestyle guides and informative property updates, stay tuned to Feeta Blog — Pakistan’s best real estate blog.
Should I Buy a House Near a Train Track?
The best real estate investments in 2021-2022
Best Real Estate Investments:
The real estate investments has shown phenomenal growth in the year over the past 14 months. Most people seem confused because prices in most areas have already gained 60 to 70% and in some places even more than 100%.
Investing in the same areas that have gained so much lately seems like a risky investment and this raises the question of what are the best real estate investments you can make in 2021-2022?
While diversification is important, diversification is not. I don’t agree that in order to make money, you have to invest in every new property that appears on the map.
No one really has the time to study and analyze dozens of societies and observe them all the time. It is best to choose two or three best options and keep your focus.
This will eventually help you manage your assets in a better way and earn much more profit than investing anywhere and anywhere.
Real diversification is not about buying plots of land in different societies, but about investing in different types of real estate. Plots, Buildings and rental properties are the main areas you need to diversify your investments.
DHA Multan
While just like other areas DHA Multan quite a bit has been gained in the last year, yet the prices of the plot have not yet reached their peak. Although it may not show big gains in the coming year, the possibility still exists.
A realistic estimate of 1 Channel plot in DHA Multan should be 17 to 20 Million and in the coming years DHA Multan will slowly move to its target price.
It’s only a matter of time, as prices continue to rise wherever DHA Much begins to develop.
Keep your focus on blocks that are less developed and you will gain a good amount. The problem is that you will have to pay development costs amounting to 2.3 Million, let’s see how it will most likely play out.
The example below is just an expectation of an average transaction and a return on investment in DHA Multan.
Price of plot since October 2021: 110 Lacquers
Transfer expenses and commissions: 5 Lakes approx
Development costs: 2.3 Million approx
Total investment: 138 Lacquers
Expected Plot price in 2 to 3 years: 200 Lacquers
Sales expenditure and commissions: 3 Lacquers
Return: 59 Lacquers
ROI: 14.25% per year approx
Although it is more likely that prices will remain stable for a year or more, it is one of the best and safest investments for a 2 to 3 year cycle in the real estate market from now on.
Construction Projects
Over the past few years, construction projects especially luxury apartments have been hugely successful in Lahore property market.
This is the evergreen segment of real estate and has shown very high gains even between 2016 to 2020, when most people thought that real estate is declining, but in fact, only Plots, files etc have declined. Learn more about construction opportunities here
One thing to consider is the choice of the construction project. That’s why you need to study, analyze and carry out all the research just as you do when you invest in societies.
Projects are much easier to analyze and research and do not involve complex and lengthy procedures. In addition, if you search, you will easily find a cost-effective and valuable project that will give you very good profits over the years.
To make a forecast we will use an investment in the Sixty6 Gulberg apartment building. Imlaak did all the due diligence on the said project which was analyzed and recommended for investment.
Expected investment and return on Sixty6 Gulberg will most likely look like this:
Apartment size: 556 square feet
Price per square foot since October 2021: 23000 per square foot
Total Price: 128 Lacquers (Paid in installments in 3 years)
Transfer expenses and commissions: Zero
Development costs: Zero
Total investment: 128 Lacquers
Expected price in 3.5 years: 40000 per square foot
Total price after 3.5 years: 222 Lacquers
Sales expenditure and commissions: 5 Lacquers
Return: 90 Lacquers approx
ROI: 20% per year approx
DHA Gujranwala
DHA Gujranwala announced the Election on October 8, 2021, the file price of 1 Channel plot has already increased by 1 crore. Although this could be a bit of a risky game if purchased at a higher price.
However, if prices do not rise after Election, it may be a good time to look for an opportunity to buy. Although much will depend on DHA Gujranwala’s master plan and how it continues its future development, the market will respond positively to the vote due to overall positive market sentiment.
There are two possible scenarios, or the prices will jump immediately after voting, as the market sentiment is very positive and this is the most likely scenario or the prices will remain stable or crash a bit.
The second scenario, where prices remain stable or slightly crash due to selling pressure, is more suitable for investment. I believe the plot prices will reach between 17 to 20 Million in the next 2 to 3 years.
In many ways, the gain is similar to that of DHA Multan. However, DHA Multan remains my first priority from now on as it is ahead in the evolutionary progress.
If you are stuck between both DHA Gujranwala and DHA Multan, I would recommend DHA Multan and if you have the investment for more than 1 plot, then 1 each in both will be a good choice. However, a detailed analysis is only possible after a vote and it is not very far off.
Gwadar
Last but not least on this list is Gwadar, it’s like a wild card that can be played at any time. The risks are great but also the rewards, if you are one of those who like to double or triple or quadruple their money, then you can look at it.
The next two years may offer you a very good time to buy at very good prices, if the prices don’t go up earlier, they will eventually do so in the next 2 to 3 years.
The possibilities are endless, but I will only offer to invest in Sangar and New Town and strictly refrain from investing in other societies. We have all seen this happen in the last investment cycle.
The next cycle can take place anywhere from 2021 to 2024 and you may see at least a 100 to 150% gain. This makes it very difficult to predict the exact ROI so I will not go into that detail.
Conclusion
In the end, it all depends on your personal preferences because one size fits all.
However, overall, I feel that because plots and files have increased by almost 100% in about the last year or so, construction projects are the best available option offering the highest yields in the next two years. The investment priority would be as follows:
- Construction Projects
- DHA Multan
- DHA Gujranwala
- Gwadar
Stay tuned to Feeta Blog to learn more about Pakistan Real Estate.
The best real estate investments in 2021-2022
- Published in real estate financing, real estate goals, Real Estate Guide, real estate industry, real estate industry of Pakistan, real estate investing, real estate investment, Real Estate Investments, real estate market, Real Estate Market Analysis, real estate market trends, real estate marketing, Real Estate News, Real Estate Trends
All About Bahria Town Lahore
Bahria Town Lahore, a luxurious residential project that offers a modern lifestyle and amenities right in the heart of Lahore. This planned and well-developed society offers a luxurious lifestyle to people looking to live far away from the hustle and bustle of the city.
Feeta.pk, Pakistan’s smartest property portal has compiled a list of the things which you should know before relocating or investing in Bahria Town Lahore.
Bahria Town Lahore Location
This beautiful gated residential society is located in the Iqbal Tehsil of Lahore. To be specific, it is just 15.2 kilometers away from Thokar Niaz Baig which connects it with Canal Bank Road. It is also in close proximity to another modern gated community; Sukh Chayn Gardens. You can easily access this gated community after crossing the shakham chowk on Canal Road.
Price of Plots, Houses and Apartments in Bahria Town Lahore
This flagship Bahria Town project is divided into different sectors and each sector is divided further into blocks. It has six sectors that are named Sector A, B, C, D, E and F.
The plots in sectors A and B are high in demand as they are located near the main gate. The residential plots for sale in Bahria Town Lahore are available in different sizes such as 5 marlas, 10 marlas and 1 Kanal.
However, on the other hand, people looking for houses in this prime-gated society can explore housing options in different sizes such as 5 marlas, 10 marlas and 1 Kanal.
Besides these plots and houses, the society has flats and apartments that are available in various categories and price points.
For your convenience, we have listed the price range of different housing units and plots in the tables given below.
Price of Plots Bahria Town Lahore
| Area | Price |
| 5 Marla | PKR 50 Lakes – 75 Lakes |
| 10 Marla | PKR 90 Lakes – 2 Crore |
| 1 Channel | PKR 2.5 Crore – 3.75 Crore |
House Prices in Bahria Town
| Area | Price |
| 5 Marla | PKR 1.1 Crore – 2.2 Crore |
| 10 Marla | PKR 3 Crore – 4.3 Crore |
| 1 Channel | PKR 5 Crore – 8.9 Crore |
Flats Prices in Bahria Town
| Area | Price |
| 700 Square Feet | PKR 70 Lakh – 1.05 Crore |
| 800 Square Feet | PKR 82.5 Lakh – 1.2 Crore |
| 936 Square Feet | PKR 1.12 Crore – 1.12 Crore |
Amenities in the Society
Similar to Karachi and Islamabad, this modern housing society in Lahore also has a complete range of basic facilities. Additionally, it also comes with some modern amenities such as shopping centers, large community parks, top educational institutes, etc.
Following are some of the amenities that are available in this modern society.
Top-Notch Security System
Bahria Town Lahore is known for its top-notch security system. 24/7 patrolling of security guards and state of the art surveillance system ensure the residents of the community to feel safe and secure. This international standard security system prevents any suspicious person from entering the area.
High-Quality Educational Institutes
One facility that many people look for in the housing society is top educational institutes where their kids can get a quality education. Management of Bahria Town has launched multiple schools and colleges for the convenience of its residents. However, there are also some notable schools that have their branches in society as well. These include the Beaconhouse School System, the City School, Imperial College of Business Studies etc.
Healthcare Facilities
There are several international standard healthcare facilities available in the area. The society has its own hospital “Bahria Town Hospital” which is located in the Takbeer block. Some other notable hospitals, clinics and laboratories available in the society include:
- Poly Clinic
- Sharif Medical Hospital
- Chugtai Lab
Entertainment Facilities
This modern housing society provides a range of different entertainment facilities both for adults and kids. Some of them are listed below.
Safari Villas Park
This park features a variety of animals that are brought here from different parts of the world. Some of the animals include lions, deers, monkeys, etc.
Parks and Landmarks
(Source: Pinterest)
This housing society is well-planned and has a world-class infrastructure. It has different community parks and landmarks that are well-maintained. You will find the replica of the Eiffel Tower which is one of the major attractions in the area that many people from other parts of the city come to see.
Shopping Centers
Besides educational institutes and hospitals, there is one more thing that homebuyers look for in a housing society; ie the presence of grocery stores, supermarkets and shopping malls nearby.
You will be pleased to know that this residential community has various commercial areas, shopping malls and supermarkets. People living in the area have access to all departmental stores and shopping areas where you can shop from all the major brands.
Restaurants and Cafes
Lahore is known for its rich variety of vibrant and delicious food. From traditional food places to renowned cafes, you may find different international food chains and local fine-dine restaurants. Some of the famous international food chains in the area are Papa Johns, Dominos, KFC etc.
Local eateries like Johnny Jugnu, Ravi Restaurant, and Butt Karahi are also available in the area.
Grand Jamia Mosque
(Source: Pinterest)
Bahria Town Lahore has the 14th largest mosque in the world and the third-largest mosque in Pakistan, having the capacity of 70,000 worshipers. This mosque draws architectural influence from other historical mosques in Lahore like Badshahi Masjid, Wazir Khan Mosque and Sheikh Zayed Mosque. The Grand Jamia Mosque has 4 minarets and 20 small domes.
Other Facilities
Just like Bahria Town Karachi and Islamabad, you get an uninterrupted supply of electricity in Bahria Town Lahore. There is no load shedding in the area as a result of the management’s collaboration collaborated with the Lahore electricity supply company.
If you want to know more about other Bahria Town projects, visit our blog at Feeta.pk.
All About Bahria Town Lahore
What You Need to Know About Living Near an Airport
About Living Near an Airport, Choosing a place to live is probably one of the most important decisions a person has to make in their lifetime, and with rising real estate prices, the choices are limited. There are several factors to consider when looking for a property, however, price and location are the main factors that influence our decision – even more so when considering living near an airport.
There is always a tradeoff in finding the perfect home since no property can fit the definition of “the perfect home”. Living near an airport might not be the ideal choice but some people have adapted and have found their “Perfect Home”.
A person who wants a calm environment might not prefer having their house is in the vicinity of an airport. On the other hand, a hearing-impaired person or someone with a job at the airport might instantly snap at the opportunity of lower-priced properties.
To help you make the right decision, Feeta.pk, Pakistan’s smartest property portal, features everything you need to know about living near an airport.
Pros of Living Near an Airport
An airport is the hub of all major transportation routes and living near one comes with some enticing benefits.
Cheaper Prices
If a property, especially residential, is located near an airport, its value is automatically lowered by some margin due to a variety of negative attributes associated with airports. However, this is not an iron-clad rule as some commercial properties may rise in value. Although, if you can adapt to living near an airport, cheaper home prices are something to look forward to.
Quick Access to Main Highways
Airports have quick access to the main highways as they require high-quality road infrastructure. Convenient access to the main highway usually means that traffic issues are mitigated and most places in the city are relatively easy to access.
Never Miss a Flight
This might seem like an obvious and small benefit but for frequent travelers, traveling to and from the airport can take up a sizable portion of time that could be used for other important tasks.
Jobs
An airport is a megastructure and requires many auxiliary systems to keep it running smoothly. This opens up several opportunities for jobs at the airport. Airports claim that they create jobs. However, this number is usually on the optimistic side and should be taken with a grain of salt.
Cons of Living Near an Airport
(Source: Pinterest)
An airport is a very busy place and living near one comes with a few significant downsides.
Noise Pollution
The most obvious drawback of living near an airport is noise pollution. A jet taking off registers very high on the decibel scale. An airport has about 4 times the amount of noise compared to an average urban living space. A high level of noise on the decibel scale certainly means that taking airplanes off would shake the whole building due to resonation.
Moreover, if an airport has a higher frequency of nighttime flights, it may disturb your natural sleep patterns, increasing the risk of detrimental effects on your health.
Air Pollutants
Commercial jets burn a lot of fuel and expel harmful particles into the air such as sulfur dioxide, ozone, and carbon monoxide. When jet fuel burns, it can leave behind a lot of microparticles. This can easily cause respiratory complications if exposed for prolonged periods.
Longer Travel Times
Due to their immense sizes and negative effects on quality of life, airports are generally constructed on the outskirts of the city. This means that if you live near an airport, a lot of crucial services such as hospitals, educational institutes, and shopping centers will be farther away from your house. It also means that your friends and family might not be able to visit you more often.
Pro tips to consider if you have no choice
(Source: Pinterest)
Life doesn’t always present us with choices, forcing us to make do with what we have. Here are some tips to make living near an airport more bearable.
Triple glazed insulation can reduce noise levels by a significant margin and is a worthwhile investment to consider if you’re deciding on living near an airport.
- Study the Airport Traffic
Sometimes, an airport with lower traffic or low-powered jets might not be that much of a nuisance. Therefore, if the airport has no nighttime flights and you go to work in the morning, you can avoid a major portion of the noise pollution.
Air pollution is a major issue and high-quality ventilation systems with good air filtration can significantly mitigate the number of pollutants you breathe.
High-quality air purifiers can significantly help with the problem.
Airports are being constructed in more and more cities as the economy expands. Some of the most prominent societies to look out for in the three main cities of Pakistan have been listed below.
Islamabad
Islamabad is the capital city of Pakistan and is host to some of the most modern infrastructure in the country. Some housing societies and their distance from the airport are listed below.
- Supreme court housing society (10km)
- Eighteen (23km)
- Top City 1 (10km)
Lahore
Lahore is also host to some impressive housing projects in the vicinity of the Allama Iqbal International Airport. Therefore, a few have been listed below.
- Askari 10 (6km)
- DHA 5 (10km)
- Cantt housing scheme (6km)
Karachi
Karachi is the most populous city in Pakistan, resulting in limited choices for deciding where to build houses. Some of the prominent housing societies near Jinnah International Airport have been listed below.
- Model Colony (3 km away)
- Green Town, Shah Faisal (3 miles away)
- Malir Cantt (7 km away)
While every neighborhood has its downsides and upsides. Certainly, it all comes down to your particular preference and circumstances and how you adapt to them.
For more information, visit Feeta.pk – Pakistan’s first online real estate marketplace.
What You Need to Know About Living Near an Airport
- Published in #librarydesigns, International, Real Estate Guide
Gold Crest – Time to move in
Introduction:
Gold Crest is the height of luxury shopping and entertainment, right in the heart of DHA. It’s more than a collection of stores. It’s a lifestyle choice; a ‘shopping entertainment’ experience where you can browse the latest clothing, chat over coffee, dine with friends, grab the latest craze and let the kids explore their own fun area. With 252,000 square feet of retail space, its air-conditioned luxury creates a cool and peaceful oasis of indulgence in our contemporary world.
Gold Crest Mall DHA Lahore is an optimal opportunity for real estate investment in DHA, Phase 4, Ghazi road, Lahore. Offering high-end luxury apartments for sale according to a flexible part plan. To further enhance the investment benefits in Gold Crest we offer a lot of investor friendly contract terms that very few real estates in Pakistan can bring to the table.
- DHA Joint Venture Project
- 24/7 Power backup
- Flexible payment schedule
- 7-8% Annual rental production
- Parking – 4 floors
- Al Fatah store
- Shopping shops – 2 floors
- Multilevel – 2 floors
- Gymnasium
- Luxury cinemas
- Restaurant
- Children’s play area
- Grocery stores
- 2 Separate Prayer Areas
Main Place
1- Gold Crest Mall DHA Lahore offers an ideal location for brand stores to attract customers
2- Located in DHA, the commercial center and chic area of Lahore
3- In close proximity to all phases of DHA, Lahore and Phase 3 DHA commercial
4- Fast and easy drive to Cantonment, DHA, Model Town and Ferozepur road
5- Great place to live for shopkeepers and socialites
Apartments are ready to move.
As our commitment to our valued customers, we always deliver on what we promise.
Apartments on 5th and 6th floors are almost ready. you can see the updated details in our recent video.
7th and 8th a floor will be ready in the next month and another floor will be ready very soon. So pack your bags to enjoy a new lifestyle at Gold Crest.
Apartments and Shops are available for resale.
For more information on the real estate sector of the country, keep reading Feeta Blog.
Gold Crest – Time to move in
A Complete Guide to DHA Phase 6 Lahore
In DHA Phase 6 Lahore, In the last few years, Lahore has seen a paradigm shift in the type of housing options it offers. From old city houses to mansions (havelis), the city is now giving way to modern and luxurious homes in residential societies like Bahria Town, Sukh Chayn Gardens, DHA etc.
The transformation isn’t a sudden one; it is due to the demand of the residents of Lahore for a modern and luxurious lifestyle that has led developers to create these ultra-modern residential communities.
DHA Phase 6 Lahore is one such project that is offering quality living to residents. It is the housing scheme of the Defense Housing Authority, a renowned name in the local real estate market. They have developed several projects in Lahore such as DHA Phase 5, Phase 7, Phase 8, etc., which garnered a lot of interest from investors and homebuyers.
DHA Phase 6 is a well-planned residential community with a vibrant neighborhood, high-class amenities and large commercial areas, which makes it one of the best places to live in Lahore.
If you’re planning to buy a house or invest here, you should know what to expect. This is why Feeta.pk, Pakistan’s smartest property portal has come up with an in-depth guide on DHA Phase 6 Lahore.
DHA Phase 6 Lahore Location
This phase of DHA is located between Barki and Bedian road. This residential society is connected to areas such as Dhira, Hera Shingwala, Defense Raya Golf Resort, and Lahore Ring Road. It is located in a prime location in the city, as opposed to DHA Phase 5. It has one of the best management schools (LUMS) in close vicinity (just a 20-minute drive away, to be precise).
Plots in DHA Phase 6 Lahore
This housing society is divided further into 13 blocks, namely A, B, C, D, E, F, G, H, J, K, L, M & N. The residential plot for sale in DHA Phase 6 Lahore is available in different sizes, such as 5 channels, 10 channels, 1 channel, 2 channels, with 1 channel being the most widely available in this society.
The main boulevard in the society is in close proximity to blocks like A, B, H, J and L. The main commercial plots in the area are available in 4 and 8 marlas. There are also 2 marla commercial plots available in each block.
If you’re looking for an affordable housing option in the area, you should opt for 5 marla houses that are available in the price range of PKR 1.3 crore to 2.5 crores. 1 channel houses for sale in DHA Phase 6 Lahore are available in the price range of PKR 7.5 crores to 11 crores. For your convenience, we have listed the price range of different residential and commercial plots.
Price Range of Residential Plots in DHA Phase 6
| Plot Size | Price Range |
| 5 Marla | PKR 65 Lakes – 1 Crore |
| 10 Marla | PKR 1.3 Crores – 2.5 Crores |
| 1 Channel | PKR 2.75 Crores – 5.9 Crores |
| 2 Channel | PKR 6 Crores – 13.5 Crores |
Price Range of Commercial Plots
| Plot Size | Price Range |
| 4 Marla | PKR 1.1 Crore – 17 Crores |
| 8 Marla | PKR 6.8 Crores – 38 Crores |
Facilities in DHA Phase 6 Lahore
DHA Lahore is known for its well-planned infrastructure and world-class amenities like top-notch security, large commercial areas and an abundance of green spaces. Just like in other phases, Phase 6 has all the basic facilities and luxuries that you don’t typically find in other housing societies. To provide more insight regarding the amenities in this community, we have listed some of them below.
Security
This phase has one of the top security services that ensure the safety of the residents in the community. It has a patrolling staff and a complete surveillance system that monitors any suspicious activity in the area.
Quality Education Institutes
One of the facilities that many people look for in a housing society is educational institutes where their kids can get a quality education. Some of the most notable educational institutes in the area are:
- The Millennium Universal College
- Lahore University of Management Sciences
- School of Sciences and Engineering
Entertainment Facilities
DHA Phase 6 features some world-class entertainment facilities for both adults and kids. For instance, residents have access to the Defense Raya Golf Resort, which is one of the best golf courses in any residential community. Not only this but Phase 6 also has different commercial areas and landmarks that are located in the nearby DHA societies.
Top Healthcare Facilities
This phase of DHA has some of the best hospitals, clinics and laboratories that are equipped with well-trained staff and advanced medical equipment. Shaukat Khanum Laboratory is also available in close proximity to this society. These healthcare centers have some renowned doctors along with support staff.
Restaurants and Cafes
There are different restaurants and cafes in the area that are offering both fine and casual dining. Some of these include Gloria Jeans, Mocca, Kitchen Cuisine etc.
You can also find restaurants of different cuisines like Italian, continental, and pan Asian in this phase of DHA.
Shopping Centers
There are a variety of markets and shopping centers for the residents where they can find all the popular brands as well as grocery stores. You can easily buy everything you need under one roof.
There are many other facilities like an uninterrupted supply of electricity, transport, a grand mosque etc. in DHA Phase 6, which makes it one of the prime residential societies of Lahore.
If you want to get information about other DHA projects, visit our blog at Feeta.pk.
A Complete Guide to DHA Phase 6 Lahore
Top Phases to Invest in DHA Lahore
Are you thinking about investing in DHA Lahore but not sure in which phase to invest? If that’s the case, then Feeta.pk, Pakistan’s smartest property portal has come up with a list of areas in which you can get excellent returns on your investment.
DHA Lahore
The success of investing in real estate depends on the location – in which case, there is no better place than DHA Lahore. The Defense Housing Authority Lahore is a renowned name in the local real estate market that has developed various projects in all major areas of the city. Initially, they were launched for retired army personnel but, after the massive success of these projects, they allowed civilians to buy properties in DHA too.
With a total of 12 phases spread across the metropolis, DHA Lahore is one of the most expensive and poshest areas of the city. It is established in one of Lahore’s prime locations and offers a secure and luxurious lifestyle. This housing scheme features many famous food chains and has one of the best business schools in Pakistan (LUMS) in the vicinity.
Therefore, homebuyers looking to live in a community with all the major facilities at their disposal can find houses for sale in DHA Lahore in various sectors and blocks.
Houses for rent in DHA Lahore are also available, especially in phases 1, 2, 3 or 4.
Some phases, in particular, provide the best return on investment due to the luxury lifestyle and range of amenities. We have listed some of them below.
DHA Phase 8
Phase 8 is located between Ring Road and Barki Road, which makes access to other parts of Lahore quite easy. It offers all the high-end amenities which include wide carpeted roads, an advanced security system, underground electricity, famous restaurants, shopping malls, parks, schools, hospitals and much more.
Due to easy accessibility to highways and premium living, Phase 8 is considered one of the best places for investment. The plots for sale in DHA Phase 8 Lahore are available in the following price range.
Residential Plots Price Range
| Area | Price Range (PKR) |
| 5 Marla | 43 Lakh – 1.15 Crore |
| 10 Marla | 1.05 Crore – 3.4 Crore |
| 1 Channel | 1.55 Crore – 5.35 Crore |
| 2 Channel | 3.5 Crore – 13.2 Crore |
DHA Phase 7
Phase 7 of DHA ranks second on this list. This phase is relatively new and offers much better returns compared to phases like Phase 5 and 6. This newly developed phase is located alongside Barki Road and Defense Raya Golf Resort. DHA Phase 7 features well-carpeted roads, schools, hospitals, underground electricity wiring, uninterrupted electricity supply, restaurants and much more. All these amenities and the secure surroundings make it an ideal investment area.
The residential plots in this phase are available in different categories that include 7 marlas, 10 marlas and 1 Kanal. They are available in the price range of PKR 80 lacs and 3.5 crores. If you have a tight budget and are looking to build a house in this area, then this is the best area for you. The plots in phases 6 and 8 are more expensive in comparison.
DHA Phase 5
DHA Phase 5 Lahore is another phase that offers high-end amenities and premium living to the community. This phase is fully developed and quite populated, which means you can easily find a house for rent in DHA phase 5. The plots are available in various categories and price points. For your convenience, we have listed the price range of the available plots.
Residential Plot Price Range
Area | Price Range |
| 10 Marla | 1.25 Crore – 4 Crore |
| 1 Channel | 2.1 Crore – 6.5 Crore |
| 2 Channel | 4.5 Crore – 16 Crore |
| 4 Channel | 14 Crore – 40 Crore |
DHA Phase 6
DHA Phase 6 is another suitable choice for people who are looking to buy or build a house in this community. Just like phase 5, it is well-developed and offers all the basic facilities and luxuries to the people living in the community. The plots’ prices haven’t appreciated much in this area in the last few years due to the increase in the price of plots in DHA Phase 8 Lahore. For example, the price of a 1 channel plot in this phase is 2.3 crore, which is low compared to DHA Phases 7 and 8. However, if you’re looking for a property for rental purposes, then this is the ideal place for you.
DHA Phase 10
DHA Phase 10 Lahore is in the development stage, and the Defense Housing Authority Lahore hasn’t allotted the plots to the owners yet. However, plot files of various categories are available in this phase. These are a great way of getting the best returns on investment because their prices appreciate when all are cleared. So, if you’re looking to buy a piece of land for investment purposes, then you should go for Phase 10. The location of this phase is ideal and, in the future, the society will offer similar amenities and modern luxuries.
For more real estate investment guides, follow Feeta blogs.
Top Phases to Invest in DHA Lahore
Most Expensive Sectors in Islamabad
Following are Most Expensive Sectors in Islamabad. But what exactly makes these sectors so expensive? The answer lies in its commercial and residential values, as well as its location close to the hills and the main markets of the city.
Feeta.pk, Pakistan’s smartest property portal brings a detailed overview of the most expensive sectors in Islamabad. Let’s take a look.
Who Is Living in the Expensive Sectors of Islamabad?
It is an understood fact that these highly expensive sectors in Islamabad are preferred for living and investment by millionaires, given that they can easily afford to live there.
Most of the population living here consists of government officials, businessmen, politicians, and even foreigners. Since the sectors are posh and close to the best commercial areas, these sectors are a popular choice for foreigners.
The 9 Most Expensive Sectors in Islamabad
The property value of houses and plots located in expensive sectors is based on how safe they are, and what areas are in their proximity ie parks, restaurants, markets, etc.
Most houses for sale are valued as per how close they are to the main areas, and how the trend increases over time proportional to their demand. All of these sectors fall under the list of CDA approved housing societies, making them ideal for investment and for living.
These expensive residential sectors of Islamabad are mentioned as follows. The capital city, besides being famous for its beauty, is also famous for the posh living standards that it offers. Because of its planned sectors, cleanliness, and serene atmosphere, most people do not mind spending beyond their budget limit to buy a property in the most expensive sectors of Islamabad.
| Sectors | Expensive Sub-Sector / Road | Size of Houses | Estimated House Prices Upto (Rs.) |
| E-7 | Gomal Road | 5 Marla – 4 Kanal | 50 – 90 Crore |
| F-7 | Parveen Shakir Rd, Parbat Rd, Nazim-ud-din Rd, Bhittai Rd | 5 Marla – 4 Kanal | 42 – 80 Crore |
| F-6 | Khayaban-e-Iqbal, Hill Rd, School Rd | 5 Marla – 4 Kanal | 27 – 35 Crore |
| F-8 | Kohistan Rd, Kaghan Road, Park Rd | 5 Marla – 4 Kanal | 20 – 30 Crore |
| F-10 | F-10/2, Sumbal Road | 5 Marla – 2 Channels | 10 – 25 Crore |
| G-6 | Ataturk Avenue | 5 Marla – 2 Channels | 15 – 38 Crore |
| F-11 | F-11/2, Hilal Road, Hamza Road | 5 Marla- 2 Channel | 10 – 25 Crore |
| I-8 | Sector I-8/2, Type Sultan Road | 5 Marla- 2 Channel | 7- 15 Crore |
| D-12 | D-12/1, D-12/4 | 5 Marla – 2 Channels | 5 -18 Crore |
Sector E-7
E-7 is not just an expensive sector in Islamabad but also ranks as one of the most expensive areas in Pakistan. This area is home to many diplomats, foreigners and embassy officials, given it is right at the base of the Margalla hills.
The sector has a range of luxury houses that go up to 4 canals and also encloses a commercial market area that has renowned restaurants and salons.
Sector F-7
Source: Pinterest
F-7 is one of the most sought after sectors in Islamabad that connects to Faisal Avenue and Margalla Road, as well as a linking road, Nazim-Ud-Din Rd, which leads to Blue Area.
Because of its prime location and easy access to the main sectors close by, F-7 leads as one of the most expensive sectors in the city. With lush green land around and carpeted roads, the sector encloses the top commercial areas with modern amenities and facilities for its residents.
Sector F-6
Source: YouTube
Currently emerging as the second most expensive sector in Islamabad, F-6 is the home of posh cafes, homes, and brands that make up the vibe of the city. Kohsar Market F-6 and Beverly Center are two famous commercial areas in F-6 that are frequently visited by the elite class.
Because the sector comprises multiple embassies, the security of the area is always up to the mark. The close commercial space paved with designer brands and restaurants is a great option for foreign consulates.
Due to its high commercial value, it also ranks high as a residential area, which is why it falls in the expensive range of real estate properties in the capital.
Sector F-8
Source: Facebook
With a high geographical advantage, Sector F-8 is considered one of the most valued sectors as it is surrounded by major landmarks and well-settled neighborhoods.
The property value in this sector is very expensive on account of the infrastructure and the facilities available.
The roads of this sector are well connected with other sectors, joining the rest of the areas inside and outside the city. Sector F-8 comprises many head offices of big companies as well as buildings.
Besides this, the main Islamabad Kechehri is also located in this sector, which is why the real estate value of this sector is very high.
Sector F-10
Source: Graana.com
F-10 shares a border with Fatima Jinnah Park (F-9) and lies adjacent to Margalla Road. The sector has a big commercial area that caters to top brands from across the country, as well as multiple restaurants.
It is surrounded by an organized road network that keeps it connected with the surrounding areas and sectors. Because of its border with an active commercial area, F-10 is one of the most expensive areas of Islamabad with all luxury amenities and facilities nearby.
Sector G-6
G-6 is one of Islamabad’s most prominent and expensive sectors. Its high value is relative to its location situated across Jinnah Avenue and Kashmir Highway, making it almost central to the commercial areas and other main sectors of the city.
Sector G-6 links to Blue Area and is a lush green area with clean carpeted roads. The area has famous markets and landmarks nearby such as Aabpaara and Shakarparian National Park.
Because of its easy accessibility for the residents in G-6, the price trends have gone very high, especially in the areas that are close to Blue Area.
Sector F-11
Source: Graana.com
F-11 is one of the most expensive areas in Islamabad. It caters to the posh living standards of bureaucrats and businessmen. F-11 is a developed sector with elite commercial markets and facilities that add to the ease of people living in the area.
F-11 shares a link road with F-10 and E-11, and also lies adjacent to Margalla Road. Besides expensive houses in the sector, there are also many apartments and housing schemes, such as the Naval Housing Scheme, which are located on Hilal Rd and contribute to the value of this sector.
Sector I-8
Source: Facebook
The I-8 sector has gradually developed into a highly expensive sector in Islamabad, just after the F sector range. The sector has gained the massive interest of investors who are looking for commercial and real estate properties.
This sector is one of the most sought after locations in the capital because of its fast development and convenient access to twin cities.
Besides the commercial market and top restaurants in the sector, I-8 also has several schools, colleges and hospitals nearby.
Sector D-12
Source: Graana.com
D-12 is a scenic sector that is located right next to Margalla Hills, beside E-11. It is a developing sector and has already attracted the interest of real estate investors, because of which the property value of the sector has increased at a drastic rate.
The layout is similar to other sectors in the city, with developing commercial spaces and necessities available in the area.
Keeping the above pointers in mind, it can be concluded that Islamabad’s sectors have always been subject to high property values due to the planned infrastructure of the city as well as the beauty of nature around them.
With time, these top sectors gained value based on the commercial value, location and security of the area.
If you’re looking for more information regarding real estate investment opportunities, follow our Feeta blog.
Most Expensive Sectors in Islamabad
- Published in International, News & Updates, Property News, Real Estate, Real Estate Guide, Real Estate News
Avoiding the Real Estate Wealth Trap in Pakistan
Beware, this article will change your mindset and real estate investments, so read it carefully while we reject the false rich trap of real estate in Pakistan. Read this carefully and if you have any questions please comment and ask.
After nearly 10 years of going through various cycles of real estate myself, I’ve realized that most of us don’t create any real wealth. Do we live in a paradise of fools and amass false wealth? This prompted me to do some research and analysis of the previous 15 years of investment cycles to find out what exactly we are doing wrong.
During our search for the truth about real estate, we learned that there is a huge difference between returns in USD and PKR. While you may think you made money in PKR, this may not be true for USD. Eventually, almost every other thing in your life and your purchasing power depends on the USD and not on PKR. This means that if your wealth does not grow by the USD, then you are not actually getting richer.
USD is therefore one of the most important factors of wealth creation. This is especially true for foreigners who invest in USD and expect to take their returns in USD.
The Dollar vs. PKR and Real Estate Investments
Just to understand how important this aspect was, we will choose Phase 6, 1 Channel plot in DHA Lahore as an example and compare its price in various years since 2005 in USD. Most real estate investments follow a similar pattern with small variations.
Year 2005
1 x USD = 60 PKR
Average price of DHA Lahore Phase 6 in 2005 = 9 Million ($ 150,000)
Year 2010
1 x USD = 80 PKR
Average price of DHA Lahore Phase 6 in 2010 = 6.6 Million (USD 82,500)
Year 2013-2014
1 x USD = 100 PKR
Average price of DHA Lahore Phase 6 in 2013 = 15 Million ($ 150,000)
Year 2016
1 x USD = 105 PKR
Average price of DHA Lahore Phase 6 in 2016 = 24 Million (USD 228,571)
Year 2019
1 x USD = 160 PKR
Average price of DHA Lahore Phase 6 in 2019 = 28 Million (USD 175,000)
Year 2021
1 x USD = 172 PKR
Average price of DHA Lahore Phase 6 in 2021 = 42 Million (USD 244,000)
Long Term Business
Looking at the USD chart for Phase 6, 1 Channel plot is very clear that long-term trading is almost worthless. I know a lot of people who have kept plots in these phases for over a decade and although you may have overcome inflation or PKR depreciation, you have not created significant wealth.
Most people have this idea that the longer they keep a plot or file, the more fruitful it is. Unfortunately, I hate to report this bad news, which is not the case. At least the property in Pakistan does not adhere to that law. In 2005 the plot which was at USD 150000 is only USD 244000 today. Even buying it in 2019 gives you a much better ROI instead of buying it 14 years earlier in 2005.
Actually buying the phase 6 plot in 2010, then selling it in 2016 and buying it again in 2019, and selling it again now in 2021 would be really quite lucrative.
The reason that devalues a long-term business is that someone who has held the same property for 15 years earns much less money than someone who has held the same property for 10 years. This same aspect makes long-term trading riskier, which can eat away at your wealthy creative endeavors like a termite.
Business Plots and Files in Speculative Cycles
The speculative trading cycles are the next option that most investors choose. It’s a really good choice but with just two big problems:
- You never know what the future holds. So everything you do is based on either guesswork or information that may not work exactly the way you want it to. It’s much easier to just look at the past data and see where you should have invested but planning it for the unknown future is not for everyone.
- If you can’t execute or the market doesn’t work as you hoped, you may be sucked in for a very long recession period.
Speculative trading is much easier said than done and it wasn’t until 2016 when the recession hit the real estate that investors realized what they were doing wrong. A considerable portion of investment has stalled in some areas because some investors felt it was worth trying to wait and hold on. These areas included Broadway Phase 8 commercial, residential plots in various places such as Phase 7, 8, and 9 of DHA Lahore, Malikpur, Shivpur 4 marl commercial files of DHA in Phase 8 ex Park View, and later on Gwadar.
As a result with a huge share of investments stuck in recession, investors have failed to seize new opportunities that have emerged from 2017 to 2020 such as indigo highs, Goldcrest Mall, DHA Peshawar, Downtown Mall and DHA Multan.
Although the return on investment was much better than long-term trading, but still not very impressive, as it included long periods of recession with zero to negative growth.
What does the data say?
For an argument, let’s assume that everything went well and being the smart guy who is Mr. X, he kept money safe in the bank from 2005-2010 and then invested in phase 6 plots in 2010, then took an exit in 2016, and then took entry again in 2019 and has taken an exit now when the average plot price is at 42 Million.
To achieve this, Mr. X needed to make seven decisions during these 16 years. These included selling in 2005 and then investing in reliable locations to earn at least 10% a year. Taking an exit from wherever your money was and then reinvesting in 2010 in real estate. Repeating the same thing again from 2016 to 2019 and then finally taking an exit in 2021.
The location for an error is almost nil, if Mr. X had taken an exit in 2013, it could have gone awry. Similarly, if Mr. X could not take an exit in 2016 the results would be different.
Finally, it was also important to carry out a profitable business during the recessionary periods between 20015-2010 and then in 2016 to 2020. Timely exit from these investments and regaining entry into real estate should be surgically accurate.
How many of you are confident that you can read the market and do this type of business in the future?
The Good Old Rental Income
Rental income has always been considered a very essential and important source of income. However, not many people believe that it can enrich you as a speculative business. Some general problems you may encounter with rental income are:
- If you do not invest in the right rental property, your capital gains may suffer.
- Houses in Pakistan are the worst form of rental income due to huge depreciation and only 3 to 4% rent per year.
Choosing a rental property that would give you at least a 6% rental yield and some good capital gains over the years can be a challenge, but it is much easier to execute than a speculative business. In addition, you now have the option to invest in real estate that can offer an 8 to 10% return on annual rent above your initial investment.
Rental cash flows may seem minimal when you start, but over time they build up and give speculative traders a run for their money. It won’t be wrong to say that slow and steady wins the race because you have a much better chance of being rich if you invest in rental properties instead of plots of land.
What does the data say?
Now for the sake of argument let’s say, Mr. A, who is not as wise as Mr. X and was not sure if he can pull off that miraculous 16-year cycle with such precision. That’s why he decided to buy a property that gave him regular cash flows and average capital gains.
Mr. A has invested € 9 million in wolf ownership, which has given him an average of 10% in annual capital gains and 6% in rental income, which has increased by 10% a year. Ultimately, he invested his rental income in assets similar to where Mr. X kept his money during recessions to make 10% profits a year on them and the results will surprise you.
YES, it is quite true that Mr. A made almost the same amount of money as Mr. X and without ever having to go into the complications and risks that Mr. X took.
The magic actually happened because of the compounding effect on the rental income, this is one factor we never consider when we discuss rental properties.
The 16 years of rental income, which started at just 540000 a year, ended at 4 crores when accumulated and put together at only 10% a year. This is where most of you do your math wrong and only calculate the rental income and do not consider the impact of profits on your rental income.
The way forward
The speculative business cycles of real estate and rental income are almost equal when creating real wealth. Renting is an easier and more stable way to secure your success compared to speculative trading. You can certainly mix them both or opt for rent alone, but I would never recommend just opting for a speculative trade.
Lesson learned
- Rental projects are always green investments that will give you good profits in almost any market.
- Rental properties are the backbone of your real estate investment.
- Plots and files should be invested only for speculative business cycles.
- Long-term keeping of plots and files is counterproductive in general and has not rewarded investors in the last 15 years.
- For better chances of success, rent is much more effective than any other investment in real estate.
For the latest updates, please stay connected to Feeta Blog – the top property blog in Pakistan.
Avoiding the Real Estate Wealth Trap in Pakistan
Buying vs. Building: Pros & Cons of a Corner Plot
Are you confused about a suitable location for investing in a Corner Plot? Are you unsure about where to start?
Investing in a real estate property can be a tough decision to make when you are new to the market and are not up to date with its real estate trends.
Finding the right location can especially be challenging as you have to weigh the risk factor and potential worth of a wide range of options available to you. It’s not just about which area makes your work commute shorter or brings you more entertainment facilities – a prime location can define the actual value of a plot or a house in the long run. For instance, corner plots are usually high in demand and relatively more expensive because of their high net value.
Feeta.pk discusses all the pros and cons of investing in a corner plot to provide clarity and help you make a decision.
Pros of Buying or Building a Corner Plot
These are some of the perks that you can enjoy with a corner plot or house:
Clear View of the Street
First and foremost, corner plots can provide you with a clear and unobstructed street view. In the case of other types of plots, residents usually only get to look at the front lawn of their next door neighbor from their balconies or windows. This, hence, increases the value of a corner house.
After all, what would you prefer: the view of your own yard or a beautiful park in your vicinity?
More Parking Space
Source: Wigantoday
One of the most popular reasons for investing in a corner plot is to enjoy the perks of more parking space. Due to the increased population in big cities, parking has become a difficult and cumbersome issue. Corner plots provide the benefit of ample parking space next to the property as well.
A hack for creating more indoor parking space is turning your lawn into a garage (after getting approval from the relevant authorities) and then securing it with a gate.
Natural Light and Better Ventilation
Source: Glassonweb.com
Corner plots are not surrounded by other properties, which results in better ventilation and more sunlight filtering through the house. Both are essential for maintaining a healthy lifestyle. Additionally, the constant airflow can help prevent bad odors, moisture and pollutants. The natural sunlight can also make your room look brighter.
Good Design Options
Source: Trendir
If you are someone who would prefer to design your house yourself, corner plots would give you more freedom to do so.
Since corner plots are not surrounded by other plots and are also usually bigger in size, it makes it easy for you to get creative with the additional space.
For example, if you wanted to build a bigger balcony on the second floor of your house, it may become an inconvenience for other residents on the same street because it will overlook the front of the house. However, if it is built on a corner plot, you wouldn’t have to face such issues.
It is important to keep in mind that, if you are planning to buy a property in any housing society, you would have to ensure that you abide by the construction laws of that specific area before planning any such projects.
Extra Yard Space
Source: Pinterest
Another reason why corner plots are higher in price than any other property is that they provide the benefit of more yard space.
Usually, corner plots have two lawns. You can grow one into a garden with outdoor furniture set up, and use the other as a space for your kids to play around.
These ideas will aesthetically add to your house, which will eventually result in increased resale value.
Cons of Buying or Building a Corner Plot
Now that you are aware of the benefits of investing in corner plots, let’s find out some of the drawbacks of investing in such properties.
Dealing with Pedestrian Traffic
Source: driveandstayalive.com
If you are planning to buy a corner plot or house, you should keep in mind that there will be a lot of foot traffic that you would have to deal with.
For example, if your house is close to a market or school, a lot of people will walk past your house to get their errands done, pick up their kids, etc, which can eventually cause privacy issues for you.
Noise Pollution
In comparison to other properties, people living in corner plots have to face a lot of disturbance resulting from car horns, traffic jams, etc. This gets worse if your house is near the main road or a busy intersection.
Other houses in the neighborhood have to deal with noise pollution only to a limited extent, whereas you would be exposed to noise pollution from both sides of the property in a corner house.
More Maintenance Required
Source: fantasticgardeners.com
Extra space requires thorough and regular maintenance, so a lot of your effort and time would be consumed in landscaping.
Corner plots and houses have more exposure and higher visibility, thus, you would have to take extra care of the exterior as well. It would also be more costly as you would be responsible for the upkeep of a larger property.
Vulnerable to Robberies
Source: safestyle.com
Corner houses are more susceptible to break-ins, depending on their visibility and location.
If your house is visible from the adjacent street, or if it is constructed in a way that anyone walking outside your house can see or hear you, this can result in more risk.
Excessive Lights
Source: BBC.com
There are also increased chances of light pollution – the outdoor artificial lights can be intrusive at night-time. For instance, people who live in corner houses would have to bear the headlights of every passing car. Usually, street lights are installed at the corner of the street or at the intersection next to the house. Their bright and harsh light can prove to be disturbing for your sleep, and also contribute to the increase of carbon dioxide in the air.
Conclusion
Just like every other property, corner plots have their own set of advantages and disadvantages. Every plot has its own perks, but its value largely depends on the location.
If you want to know more details before making an investment, you can visit Feeta.pk and have a look at different guidelines.
Buying vs. Building: Pros & Cons of a Corner Plot
- Published in International, Real Estate Guide
How to Choose a Real Estate Agent
This is why hiring a real estate agent would be the most appropriate approach to handle the stress – Buying or selling a house is one of the biggest financial decisions you will ever make in your life. While it may be tempting to avoid hiring one and sell/buy a home yourself, the costs still outweigh the benefits. For instance, you may not be able to devote as much time to potential buyers; you wouldn’t know how to market your property effectively, or you may not be aware of the nuances of the local market.
This is why you need someone who knows the ins and outs of the market. The right agent can ensure that your property is sold at the best price or that you get the best value in the market for a new place. However, with so many options available now, it can be difficult to decide which one to choose from. It can especially be tricky to filter out people who are looking out for your best interests from those who are just looking for ways to make quick money at your expense. Graana has compiled a few factors that you should consider during the decision-making process.
Experience Matters
It takes time and effort to build a track record with quality inventory, so hiring someone who has handled several housing transactions would be your safest bet. A real estate agent should be able to make competitive offers or negotiate with sellers on your behalf – and that can only come from relevant experience. Skilled agents would also be up to date on the latest trends and patterns in the industry.
Internet sources now have a lot of information at our disposal to make informed decisions and avoid costly mistakes. Conduct thorough research on your prospect agent’s digital presence, for example, their listing materials website etc.
However, a long work history doesn’t necessarily mean that all the information provided would be authentic. To counter that risk, do a preliminary interview with them to get an idea about their strategy. For instance, ask them what they have sold in the last month; how much time they take to finalize a deal; what type of properties do they have the most experience dealing with, etc. You can interview multiple prospects before hiring the best prospect. The one who is most prepared for their presentation would be more likely to put in more effort in working for you.
Also research according to your individual needs. Just because one seems good at their job, it doesn’t mean they would be the right fit for you. For example, the priorities of first-time homebuyers may be different from those of repeat buyers, and they would want a real estate agent who has worked with similar clients.
According to Corey from Buy Yo Dirt, real estate is not an easy business, and the land is loaded with land mines that can wipe out your profits. That’s why it’s crucial to perform extensive research before diving in, so you’re aware of all the benefits and drawbacks of real estate investing. When looking for a property that is profitable, there are some crucial factors to consider.
References and Referrals
There is no bigger credible factor than a referral from a previous, satisfied client. You can also ask your friends, family or other people in your network for an unbiased opinion. If you don’t have direct contact with any, ask the real agent to provide you with references before signing a contract with them.
You can contact other agents as well to see what rapport they have in the market. Online reviews are helpful too – they also give you a chance to check how the agent responds to negative feedback.
Support Staff
Usually, real estate agents are handling multiple clients at a time. Look for someone who has the ability to cater to you regardless of how many people they are dealing with. Also, ask upfront at the beginning about the availability of support staff so there is someone always at hand to answer all your queries.
The Right Fit
Decide which qualities are most important to you and look for that in your real estate agent. For example, do you want someone who is available to talk on the weekends?
Be straightforward and clear about your requirements from the start. Technically, they should be asking you questions and taking your opinion every step of the way. Most real estate agencies already own the technology to filter and find suitable living options for you. However, if you are still not coming across a property that you want to explore or is within your price range, it means they are just looking to benefit themselves.
If you feel like you both are on different pages, you always have the option to find someone else; don’t feel obligated to compromise, especially if the agent is exerting any pressure on you.
Local Area Expert
If you are concerned about only a specific area (either for selling or buying), you can narrow your search to find an expert in that neighborhood. If you have friends or family in the mentioned area, you can ask them to recommend an agent too.
This would give you the advantage of being able to rely on someone who has a stronger understanding of property rates. According to Ryan from Sound home Buyer, a local area expert is crucial in the overall real estate process.
Realistic Expectations
Buying or selling real estate is a long, complicated process with multiple factors involved, and you need someone who is honest with you about that rather than paint an optimistic picture. The associated risks of your decision should be openly communicated to you, backed with facts and figures in terms of investment analysis, long-term impact etc.
The Fine Print
Take a closer look at the proposed contract before signing on the dotted line. It should state the terms you both have verbally agreed upon, including the commission the real estate agent would receive. Also, pay attention to the length of the contract – real estate is a seller’s market today so selling a property, for example, should only take 6 months or less. If the contract exceeds this time period, it would be best to hire another agent.
According to Bret Arrington From AIP House Buyers, if you want to sell your property fast, you should hire highly professional real estate agents.
In the hyper-competitive real estate market, it is best advised to hire a real estate agent to help you navigate through the long process of paperwork, negotiations and large sums of transactions.
How to Choose a Real Estate Agent
- Published in International, Real Estate, real estate business, Real Estate Guide, real estate market
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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Things you need to know about House Flipping
House flipping is one of the most common ways to earn money through real estate in Pakistan. If you have ever seen people who buy properties that are almost in ruins and, after a series of renovations, turn them into spectacular homes that later make good profits when they sell them, and you wonder how they do it, you are at the right place.
This blog brings you things you need to know about house flipping. To learn more about house flipping in Pakistan, keep on reading.
What is house flipping?
Flipping is a quick profit strategy in which an investor purchases real estate at a discounted price and then improves the property to unload it at a better price. Instead of buying a property to live in, the person buys a house as a real estate investment.
It is worth mentioning that the primary purpose of flipping is to buy low and sell high. In short, flipping, also known as grand real estate investing is a type of real estate investment strategy in which an investor buys a property not to use it but to sell it for profit.
How do investors make money through property flipping?
This gain generally stems from a price appreciation arising from a hot real estate market in which prices are rising rapidly or from capital improvements made to the property, or both. For example, an investor could purchase a property in a “warm” neighborhood, do significant renovations, and then offer it a price that reflects its new look and amenities.
Currently, in the absence of inventory, tearing down and rebuilding houses can be an extremely lucrative strategic investment form in the face of a poor housing market. Older homes are usually at low prices and favorable mortgage rates allow borrowers to purchase the property with ease.
Things you need to know about house flipping:
Following are some of the things that you need to consider before flipping property in Pakistan.
Consider your finances and associated costs:
Real estate requires capital. The first cost is the cost of acquiring a property. While interest on borrowed money is tax-deductible even after the Tax, it is not a 100% deduction. Every rupee spent on welfare is added to what you have to earn from the sale to cover costs.
Do extensive research on your financing options to find out which type of mortgage is best for you, and find a lender that offers low-interest rates. An easy way to research financing costs is to use a mortgage calculator, which allows you to compare the interest rates offered by different lenders.
Of course, paying cash for the property eliminates the interest cost, but even then, there are property holding costs and opportunity costs to immobilize your money. Renewal costs must also be taken into account. If you intend to repair the home and sell it for a profit, the sale price must exceed the combined cost of the acquisition, the cost of maintaining the property, and the cost of the renovations.
Even if you manage to overcome the financial hurdles of scaling a home don’t forget about capital gains taxes, which will reduce your earnings.
Time constraints:
It is time-consuming to renovate houses. It will take months to find and buy the right property. Once you own your home, you will need to spend time getting it fixed. If you have a day job, the time spent on demolition and construction can be a wasted afternoon and weekend. If you pay someone else to do the work, you will spend even more time than you would expect to monitor the activity, and the costs of paying others for profit will decrease.
Once the work is complete, you will need to schedule inspections to ensure the property meets applicable building codes before you can sell it. Otherwise, you will have to spend more time and money to give it up somewhat.
By showing it yourself to potential buyers, you can spend a lot of time traveling to and from the property and in meetings. If you use a real estate agent you will be owed a commission.
It may make more sense for many people to stick to a day job, where they can earn the same kind of money in a few weeks or months regularly, easily roll without risk, and with a consistent time commitment.
Skillset:
Professional builders and skilled professionals, such as carpenters and plumbers, often trade houses for income alongside their regular jobs. They have the knowledge, skills, and experience to find and organize a home. Some also have union jobs that provide unemployment checks throughout the winter while working on their side projects.
The real money in a house exchange comes from equity. If you’re handy with a hammer, enjoy laying rugs, and can hang drywall, roof a house, and install a kitchen sink, you have the skills to flip a house.
On the other hand, if you are unfamiliar with the instruments, you will have to pay a professional for restorations and repairs. And that will reduce the chances of you getting a substantial return on your investment.
Lack of information:
To be successful, you know how to choose the right property, in the right location, and at the right price. Even if you have a lifelong argument (putting a house together at, say, the closing of a song), it’s crucial to know which restaurants need to be done and which ones to skip.
You also need to understand the applicable tax and zoning laws and know when to cut your losses becomes, learn to find out before your project turns into a cash hole.
Not patient enough
Professionals take their time and stay on the right property. Newbies rush to buy the first house they see. They then hire the first contractor to make an offer to tackle the work they cannot do themselves. Professionals do the work themselves or rely on a network of predefined, trusted contractors.
Newcomers hire a real estate agent to help them sell the house. Professionals rely on the efforts of the “owner for sale” to minimize costs and maximize profits. Newcomers hope to go through the process, put on a coat of paint, and earn a fortune. Professionals understand that it takes some time to buy and sell homes and that profit margins are sometimes tight.
Inspect your new home:
Check the box or electrical circuit board, making sure that the labels next to each switch, such as kitchen, bathroom, living room, etc., are located correctly. Do this by removing or unplugging each switch (one by one) to find out which room in the house they belong to. You can also hire an electrician to check the state of the electrical box (panel or panel) and if it needs to be repaired or replaced with a new one.
Check your fire alarms and carbon monoxide detectors to see if they are working well, need batteries, or be replaced.
Contact utility companies:
When you get to your new home, you will want essential services, such as electricity, gas, water and sewerage, cable, Internet, and telephone. So contact those companies in advance to set the date of transfer of those services to your new address.
Update essential documents:
One month before moving in, update your driver’s license, vehicle registration, and voter registration card.
These are some of the things you know about house flipping. Flipping houses for a living is getting popular by leaps and bounds because house flipping profit is excellent.
Give these pointers a read and incorporate them into your next purchase. This blog is especially beneficial for people who want to know about property flipping and flip houses for beginners.
To know more about real estate trends, visit the Feeta blog.
Things you need to know about House Flipping
Real Estate Strategies for beginners
Real Estate Strategies, Suppose you want to join the real estate investment community to grow your assets and plan your future to live on income. In that case, you must first evaluate the different alternatives to participate in the sector. Some require a more significant investment of time or money than others and experience or knowledge about the industry. In this blog, we bring you a list of real estate strategies for beginners that they can use to excel in the real estate industry of Pakistan.
To know more about these strategies, keep reading.
Vacant spaces:
Vacant spaces, including land, are among the few assets in the world whose price appreciates over time. This type of investment gives value to areas of your property that are not occupied or of little use, such as guest rooms, parking lots, basements and ceilings. It works for both seasonal and long-term leases. It is ideal for beginning investors unfamiliar with market values or the practice of leasing entire properties.
In short, one of the best strategies to increase your real estate portfolio is by investing in vacant land.
Leases:
It is the most common earning mode. In this case, you buy a property to lease it, either in the short term (temporary or vacation) or long term (more than six months). You can focus on having multiple tenants for a property in different periods (winter or summer, vacations, holidays, AirBnB style) or opt for the traditional lease to a single person for a specified time.
Buying and selling:
In this strategy, your focus is on acquiring and reselling residential properties in areas of most significant demand, close to high-traffic public spaces (supermarkets, metro stations, bus stops). It requires you to study well the prospects before investing and the regulatory plans of the target zones.
Manage properties:
Under this strategy, you buy and lease properties and offer administration services, from paying everyday expenses to technical maintenance checks, such as plumbing and electricity.
Renewals:
In this strategy, you buy houses at a low price and need repairs; you completely renovate them and then sell them at a higher price. The challenge here is to manage knowledge and values of masonry, design and architecture work.
Real estate funds:
The investor invests in real estate indirectly through a private fund dedicated to buying or developing properties for sale or rent. The profits of the projects are distributed among the contributors of the fund as dividends. The industry initially began focusing on corporate buildings and offices, but later expanded into the housing sector.
Invest in auctions:
In this case, the investor acquires the real estate in an auction process with the sole purpose of reselling it later at a higher price. This type of investment is attractive because the property went through the bank first. Therefore the property’s papers and debts are up to date.
Keep in mind that all these investment alternatives have natural limitations, such as the location of the property, its accessibility, and current demand, as well as artificial ones, such as co-ownership agreements for office buildings and apartments and condominiums debts associated with real estate.
Be informed:
Although it is not necessary to have studies or a degree to dedicate yourself to investing in the real estate sector, it is essential that, when you are in the business, you know basic concepts of the industry, such as the price/cost differential, capital gains, generation value, the profile of the investor and the type of property. The fact that you do not master the vocabulary of the world in which your company operates can lead, at least, that people distrust you.
In this sense, a fundamental behavior to be more and more informed about the business is to listen carefully to people associated with the company. In this way, you will not only be able to access privileged information about your clients, but you will also gain more and more confidence in your expertise.
This same practice will affect your pricing method. Whether you are based on margins, target prices, demand, competition or the highest possible value, it will always be essential to be informed to define the amounts of your business most appropriately.
Have a plan:
Discipline always translates into success, and this habit has much more to do with being active and constant at work than being rigid and unable to react to changes. This is why, when we talk about having a plan and abiding by it, what you must understand is that before entering the real estate market you should take some time to design your business plan.
This plan will help you establish critical aspects, such as the vision and goals of your company. Still, it will also encourage you to protect your business with a series of rules that ensure the decisions you will make throughout your career as an entrepreneur in the field.
You will be able to establish specific things such as your target market, selection criteria and even the selection criteria of your properties. Put yourself before problems through a contingency plan that consider your investment’s risk analysis and the financial viability of a purchase or a sale.
Find allies:
The real estate business tends to be independent and lonely because it allows practitioners individual freedom and flexibility compared to other jobs. For the same reason, it is advisable to go to good allies to maintain a good network of contacts and grow in a highly competitive and agile market.
With allies, we mean reading books that teach methods to achieve financial “good health” or encourage the practice of habits to be effective in business, even attending courses and seminars designed especially for people who want to learn everything necessary to function. Successful in the world of real estate investment.
It is also advisable to interact with real estate agents and financial advisers to listen to their experiences and opinions, but above all to finish inserting themselves more and more into the beautiful and complex world of real estate.
Finally, a good idea to become a great real estate investor is to interact with ordinary people who are examples of success, either due to their personal experiences or economic fluctuations in business in general and within the field.
It is a type of inspiration that you can also find in opinion leaders with a good presence in social networks and participation in books, courses and seminars in the field.
So, these are some of the strategies that beginners should keep in mind while entering the real estate market. Make use of these strategies and excel in the real estate market of Pakistan.
Real Estate Strategies for beginners
Buyer’s Market vs. Seller’s Market: Know the Difference
Would you like to sell or buy a home at the best time of year? Despite the fact that certain seasons may be busier than others, the fluctuations in the real estate market are much more influenced by supply and demand than by the time of year. Keeping an eye on the housing market is one of the most important things to watch and watch out for whether you’re in a buyer’s or seller’s market in your local area.
Everybody wants the best deal on a new home, but it’s not always easy. In the wake of the COVID-19 pandemic prospective homebuyers have had a difficult time answering the question, “Why are houses so expensive at the moment?”.
In order to save on a new home and avoid overspending on the mortgage, savvy homebuyers try to time their purchases around buyer’s markets.
When purchasing a house, it is important to know the difference between buyer’s markets and seller’s markets. Let’s find out more with this blog.
What Is a Buyer’s Market?
Buyer’s markets occur when more homes are for sale than buyers are available. It means that more homes are listed for sale than there are buyers. Buyer’s market often refers to the state of a market where there is relatively more inventory than demand.
Lower home prices are an indicator of a buyer’s market. A seller’s home will often sell for around the listing price or even less in a buyer’s market. You cannot raise your asking price much without causing buyers to look at comparable homes offered by other sellers in your neighborhood.
Due to the volume of competition, sellers are at a disadvantage. Many sellers decide to accept a lower sale price instead of waiting for the right buyer to come along.
Seemingly longer than average time on the market is another sign of a buyer’s market. There’s likely a buyer’s market if the for-sale signs aren’t replaced with sold signs as you drive through your neighborhood. There is little chance of seeing a bidding war over a house on the market. With so many homes available, buyers are unlikely to spend more than the asking price.
What is a Seller’s Market?
During a seller’s market, the number of buyers overrules the number of available homes on the market or when there are more buyers than available homes. A single property often attracts multiple buyers, resulting in a bidding war. Selling your home in a seller’s market can be a great option because you can get a higher sales price than your listing price, or at least more than your bottom-line price (the lowest price you’re willing to accept for your house).
Be aware of the seller’s advantage when buying a home in a seller’s market. The advantage of getting a lower sale price on a property that other buyers are interested in is unlikely if other buyers are also interested.
An offer made by a competing buyer could cost you the opportunity to buy the property. The seller’s market is sometimes referred to as a renter’s market because sometimes prospective buyers must continue renting until they can raise their down payment and compete with other buyers.
According to a licensed realtor from FL Cash Home Buyers – the key to selling a property fast is to utilize as broad of a net as possible for buyers. The key to this is to find the right realtor. Realtors can help sell a house not only quicker but usually more profitably and as legally correct as possible.
The market for Buyers or Sellers? Find Out with These 4 Tips
A buyer’s or seller’s market can be determined without being an expert in it real estate. The easiest way to tell can usually be found by looking at current and recently sold listings.
A buyer’s market has the following characteristics
- Sales of homes are slow
- The homes sell for less than the list price
- The home price index is declining
- There are many homes available for sale
A seller’s market has the following characteristics
- Houses sell quickly
- The home sells at or above the listing price
- The price of homes is rising
- There aren’t many homes for sale
A Few Tips for Buyers
When there are limited housing options and a lot of buyers are interested, time is of the essence.
- A seller’s market is an excellent time to act fast if you find your dream home. Those who hesitate over a house they want to buy may find it is no longer available by the time they are ready to negotiate. Getting pre-approval for a loan before you need it will ensure financing.
- Make sure you know you’re at a disadvantage before you make an offer. There is no need to push for specific closing dates, concessions, or contingencies in a seller’s market. Make sure you focus on what’s important to you. Make sure you think twice about stipulations you want to be written into the contract. Make an all-cash offer if possible. Since cash buyers don’t have to deal with financing issues, sellers prefer them.
- Having patience is crucial when you keep losing out on the homes you are interested in. Don’t get discouraged if you keep losing out on homes you are interested in. Frustrated buyers end up suffering in a seller’s market. Many inexperienced bidders engage in bidding wars to get the home they want, even if the home isn’t worth much. That’s not a good idea.
- If you are tired of losing, you may end up making an offer on a home you wouldn’t usually be interested in. Property ownership is an investment and often a 30-year commitment. Don’t get sucked into a low-cost house. You’d be better off waiting until the market cools off before starting your home search.
A Few Tips for Sellers
To increase interest in your property in a seller’s market, you’ll need to compete with other sellers.
- Before you market or show your property, make sure your home is clean and organized, and in good condition.
- The price of a home tends to rise in a seller’s market, but pricing your home relatively still helps. You’ll be more likely to attract buyers if you lower your asking price slightly below fair market value. It is common for sellers to list their homes slightly below their assessed value to encourage bidding wars.
- Examine offers carefully: During a seller’s market, it’s even more important to consider offers carefully. In their search for the highest offer, sellers frequently ignore the buyer’s financial strength. If buyers say they will pay a certain amount, that doesn’t automatically mean they can get the funds. The appraised value of your home cannot be financed beyond that.
- Your last concern should be accepting an unrealistic offer and then having to resell your home when the deal falls through. Buyers will have more power when negotiating when your house has been on the market longer.
- Make sure any buyer who requires financing is preapproved for a loan. When buyers receive pre-approval, their credit and finances are verified, ensuring they can obtain a loan for a specific amount. Prequalification, however, is merely an estimate of a buyer’s finances.
- Observe contingencies: Also, be aware of offers that include contingencies. In the event that certain conditions are not met, buyers can back out of sales contracts, including mortgage house contingencies, home sale contingencies, appraisal contingencies, and inspection contingencies.
- According to Phil from Cash offer Please, Many homeowners choose to sell their homes through a real estate agent in order to get the best price. However, you may be able to sell your home for less than market value by making a cash offer to the buyer.
Summary
Knowing where the market stands is beneficial when buying or selling property. There is less competition for buyers in a buyer’s market when there are many homes available. On the other hand, a seller wants to list their house during a seller’s market when there are fewer properties for sale and a high number of interested buyers.
It is still important to hire a real estate agent, regardless of the market conditions in your area. A real estate agent can give you a leg up on your competition, regardless of market conditions.
Choosing the right time to buy a home can be a major challenge. In a seller’s market, you will notice that homes disappear almost immediately after being listed. To avoid losing out on what could be your dream home, you should get preapproved as soon as possible instead of waiting until the last minute.
Buyer’s Market vs. Seller’s Market: Know the Difference
Pros and Cons of Homeowner Association
Several localities offer residents the option to join a homeowner association. These associations can be quite helpful in resolving minor community issues. However, they may come with several drawbacks that need to be considered. To understand the pros and cons of joining HOAs, you must first understand what HOAs are, what they do, and how they affect homeowners.
What are HOAs? A question that you might be wondering. The term simply refers to homeowner’s associations, which manage a community for the benefit of its residents.
What does HOA mean in Housing?
Homeowners associations exist to manage residential communities, maintain curb appeal, and keep property values high. In addition to this, property owners’ associations manage residential communities. Home developers are responsible for initiating the association.
As a result of legal advice, the developer drafts the association’s governing documents. Bylaws, amendments, rules and regulations and articles of incorporation are among the documents.
Simply put, it would mean living in a house that is a part of an association. Although there are plenty of benefits to living in an HOA, it may not be suitable for everyone. Living in an HOA community, for example, gives you access to amenities you would not otherwise have.
What is the purpose of an HOA?
As soon as you move into your new home that is registered with the association, you become a member. The HOA’s governing documents are automatically applied to you as an HOA member. The documents outline the dos and don’ts of a homeowner. Rules like these help preserve property values and keep neighborhoods safe.
Managing an HOA entails taking care of the best interests of the community, enforcing rules, and setting the amount for dues. A review of the HOA’s governing documents is recommended before moving into a homeowner’s association.
Pros of HOA
Here are some pros of HOA that can help you make a decision.
1. HOAs are responsible for maintaining common areas
The aesthetic appeal of a well-maintained community contributes to the ease of living within it as well. A landscape that offers clean roads, trimmed trees, and blooming flowers, brings harmony and peace. The wellbeing of a community is important, and it is comforting to know that these services are in place.
The benefits of living in a community with an HOA include common community areas being maintained by the organization. Swimming pools, playgrounds, barbecue areas, and community centers are included.
The spaces can be enjoyed without having to worry about maintenance. In addition to maintaining the landscaping in front of each unit, some HOAs also take care of maintenance in the backyards of residents.
2. A consistent value for each property
Property values are a primary reason people buy an HOA home. Your board helps you protect your investment and ensures its value remains the same. It is the owners’ responsibility to maintain their lawns, homes, and personal property in accordance with community laws. This offers several benefits for the homeowner as well as the community. The members of the board live in the same community, and they are just as eager to see it thriving as you.
3. Complying with standards
Every homeowner must follow certain guidelines. Prior to signing on the dotted line, buyers should familiarize themselves with the governing documents. There isn’t much tolerance for unruly behavior in a typical association – from a wild party in someone’s backyard to disregarding architectural guidelines. The neighborhood has a board that mediates neighbor disputes and sets forth consequences when things don’t work out.
Cons of HOA
Let’s take a look at the cons of HOA.
1. HOA fees must be paid monthly
Residents of the community must pay HOA fees because the association maintains the common areas and exteriors of homes.
The fees for these amenities vary from community to community. In addition, HOA fees are not set in stone, so they are subject to change from time to time. When the association is unable to collect enough funds to maintain the community, the association may have to increase the monthly fee.
2. Failure to pay HOA fees can have serious consequences
Paying your HOA fees is an important part of living in a community. Fees must be paid by all residents of the community. If the HOA remains unable to collect enough money from residents, the property may not be able to be properly maintained. This can result in the association firing the property manager, causing the community’s appearance and condition to deteriorate.
3. Rules and regulations are enacted by the HOA
The HOA sets requirements for your home’s appearance. Ranging from what type of front door and windows you can have to decide what color your front door or shutters can be painted – the association has complete control over your home’s appearance. You may even be restricted in how much outside decor you can use and how many vehicles you can park in your community. If you violate the community’s rules and regulations, you could receive a fine.
4. Inadequate management
Poor management can lead to deterioration in some HOA communities. As a preventative measure, electing board members who have the association’s best interests at heart is the perfect way to avoid such a situation. In addition, many HOAs hire a management company to ensure responsibilities and duties are properly fulfilled.
5. Foreclosures and lien rights
A lien or foreclosure is always a concern when living in an HOA. There are certain HOAs that can place links on your property and then foreclose on it. The lien will only occur if your association due aren’t paid.
Conclusion
It’s important to consider the pros and cons of living in an HOA before making a decision. Paying monthly fees and adhering to the rules of an HOA community is necessary. You’ll also benefit from things like preserving your property value and being able to access well-maintained amenities (like landscaping). In the long run, you will benefit more from HOAs if you can tolerate the minor inconveniences they bring.
Stay tuned to Feeta Blog to learn more about Pakistan Real Estate.
Pros and Cons of Homeowner Association
Corner Apartments | Pros & Cons
Corner houses and apartments are the first choice for investment or living for all. Real estate holds high value for corner houses, and especially apartments, given that they come with their own perks.
However, there is still an ongoing debate about whether or not investing in a corner apartment is ideal, there are significant pros and cons of corner apartments that one should keep in mind while making the final decision.
In this blog, Feeta.pk discusses all the upsides and downsides to getting a corner apartment so you can make an informed choice.
Corner Apartments | Pros & Cons
Pakistan’s real estate sector is shifting towards increasing the development of vertical landscape, and this is giving rise to the availability and demand of apartments. This need for apartments is simultaneously adding to the rising demand for corner apartments. Let’s take a look at some facts that can help you decide if it’s worth it.
Why Opt for a Corner Apartment
Starting with a good note, corner apartments are everyone’s preferred choice because of multiple reasons. These reasons factor in to help you live comfortably.
Privacy
As apartments typically come with balconies and a back terrace, a corner apartment actually gives you privacy in the balcony as there is only one neighboring balcony, and the other side is free. This is ideal for people who love to keep their privacy intact and have introverted personalities, thus keeping you at a distance from any nosy neighbors that you may have.
Additional Square Footage
Because of the huge infrastructure and architecture involved in elevating an apartment complex, corner apartments usually get extra square feet in their space.
Because of this, they look and feel wider than other apartments of the same building. For instance, we can understand this by taking the example of an apartment covering 850 sq. M. ft. In this, the corner apartment may be about 120 sq. M. ft. larger due to its positioning in the building. This is a very prominent advantage that makes people prefer corner apartments.
Extra Ventilation
Even though apartments, generally, are great with ventilation as compared to houses, Corner apartments come out at the top. This is based on their L shaped design, which leaves more outdoor areas for ventilation. With corner apartments, we can also credit the importance of windows and how they keep the ventilation flowing, leaving your house fresh.
Having extra ventilation keeps your house temperature cool in summers, and the fresh air is great for your health. Besides this, good airflow keeps your house safe from water seepage, mold, and other issues that are likely to stem from a closed space.
Scenic Views
Corner apartments have the most beautiful views, and that is a sure fact. This is one of the biggest reasons why people choose to live in corner apartments. With the extra balcony space, and windows around, you can enjoy the scenery any time of the day.
Source: Pinterest
Even if there are no green areas around or any parks to view, you can always enjoy the night view of the twinkling lights from houses and buildings around that make a great view from the corner apartment.
Why Not Opt for a Corner Apartment
With so much value, there are a few drawbacks that can come in the way of your decision to live in a corner apartment. This may be a big factor for some, and for others, it can be insignificant.
A Lot of Sunlight
Source: Pinterest
Although this remains a variable according to the location and direction facing of an apartment, corner apartments usually get more sunlight than others. This is because there is less view blocking and more windows.
This drawback may be considered as an advantage by some who live in cooler weather conditions, but in Pakistan, summers can be really harsh and the sunlight can become unbearable.
More Expensive
Because of their high demand and less availability, as well as the perks that come with it, corner apartments cost higher than other apartments. Real estate has a lot of demand and value for corner houses and apartments, and resale, investment, living in these is always the ideal choice for people.
People who love the benefits that come with living in a corner apartment are willing to pay more just to create a better home or invest in a better property that will give profitable returns in the future.
Prone to Noise Pollution
Even though corner flats have more privacy than other facing flats, they can have more noise overall as well. This is because they are usually situated by the roads and intersections, busy with traffic and people passing throughout the day.
This can cause disturbance for you all day and disrupt the calm environment that your home needs.
Corner Apartments -Ground Floor
These are actually on the lower end of the cost spectrum and cost like other apartments. The difference? Well, corner apartments on the ground level do have privacy and ventilation, but the airflow and scenes are not the same.
People living in such property have to keep their windows covered at all times to avoid nosy neighbors and people passing by who want a peek. Because of keeping the windows covered, the temperature and ventilation are disturbed.
Considering both factors for corner apartments, the decision eventually comes a lot to how all these things are affected by the location, city and weather of the area.
If you’re looking for a corner apartment to move into, or are deciding to for a corner housethe above-mentioned facts can help you understand according to the location you are going for.
You can find out more information about apartments and housing at our Feeta blog.
Corner Apartments | Pros & Cons
- Published in International, Lifestyle, property, property management, Property News, Real Estate Guide, Real Estate News, uk, ukraine, USA, Zillow
Choosing Construction Materials for Your Home
Being the foundation of any house – construction materials should be selected after thorough research and evaluation. Anesthetic design with sustainability is only possible with the proper construction material. However, many remain unaware of the significance of choosing the right materials, foregoing this important step entirely.
To help you make the right decision for your home, Feeta.pk brings you a complete guide on how you should choose construction material for your house.
Estimate your Costs
The construction market offers a wide variety of quality construction materials. However, their prices may vary significantly. Opting for the highest-grade materials should be the right move if you have a limitless spending budget since durability and sustainability are the utmost priority.
However, there will be a limited spending budget in most cases, and finding the perfect materials for your home under a limit can be quite tedious. As a general rule, choose cost-effective materials without compromising overall quality. Estimating a budget can help know how much you can spend on materials, cut down on unnecessary costs and make room for better construction materials.
Availability of Materials
Source: EnvatoElements
Before deciding on any materials, it is essential to determine their availability in the market. Materials that are either rare or unique can become impossible to find in the market, or they might have to be shipped from a different country. This can raise costs and delivery times for the construction and building materials, affecting the overall timeline for the construction of your house.
Climate Conditions
Source: EnvatoElements
Construction materials for homes greatly depend on the climate conditions of the area. Factors such as average rain, snowfall, sunlight, and temperature are essential determinants of the materials. Some materials perform better in cooler temperatures, while others deteriorate under heavy rain or snowfall. This makes it necessary to consider the whole climate while choosing construction materials.
Sustainability
Source: EnvatoElements
With climate activism at an all-time high, the construction industry has also taken a few steps to incorporate sustainability. Construction materials are responsible for a significant portion of the world’s carbon footprint, especially materials such as cement. This has led to a rise in the use of eco-friendly construction materials. If you want your house to be greener, the construction market has several sustainable options that you can explore.
Aesthetic Appeal
Source: EnvatoElements
Another factor to take into consideration while choosing materials is their aesthetic appeal. Construction materials can drastically change the aesthetics of your house. For instance, laminated wooden flooring can give your home a touch of elegance, while opting for ceramic tiles can offer a minimalistic appeal.
The materials that you choose should also complement the surroundings of your house. A log cabin-style home may look pleasant in the hills of Murree but not so much in the streets of Lahore. Your home’s aesthetic appeal should mirror its surroundings while incorporating your unique taste.
Durability
Source: EnvatoElements
Durable construction materials are essential for any home, increasing lifespan and lowering maintenance costs. Some materials can offer universal durability, while others are climate-dependent. Generally, construction materials should be repellent to moisture, corrosion, and other environmental conditions such as heavy rain.
Structural Integrity
Source: Pinterest
For construction materials, it boils down to structural integrity and performance. The materials that you choose should withstand heavy loads and excessive weights. The choice of materials should be evaluated, and there should be no compromise on quality. Anything made out of poor quality can become a safety hazard.
Maintenance
Source: EnvatoElements
The best construction materials are those that require minimal maintenance. Maintenance is necessary for preserving your home’s original look. However, it can also rack up additional costs over time. To avoid these costs, opt for high-grade quality materials as they offer higher durability and less maintenance over time.
Construction material should always be selected after thorough research. Factors such as durability, aesthetics, and climate conditions should be considered. However, the general rule of thumb is to never compromise on quality, as these materials are the core of your house. For more information on construction materials, visit Feeta.pk – Pakistan’s first online real estate market.
Choosing Construction Materials for Your Home
Must-Follow Real Estate Marketing Ideas
In Real Estate Marketing, One cannot object to the fact that comprising a property is an essential matter to discuss. The reason behind this is that in Pakistan, real estate is one of the most beneficial investment opportunities which plays a big part in generating the economy.
But how does this all come into work?
In this blog, Feeta.pk will explain how this is done. And the answer is that real estate companies execute their work through the promotion of real estate companies. Now you might be wondering who promotes the brand and what is the reason behind it?
In today’s time of evolution and development, it has become important to have a marketing team that helps in branding your company. They design such techniques that help to boost the plan and make its presence known. If we talk specifically about the real estate sector, the marketing in real estate chooses the most prominent marketing company to create their name in the market.
In this blog, we will present some interesting and effective marketing ideas that every real estate company should follow
So, let’s have a look!
- Setup a social profile
- Make an attractive business card
- Make yourself easy to contact
- Hire a professional photographer
- Do local sponsorship
- Make your website and application user friendly
- Build google business profile
- Make social media adds
- Keep an eye on your competitor
Now, let us explain every idea in detail!
Setup a Social Profile
The first and most important effective marketing idea is setting up a social profile. This will give your company an instant boost if done correctly. For this, you will have to make social media accounts on all networks such as Facebook, Twitter, Instagram, and LinkedIn. Setting up a social profile will help you connect to your clients and also highlight your success stories. Through your social media profile, you will educate your buyers related to real estate and update them with the project that you are working on.
In one way or another, the world is now dependent on social media, you will probably not be able to make your presence without social media as much as you can with the help of it. To make your social media attractive you will have to upload nice photos, catchy captions, and above all, you will have to be active on social media for your clients.
Make an Attractive Business Card
Design an attractive business card for your company. The card should contain all the necessary information such as the name of your company, contact name and number, email, and company address. A business card would represent your company’s brand and it is also considered to be an overall business image of your business.
Your card must be designed in such a way that it inspires people and the desire to contact the company. A business card is also considered a direct marketing tool because in-person meetings lead to sharing of business cards directly with whomever you want to share them with. By this, we can say that a business card can make or break the marketing game for you. The reasons behind this are
- It gives ease of contact details
- Create a quick first impression
- Gives a personal touch
It is a fact that successful marketing of real estate lies in professional and great photography. Photographs of poor quality will make people lose interest and result in less followership. For this, you must hire a professional photographer who has experience in architecture and home photography. By this, you will be able to make your listings attractive and gain the attention of people and then this will result in helping you to get a potential buyer. Your photos will act as a support to show your clients what you have to offer. Nowadays 3D tours are becoming a popular thing. Your professional photographer can also create a 3D video of your property which will help your clients to have a 3D tour of the house while sitting at home.
Hire a professional photographer today to make your real estate company’s listing more enticing and attractive.
Do Local Sponsorship
Being a local sponsor will help you make your brand be in the spotlight. Be a sponsor at festivals, school events, or a sports team. This means that you can get your business name or brand logo on pamphlets, t-shirts, or flyers. If you will sponsor a local group you will directly become their real estate leader for reference. Some ideas for local sponsorship are
- Donate to charity
- Sports team sponsor
- Sponsor an event such as pet adoption,
- Donate money at local schools
- Contribute monetarily to different building projects
The sponsorship idea completely lies in the motto “spend money to make money” though it is an old saying it is true without any doubt. Therefore real estate companies should take advantage of these sponsorship opportunities and donate to a cause to create a positive impact on society and build maximum exposure for your company.
Make your Website User Friendly
Nowadays people get attracted to what’s easy for them to use and understand. You must formulate a user-friendly website. The reason why a website is important for real estate marketing is that it helps to educate clients and makes it easy for agents to provide them with valuable resources. A website should deliver content that helps buyers throughout the purchasing process. Here are a few features that should be included in your real estate website
- Photos and description of properties
- Searchable listings
- Customer-centric content
- A consistent look
Build Google Business Profile
To make it easy for users to find you on google maps, search and knowledge panel, set up a google business profile. The reason why having a business profile on Google is important is that it is one of the most trusted platforms for authentic reviews. You can make your business rank higher through Google’s business profile. But this is dependent on the regular maintenance of your business profile. This can be done by logging in to your profile daily and adding new content like listings and photos.
Make Social Ads
To create a presence on social media, the feature that helps the most is paid social media ads. Making social ads for your real estate business can result in excessive engagement and an increase in followers on your profile. This feature allows you to choose your target audience with a budget that suits you. Keep in mind to choose a picture or video for a paid ad that is attractive and highlights information that you would want to give to your audience. Social media ads are one of the effective ideas that can help in real estate marketing.
Keep an Eye on your Competitors
In this era of competition, it is important to keep a check on what your competitors in real estate are doing. How are they managing their social media or how does their website look? By this, you can also get an idea of the mistake they are making and you can avoid replicating them. this will help you distinguish how your company can do better. after you do your analysis, you can come up with new ideas that how can you make your company stand out.
So, which way do you think is most effective?
For the latest updates, please stay connected to Feeta Blog – the top property blog in Pakistan.
Must-Follow Real Estate Marketing Ideas
LCBDA auctions 7 plots for Rs34.89bn
LAHORE: The Lahore Central Business Development Authority (LCBDA) auctioned seven commercial plots, titled ‘Downtown Lahore’, worth Rs34.89 billion.
The size of plots auctioned ranged from 12 and 14 Channels. The event organized was attended by international and domestic investors.
The auction jury comprised LCBDA CEO Iman Amin, Brigadier (R) Mansoor Janjua, Colonies Secretary Jamil Ahmed. Sumair Abid and Kamran Ali Rehman.
While addressing the occasion, LCBDA CEO Imran Amin informed that developers were offered a five-year installment plan.
The event aimed to promote urbanization in the provincial capital. This activity will ensure economic growth and employment generation in the area.
For news and blogs, visit Feeta.pk.
LCBDA auctions 7 plots for Rs34.89bn
All About HBFC Home Loans
In Pakistan HBFC Home Loans, becoming a homeowner is a dream for many. However, the country’s soaring real estate market has made it impossible for many to achieve this dream, especially for the lower- and middle-income classes. If the current trends continue, these groups will be excluded entirely from the market.
To tackle this issue, the government of Pakistan launched a home financing initiative known as the Home Building Finance Company (HBFC), with the sole purpose of providing easy-installment home loans. The company continues to help those wanting to become homeowners through its financial assistance programs.
For those that want to know more about how to avail of these loans, Feeta.pk features everything you need to know about HBFC home loans.
A little about the Company
Established in 1952, House Building Finance Company (HBFC) is the country’s only real estate financing institution. With regional offices and area branches spread all over Pakistan, the institution aims at providing financial assistance to every Pakistani struggling with housing needs.
Over the years, the company has launched several programs to provide affordable housing to the lower- and middle-income classes. Programs such as ‘Ghar Pakistan’ and ‘Ghar Aasan Flexi’ allowed millions of Pakistanis to become homeowners with minimal debt.
Currently, the company’s objective is to reduce the demand and supply gap of residential units in the country, allowing the majority of the masses to own a home.
HBFC Home Loans
Despite majorly targeting the middle- and lower-income groups in the country, HBFC home loans are also available for almost all individuals that need some sort of financial assistance in closing the deal. Currently, the company offers three types of loans to its clients.
- Purchase of House or Flat
- House Construction
- Balance Transfer
These loans have extended to livestock owners, farm owners, and non-resident Pakistanis. These flexible payment solutions aim to assist anyone in Pakistan that requires finances for their housing needs.
Who is Eligible for an HBFC home loan?
Since the program’s primary objective is to facilitate lower and middle-income groups, a strict eligibility criterion has been set. To be eligible for the ‘Ghar Pakistan Scheme’, your monthly income should be below 100,000 PKR, while the ‘Ghar Pakistan Scheme Plus’ requires a monthly income below 175,000 PKR.
Affluent individuals can also apply for a home loan through the ‘Ghar Sahulat Scheme’. However, these loans offer higher interest rates since the target audience of these loans are the lower-income groups.
Moreover, those applying for the HBFC home loans must be salaried individuals, self-employed business owners, and self-employed professionals. For verification purposes, HBFC requires a one-year bank statement, monthly utility bills, and a salary slip.
How to Apply for an HBFC Home Loan
Source: HBFC
If you are unfamiliar with the application process for an HBFC home loan, simply follow the instructions below.
- Head over to the HBFC home loans website at hbfc.com.pk.
- Click on the ‘loan inquiry form’ option. This will take you to the next webpage, where you will need to enter your details and other credentials.
- Once the inquiry form has been submitted, the company loan agent will review the application and contact you within two to three working days.
- During the screening process, you can check your loan status on the company’s website at any time.
- After an initial screening of your inquiry, you will need to submit an application with the required documents and other processing fees.
- The next step involves filing a few legal documents for financing and security purposes.
- If approved, the loan amount will immediately be disbursed as decided in the terms and conditions of the agreement.
Pakistan’s real estate market is set to exclude middle- and lower-income groups, making it impossible for them to become homeowners. HBFC home loans aim to combat this exponential increase in prices by providing low-interest home loans with easy installments. For more information, visit Feeta.pk, Pakistan’s first online real estate market.
All About HBFC Home Loans
- Published in home loans, Housing Finance, International, Real Estate Guide
How to Check the Federal Government Employees Housing Authority List
The government of Pakistan has launched several initiatives over the years to facilitate federal government employees. One such perquisite is the Federal Government Employees Housing Authority (FGEHA). The authority is responsible for introducing new housing schemes in the capital and allocating a quota for government employees.
However, accessing the FGEHA list can be a hassle if you’re not familiar with the procedure. To ease the process, Feeta.pk features a guide on how to check the Federal Government Employees Housing Authority list.
A little about the FGEHA
The Federal Government Employees Housing Authority was established in 2019 under the ordinance of the President of Pakistan. The objective behind creating this body was to ensure a safe and secure shelter for the lower-income groups in the capital that are currently residing in impoverished settlements or ‘katchi abadis’.
The FGEHA aims to deliver new housing units to federal employees at low and affordable costs, ensuring every employee becomes a homeowner. Currently, the authority is planning on pushing in almost five million low-cost units into the market, with federal employees being at the utmost priority for the allocation of these houses.
The government hopes that this initiative will be able to tackle the status quo in the country’s real estate market which completely excludes middle- and low-income groups, while extracting immense profits from the ones that can afford it. By pushing more units into the market, the demand for housing will decrease, allowing the skyrocketing prices to descend.
How to Check the Federal Government Employees Housing Authority List
Source: FGEHA
The process for checking the FGEHA list is quite simple. Follow the instructions given below to access the list.
- Head over to the Federal Government Employees Housing Authority’s official website.
- At the top side of the webpage, you will find several drop-down menus. Select the ‘membership drive’ drop-down menu.
- The drop-down list will offer various options for different memberships. Click on your allocated membership program.
Source: FGEHA
- The next webpage will have the message ‘click here to login. Click on this message and this will take you to the login page.
- Once you reach the login page, add your credentials to the specified fields. Enter your CNIC number (without dashes) and your password.
Source: FGEHA
- After logging in, the details of your membership will be available on your screen.
- If you encounter any issue while logging in or if there is no information regarding your membership, you can file a complaint at ‘complaint@fgeha.gov.pk’ to have the issue resolved.
- For any other issue or query regarding your membership in the program, you can visit the FGEHA office in G-10/4, Islamabad.
Pakistan’s government is known for its generous well-fare programs for its employees. The Federal Government Employees Housing Authority is one of such programs, making way for lower and middle-income employees to become homeowners in the country’s capital. The government is planning to expand the program to allow more federal employees to become part of the FGEHA list in the near future.
For more information, visit Feeta.pk Pakistan’s first online real estate market.
How to Check the Federal Government Employees Housing Authority List
World Bank: Punjab Real Estate’s Rs400 Billion Tax Capacity
In a recent report published by the World Bank, the international body has identified potential in two out of three major areas of tax revenue collection. The major areas are mainly Services Sales Tax, Urban Immovable Property Tax (UIPT), and Stamp Duty, among which the latter two are exclusively related to the real estate sector. As per the report, these two areas can collectively bring Punjab’s real estate sector to generate revenue of up to Rs400 billion if it is incorporated with the modern techniques of digital mapping.
UIPT is duly gathered by E&TD (Excise and Taxation Department), whereas the BoR is responsible for collecting the stamp duty. Improved and digitized land records assist in improving system analysis and coordination of the two main land-related tax authorities ie E&TD and BoR, in addition to implementing Stamp Duty and UIPT. Because of this integration between the two land tax authorities, Punjab real estate has shown the prospect of generating the highest revenue in tax.
As per the WB report, Punjab’s urban housing gap is expected to reach up to 11.3 million units by the year 2047. This gap is being generated by the rising population, migration of people from rural to urban areas in the country, unnamed and abandoned lands, and a decline in the existing housing stock. An estimated 2 to 2.5 million units are being constructed in Punjab under the Punjab Housing and Town Planning Agency.
Mainland records in Pakistan currently fall under the responsibility of provincial Boards of Revenues (BoRs). All Register of Deeds, Mortgages and Property Transfers are maintained here, as per person-based records, along with the facility of cadastral maps. BoRs typically stemmed from only rural records initially. With the unplanned expansion of urban areas around the city center, eventually, city centers were also included in this. For private housing agencies and cantonments, the responsibility of keeping records of plots and properties is on their end.
The World Bank reports the effect of the absence of standardized systems in keeping records of property rights in urban areas, and there are significant challenges that are keeping the revenue at par. These challenges include lengthy dispute resolutions, overlapping records of registries, inequitable taxation and a lack of property rights information for authorities to perform their responsibilities. Women from urban areas face extreme marginalization in their property rights and loss of inheritance due to a lack of transparency in property ownership, cultural restrictions, forceful property transfers etc.
Federal and provincial governments have come to the realization that such challenges may hinder the possibility of achieving the goals of the Naya Pakistan Housing Program of constructing about 2.5 million low-cost homes in Punjab. To resolve these issues, the World Bank has proposed an amount of $ 150 million on their behalf to develop and improvise the ‘Punjab Urban Land Systems Enhancement Project’.
This expense breaks down into four components; $ 103 Million for cadastral maps for Land Records Management and Information Systems (LRMIS) and digitization of records, and another $ 3 million for Land for Housing, to make the process of identification and evaluation easier. LRMIS proves to be extremely beneficial for keeping track of property and land rights and combining it with cadastral mapping systems such as PropSure bringing authenticity and transparency to the digitized land record systems.
Digital cadastral mapping assists in the integration of multiple registrations of a land area and designates it under a single and unique identifier. This process helps in enabling a seamless process that allows clarity and authenticity in the real estate sector
The remaining amount of about $ 35 Million is designated for the establishment of Land Information Systems to combine the rural and urban land records. The project risks environmental damage posed due to mass construction. Still, it is the solution to the current housing and land record issues in the system.
For more news and information on the latest property trends and developments, follow our blog at feeta.pk.
World Bank: Punjab Real Estate’s Rs400 Billion Tax Capacity
Crackdown on Encroachments in Zone 4.5 by Building Control South
CDA Building Control South Director Shafi Marwat has ordered a crackdown against encroachments campaign against illegal residential and commercial construction in Zone Four and Five.
In this regard, the authority has formed two teams – with Deputy Director Javed Zehri in charge of the Zone Four team while Deputy Director Sajjad Bajwa will oversee the operation in Zone Five.
Director South Shafi Marwat has instructed the concerned teams to write a letter to the Enforcement Directorate to stop illegal constructions in the stated areas.
For news and blogs, visit Feeta.pk.
Crackdown on Encroachments in Zone 4.5 by Building Control South
Bids to uplift E-12/4 open: CDA
Islamabad: The Capital Development Authority (CDA) opens bids for the development of Sector E-12/4.
As per the uplift plans, work on links roads involving major highways, laying streetlamps, and constructing drainage and water systems will be carried out. The lowest bids received were worth Rs289.805 million by one of the five contractors, revealed CDA.
There had been a delay in releasing development funds for the development of Sector E-12/4. Although, the current management of the CDA is providing significant attention to each of these sectors, resulting in construction projects being initiated.
For news and blogs, visit Feeta.pk.
Bids to uplift E-12/4 open: CDA
Key Property Inheritance Principles
These are the Principles of Property Inheritance That You Need to Know:
A legal heir is defined as an individual who is entitled to a share in the assets of a deceased person. These may include real estate properties, insurance amounts, bank account holdings, stocks, bonds, shares, etc. As per the inheritance laws of Pakistan, which are based on the Islamic Sharia law, the legal heirs of the deceased can only include the spouse, parents or children.
Feeta.pk has compiled the key highlights of the process, laws and rights of succession in Pakistan to help you navigate through what is otherwise a convoluted affair.
The purpose of a legal heir certificate
Once the death certificate of the deceased has been obtained, only the successors are eligible to apply for a legal heir certificate. The legal heir certificate is a document required for recognizing the legal heirs of a deceased person. It can be used for the following purposes:
- For claiming insurance
- For processing the family pension of the deceased employee
- To receive two such as provident fund, gratuity etc. from the government
- To receive salary arrears of the deceased
The purpose of a succession certificate and how to obtain it
On the other hand, a succession certificate is issued to transfer both movable and immovable properties of the deceased to his / her legal heirs. The letter of administration grants the right to administer the estate of a deceased person.
Any one of the legal heirs can apply for a succession certificate. The Succession Act 1925 governs all the procedures related to succession certificates in Pakistan. In case of multiple legal heirs, each party can apply for the succession certificate individually and the court can issue it to them according to their share in the property. Another alternative is that all legal heirs can file a joint application in favor of one legal heir who can distribute the property among other heirs afterward.
The Government of Pakistan also introduced a secure online portal in 2021 that provides letters of administration and succession certificates within 15 days, as opposed to the previous timeframe of 2-7 years. This was developed by the Succession Facilitation Units of the National Database Restoration Authority (NADRA) with the aim of removing any unnecessary delays and hassle during the process.
This is especially an advantage for overseas Pakistanis, who would not be required to make an appearance at courts anymore to receive the succession certificate.
The digital certificate has several security features, including a real-time verification facility. The process to obtain it can be completed in just a few, simple steps:
- Initiating the application:
The successor has to provide his / her national identity number and the death certificate of the deceased. - Recognizing the legal heirs and assets:
The applicant has to give relevant details of the legal heir (s) along with information related to the deceased’s moveable and immovable properties. - Verifying the legal heirs:
All the legal heirs mentioned in the application have to visit Nadra’s registration center for biometric verification. - Advertising:
NADRA will publish a notice in newspapers to ensure there is no one who has any objections against that particular application. - Printing & delivery:
If no opposition comes forward within 14 days of publication, the letter of administration/succession certificate will be issued to the applicant.
It is important to note, however, that each province has its own conditions for which documents are necessary for initiating the succession certificate procedure.
Laws of inheritance in Pakistan
There are two laws that protect the rights of inheritance in Pakistan:
- The Muslim Family Laws Ordinance (1961), gives effect to certain recommendations of the commission on marriage and family laws.
- The West Pakistan Muslim Personal Law (1962), consolidates and amends the provisions of the application of Muslim Personal Law (Shariat).
A few additional things to note are:
- There is no inheritance tax in Pakistan.
- The last domicile of the deceased also dictates the division of inherited property.
- If the deceased gifted a property to another party in their lifetime, it cannot be contested in court after their death.
- Legal heirs can only distribute properties if the outstanding debts of the deceased have been settled.
- If a legal heir passes away before the distribution of inheritance, their share will be divided among the other heirs.
- It is highly advised to hire a lawyer for the distribution of inherited property.
Women’s rights of inheritance in Pakistan
There are many cases where female heirs, especially in Pakistan’s rural areas, lose out on their share of inheritance in favor of male family members. This is mostly due to their lack of awareness of women’s legal property rights. The Enforcement of Women’s Property Rights Bill was passed in 2020 to ensure their rightful inheritance.
According to Section 498A of the Prevention of Anti-Women Practices Act (2011), it has also been termed illegal to deprive women of their inheritance in any manner. Any violation of this act will be punished with imprisonment of 5-10 years or with a fine of Rs. 1 million or both.
The inheritance rights of women have been outlined below:
- The wife of the deceased will receive 1 / 8th of the inherited property if she has children. If she does not have any children, she will own 1 / 4th.
- The mother of the deceased will 1 / 6th of her son’s property. If the deceased had no parents or children though, the mother will receive 2 / 3rd.
- If a female has one or more brothers, she will receive half of their share after their father’s death.
These can still vary in cases of special circumstances.
For more details on property inheritance, visit Feeta blogs.
Key Property Inheritance Principles
- Published in International, property, Property Laws, Real Estate, Real Estate Guide, Real Estate News, Real Estate Trends, Zillow
Real Estate Terms You Need To Know About
Working in Real Estate Terms involves having excellent communication skills. A big part of learning about real estate comes from having a deep understanding of real estate basics and terms.
As a real estate investor, you will likely spend most of your time addressing real estate-related questions from home buyers and sellers. After all, the job is to guide customers through a complex process that revolves around what is probably the biggest purchase of their lives.
Even if he is already familiar with most of the real estate terminology, brushing up on some of the basics is helpful from time to time and is a great way to improve his skills and knowledge. To help you, we’ve put together this glossary of real estate terms you need to know about.
Seller’s Agent
A seller’s real estate agent is a professional who exclusively represents the seller of a property during a real estate transaction.
They assist the seller by performing specific tasks, such as collecting data and comparable home sales prices, marketing the property, and advising clients on choosing the best offer received for the property.
Buyer’s Agent
As the name implies, a buyer’s agent is a real estate agent who is legally licensed to assist buyers during the home buying process. They represent the interests of the buyer exclusively during a real estate transaction.
Some of your responsibilities include negotiating the best possible price for a home, providing information about the neighborhood and its surroundings, ensuring the home is inspected and conducting due diligence.
Appraisal agent
A real estate appraisal is a process designed to develop an accurate opinion of the real estate value. In a real estate transaction, a lender often requires an appraisal by a third party to ensure that the amount requested for the loan reflects the property’s fair market value.
When the appraised value of a home is less than that offered by the buyer, the lender may ask the buyer to cover the difference in cost.
Lessee and Lessor
Commonly known as a lessor, the lessor is the owner and operator of an investment property. They rent their unit (s) to tenants or tenants. If you want to start your career as a real estate agent, you can work with tenants looking for a lease.
Landlords who operate large-scale properties, such as apartment buildings with a dozen or more units often work with leasing agents to fill their units throughout the year. Some represent their listings themselves, but these owners usually hire agents (or teams of agents) to fill available vacancies.
Appendix and amendment
⁇During a transaction, a home buyer or seller may want to make a request to each other in the form of a supplement or amendment. Sometimes this is a change to an existing contract (an amendment).
An amendment to a living agreement is often made when there is a mistake. An addendum could occur, for example, if a buyer wanted to keep a seller’s washer and dryer, thus requiring new contract language. Other times, they want to add to the contract (an appendix).
Depreciation
Amortisation is the term used for the schedule of mortgage installment payments over some time. A typical buyer’s repayment schedule is one payment per month for 15 or 30 years in real estate.
Homeowners association
A homeowners association or HOA is a private organization within a planned community, subdivision, or condominium tasked with creating and enforcing rules for the houses in the community and its residents. Those who purchase property within the jurisdiction of an HOA are automatically included as members and must pay HOA fees or dues.
Prior approval
A pre-approved home buyer means that a lender has verified their information, verified their credit, and approved for a specific loan amount for up to 90 days. The process requires buyers to fill out an application to allow a lender to examine their current financial situation, including creditworthiness, debt-to-income ratio, and ability to pay.
Capital
The part of the property officially owned by an individual is known as real estate. Although a person owns a property that he has purchased, the mortgage lender has an interest in it until it is paid in full.
Closure
Closing is the final step in the home buying and selling process, and it’s one of the most important real estate terms you should know. The buyer and seller agree on the closing date during the negotiation phase and is generally set weeks after the offer is accepted.
At closing, ownership of the property is officially transferred from the seller to the buyer, and all necessary payments are made, after which the buyer can move in or begin renovating the property.
Closing costs
Homebuyers and sellers incur expenses to finalize a real estate transaction are known as closing costs. These can include appraisal fees, taxes, loan origination fees, credit reporting fees, title insurance, etc. In most situations, the buyer generally pays 2% to 5% of the home’s purchase price, although closing costs can be paid by either the buyer or the seller.
Seller disclosure
A seller’s disclosure is a document issued by the seller of a home to a buyer. It describes any existing problems with the property and other important details that buyers should know regarding the house. It typically includes home repairs, details about faulty systems or appliances, and history of leaks and other environmental issues.
Title deed and property title
Deed and title are two terms that are often used interchangeably. But although they are closely related, there is a difference between them. The title is a concept and not a physical document. It represents legal ownership of the home and all rights transferred from the seller to the buyer. On the other hand, the deed is a physical and legal document that conveys the title to the new owner after a home is sold. It includes a property description and identifies the dealer (buyer) and grantor (seller) of a specific transaction.
Escrow
Trust is a step in the home buying or selling process when a neutral third party has something of value (often the buyer’s surety check) during a real estate transaction. Once the transaction is completed during the closing period, the third party will release the funds held during the escrow.
Fixed-rate mortgage
A fixed-rate mortgage comes with an interest rate that remains the same for the life of the loan, giving the borrower more predictability and stability for the life of their loan. It is one of the most common types of loans available and is preferred by many consumers due to its long-term reliability.
Adjustable-rate mortgage
Adjustable-rate mortgages have interest rates that change periodically. A home buyer with an adjustable-rate mortgage may start with lower monthly payments than a fixed-rate mortgage, but varying interest rates mean that monthly payments can increase later.
Home inspection
A home inspection is a non-invasive examination of the condition of a home and is often performed in connection with the sale of that home. These are typically performed by a professional home inspector who has the proper training and certifications to handle the inspection.
After the inspection, the inspector provides the client with a written report of the findings, which the client can use to make informed decisions regarding the pending purchase of the property.
List
A listing is a written agreement, contract, or arrangement for the marketing and sale of real estate through a real estate broker or agent for a specified period. It gives an agent the exclusive authority to handle the sale of the property in exchange for a fee or commission for the services of the property.
Offer
In the real estate business, home buyers must offer Houses For Rent In Karachi
Houses For Rent in Bath Island is the property they want to buy. An offer can be for the total list price of the home or what the buyer and agent consider fair market value for the home. Buyer’s agents are responsible for submitting the formal offer in writing before sending it to the seller’s agent. If the seller chooses not to make a counteroffer, he can immediately approve the request, making it a purchase contract.
Homeowner’s title insurance
Due to various possible “defects” in the title, title insurance is insured by both home buyers and their lenders. This insurance covers them if another party claims a residence, there are problems related to counterfeiting or fraud against a landlord or difficulties related to deeds arise. As described in an Inman News article, it is pretty rare for a title insurance claim to be made, but it can happen. That makes this insurance protection essential, as it can provide new homeowners with peace of mind. You can read the following article with detailed information about Homeowner’s Title Insurance.
So, these are some of the terms you need to know. These terms will not only help you with your dealings but also broaden the horizons of your knowledge. Give these terms a read and give your feedback in the comments section below.
Meanwhile, if you want to read more such exciting lifestyle guides and informative property updates, stay tuned to Feeta Blog — Pakistan’s best real estate blog.
Real Estate Terms You Need To Know About
Roshan Digital Account For Overseas Pakistanis
In order to attract inflow, the government is considering employing global advertising companies to promote the plan globally. A residential facility for Pakistanis living abroad will be developed in Park Avenue, Zone-4, Islamabad, as a component of the Roshan Digital Account idea. Remittances sent home by overseas Pakistanis are an essential component of Pakistan’s foreign currency reserves, per the chairman of the Interior Department and Capital Development Authority (CDA).
Prime Minister Imran Khan, the current government’s leader, has long valued the assistance of Pakistanis living abroad, who contribute billions of dollars in remittances. Transactions, asset acquisitions, and other activities fall within this category. The government has taken several initiatives to assist them, including starting a new initiative to give them access to better housing and planning to construct a housing complex for Pakistani migrants soon. You should describe everything else in this development program in this blog, and you should read it when you’re from Pakistan. A residential project for foreign Pakistanis will be developed at Park Road Zone IV in Islamabad as part of the Roshan Digital Account effort to satisfy the same aim of encouraging investment.
A recent meeting held on Tuesday, January 18th, 2022, was briefed on the decision. Housing Project for Overseas Pakistanis at Park Road, Zone-4, Islamabad under Roshan Digital Account Incentives was the title of the project’s synopsis. The remittance sent home by Pakistanis residing abroad is a critical element of Pakistan’s forex reserves, according to the chairman of the Interior Department and the CDA.
About Residential Project For Overseas Pakistanis
Around 2020, the Pakistani government established its Roshan Digital Account, a system that lets abroad Pakistanis living anywhere around the world invest in Pakistan to use all online payment systems services. Thousands of non-Pakistani residents created RDAs to stay ahead of the facilities, and vast amounts of money were invested in New Pakistan Certificates (NPCs) as a result of the movement. For Roshan Digital Account users, the Roshan Apna Ghar, Roshan Apni Car, and Roshan Samaaji Khidmat initiatives were implemented thus far.
The government’s initiative to construct a residential project for Pakistanis living abroad is also being launched through the Roshan Digital Account. The government hopes to lure billions in investment from diverse groups of Pakistanis living in dozens of other countries. Park Enclave Heights is the name of the development. This is a contemporary and revolutionary project, according to plans, that would build Pakistan’s capital using worldwide construction standards by world-renowned architectural firms.
Location Of Park Enclave Heights
Overseas Pakistanis are an important commodity for the country, and the revenue they bring home in the form of remittances is responsible for a large percentage of Pakistan’s foreign reserves. The project is being created within Islamabad to reward their accomplishments and give them the development of residential investment options back home. Parks Enclave Height will just be built off Park Road in Zone 4, just a few minutes from Islamabad’s Central Business District as well as the city’s new international airport. Everything else in the city will be well within residents’ reach thanks to a road network and transport services.
Features Of Park Enclave Heights Apartments
The project, which is already being built on a large scale, is expected to cost USD 700 million and would be carried out by Capital Development Authority (CDA) and the Islamabad Investment Fund Ltd (IDFL). That project should be completed in stages, with the very first involving the development of 6,000 flats.
The residential project for Pakistanis living abroad is anticipated to produce USD 2 billion in remittances. The project is well-facilitated, as well as the government’s development strategy emphasizes that. The 6,000 units that’ll be constructed will range in size from 970 sq ft to 2,300 square feet. The inventory will range from one to five-bedroom homes. Staff dormitories, a building department system, security monitoring, utilities, or other civic conveniences would be included in the project, allowing residents to maintain the life they have always desired.
For the advertising and selling of the units in just this construction project, this was recommended that worldwide marketing firms be employed and engaged. Let’s look at what marketing firms are looking for.
Criteria For Marketing Agencies
The marketing companies chosen will be in charge of marketing, promoting, selling, and offering other services to Pakistanis living in other countries. The requirements for marketing agencies must be shown in the open advertisement, which also will meet the Public Procurement Regulatory Authority’s standards (PPRA).
The applicants for the project must have operations in at least two different places. Companies must have an office in the United States, Australia, New Zealand, the United Kingdom, or even the Organisation Of Islamic cooperation. The authorities will also give the agencies an approved application form which would be delivered as a service to foreign Pakistanis with an RDA. For greater coverage, the authorities will post a similar application on their official websites. A fee of 1% of the price of each unit sold would be paid to organizations for marketing, promoting, marketing, selling, or other connected activities.
What is the best way to apply for apartments?
Applicants may apply for flats through marketing companies or by sending their application services to IDFL. The membership cost is USD 1,000, and units will be assigned on a first-come, first-served system through Roshan Digital Assets (RDA). The date and time of the joining fee payment will decide which applications are given priority. The vista of Park Enclave Heights comes to a close at this point.
Stay tuned to Feeta Blog to learn more about Architecture and Interior Design.
Roshan Digital Account For Overseas Pakistanis
- Published in News, Real Estate Guide, real estate market, real estate marketing, Real Estate News
Top Residential Schemes Near Raiwind Road Lahore
Lahore is a wonderful city with a distinct culture and personality. Anybody could be seduced by the city. In a nutshell, Lahore has something for everyone, which is why so many people want to relocate to the city. The need for houses in Lahore is growing in tandem with the city’s increasing population. Lahore is also attracting significantly fewer capitalists than before, due to the recent trend of investment in farmhouses. Everyone wants to be in an area that is not just safe but also links them to all of Lahore’s large cities. Raiwind is now at the top of the list. Raiwind is a prosperous community. The area is just outside of the main city. Despite this, the population of such an area keeps growing due to the availability of affordable new houses.
The road has become a center of infrastructural and residential projects due to its association with a particular. Raiwind Road today houses some of Lahore’s most creative residential properties, which have been built at breakneck speed. These home projects were designed with world-class features and secure gated surroundings in order to provide an excellent attainable lifestyle to their inhabitants. In this blog, I am going to discuss each of the most frequent and important residential projects on Raiwind Road.
Residential Projects Near Raiwind Road That Are Worth Investing In
At Raiwind, a number of developers have created new and premium residential buildings. As a function of such a step, businesses seem to become increasingly interested in the area. So, if you’re looking for a home away from the bustling and bustle of the city even while remaining connected to it, look at housing projects on Raiwind Lahore.
The residential developments we’ll be discussing are some of the industry’s most successful real estate projects. Additionally, they have gained permission from all appropriate authorities, making them safe and profitable property investing decisions in Lahore.
Lv Heights
LV Heights is a beautifully designed vertical residential area that offers exquisite residences inside an upmarket and safe setting. In the excellent Lahore Villas district, which is immediately connected to the main Raiwind Road, the apartment building provides well-designed studio flats, 1- and 2-bedroom apartments.
With direct access to Raiwind Road, one of Lahore’s busiest thoroughfares, LV Heights too has a high value of the property and also provides inhabitants with exceptional navigational convenience. Adda Plot, Lahore Ring Road, Safari Zoo Park, Shaukat Khanum Hospital, and a number of great higher education institutions are within a near range.
LV Heights offers users a futuristic lifestyle it’s anything but ordinary as a high-end apartment complex. A 24/7 safety system, subsurface wiring, in-house gymnasium, laundry facilities, children’s play area, roof-top restaurant, devoted car parking, elevated lifts with achieving sustainability, and a swimming pool are some of the most notable factors that influence the development.
Tameer Developers, a well-known company in the development sector, is the mastermind behind this beautifully designed apartment complex. LV Heights is recognized as one of the top housing projects along Raiwind Road attributed to a combination of ground-breaking features. It will almost certainly lead to a great return on investment. Given the project’s wide scope, it offers amazingly low per-square-foot pricing, making it incredibly attractive to investors.
Icon Valley Phase 2
Icon Valley Phase II is Iconic Valley Developers’ flagship real estate development. Icon Valley Phase I, their previous development, was just a complete success. Icon Valley Phase II, per the developers, is set gonna take it to a whole other level. It really is a precisely constructed housing scheme that provides inhabitants with all the latest conveniences. This development enjoys a rather practical position as it is located upon the main Raiwind Road but is only a few minute’s drive away from numerous famous places and amenities like Lahore Ring Road, Safari Park, Shaukat Khanum, as well as the Lahore-Islamabad M2 Motorway, and others.
Icon Valley Phase II introduces relatively affordable yet fully-featured townhouses for the first time in Lahore’s property sector and is another key appeal of such an up-and-coming housing project. They are far less expensive than identical properties in many nearby housing projects. Considering their inexpensive cost, these townhouses offer access to those projects’ noteworthy facilities.
When you miss out on Icon Valley Phase I, it’s an even larger and greater chance. Real estate prices in the Raiwind Highway have increased by 40-50 percent in the last three years and are likely to go up more down the valley, increasing the housing scheme’s competitiveness. While Icon Valley Phase II is mainly a housing property, this has a lot to give to a wide range of business investors. The project’s real estate consists of retail stores, corporate offices, residential apartments, and, of course, townhouses. Property in just this project is moving rapidly as it’s been approved by the Development Authority (LDA) and provides flexible payment plans.
Al Hayat Residencia
If you are looking for a modern and comfortable apartment then consider Al Hayat Residencia. This vertical residential project’s remarkable characteristics, combined with its popular area, make it a fantastic addition to that same Lahore residential real estate market. Al Hayat Engineers and Developers, another of the industry’s most renowned names, is just the minds behind all these high-end apartment projects.
This is one of the most luxurious residential developments in Lahore, located on Raiwind Road. Al Hayat Residencia was designed to be a safe, gated community with all the conveniences of modernity. The apartment complex includes one-, two-, and three-bedroom units with modern architectural drawings and is well-designed.
A community center, an indoor cinema, a mall, a rooftop restaurant, a comprehensive gym, and a material removal social aspect will all be included in the vertical accommodation plan. One of the features of the Residency is the main courtyard of magnificence, Al-Hayat, which allows you to completely enjoy the community’s existence. It will be a wonderful location for family and friends to gather and play with children in a protected manner.
This new home development is being built on Safari Rd, which is a good spot. Al Hayat Residencia is the wonderful and best-located apartment building in Lahore, with Raiwind Road just a short distance away. Lahore Safari Zoo and Shaukat Khanum Memorial Hospital are two of the big features in the area. You can also enjoy easy access to Lahore’s well-known Ring Road if you live in this grand-scale apartment structure.
All other investing prospects are based on living accommodations. Investors in the project might expect financial gains of up to 80% over the next four years, according to local real estate specialists. A simple payment plan is an easy way to invest. Due to a number of intriguing characteristics, the project inventory is reaching completion. Time is running out, and you must work diligently to obtain an apartment in this sophisticated building.
Platinum Homes
Platinum Homes, one of its most anticipated residential developments on Raiwind Road in Lahore, and expected to elevate the standard for contemporary apartment living in the city. The gated community was designed with edge lifestyle facilities in mind, assuring that its members have the highest convenience and safety. For round security surveillance system, a constant energy supply, a state-of-the-art water filtration system, well-paved roads, and enough green spaces are just a few of the amenities provided by such an up-and-coming home plan on Railwind Road.
The project’s excellent location, which is directly linked to the main Raiwind Road, provides direct access to many major highways, landmarks, and facilities, including Adda Plot Junction here on Lahore Ring Road, the Lahore-Islamabad Motorway M2, Shaukat Khanum Hospital, or the Lahore Safari Park. Platinum Homes’ housing estate includes fully prepared three-marla houses with attractive interiors and exteriors. This residential development’s residences have a known and understood space of 1,482 square feet and three bedrooms, making them perfect for modest homes.
Platinum Homes, the brainchild of Platinum Construction Ltd, has received all necessary approvals. Feeta.pk, Pakistan’s most reliable property portal, is advertising it. As a result of all these factors, it’s among the safest property investment choices in Lahore.
Regardless of the fact that Platinum Homes is built with low features, this project’s property prices are surprisingly low. Furthermore, as an investment, you can buy a home within the project with easy 2-year payment plans, adding to your convenience. Check out our Platinum Homes project description to get extra information on this very well residential community.
J Heights
J Heights is envisioned to beautify Raiwind Road with its incredibly attractive exterior and outstanding property investment scope. That is a high-end project in Lahore that offers luxury apartments. The property is practically attached to the central Raiwind Road and is conveniently located close to numerous prominent monuments and amenities such as Emporium Mall, Orange Line Station and Motorway M2, etc.
J Heights is a new high-end housing property filled with all the delights and conveniences to let you have an unparalleled urban experience. A rooftop recreational area for major parties and fine dining with recipes by renowned chefs, housekeeping service, a prayer hall, a smart door system, protected parking areas with valet services, 24/7 security with CCTV surveillance, enclosed sports stadiums as well as the gym are just a few of the project’s top-of-the-line facilities and amenities.
If you’re searching for beautifully built luxury flats in Lahore that you can afford in monthly installments, J Heights is the place to go. It’s one of the primary reasons for the apartment complex’s astounding success since it’s presently one of Raiwind Cycleway’s more popular housing developments. You can choose between 1- and two-bedroom luxury apartments for investing in J Heights. The entire project’s interior has been equipped using high-end fittings and fixtures to create a sense of luxury.
J Heights is generating headlines not only for its high-end features but also for its excellent financial potential. Zameen.com, as a marketing and sales partner, has given it its seal of approval. The project has been carefully reviewed for any potential legal difficulties, and it is a completely risk-free investment. The property price on the Raiwind Main Road has increased significantly in recent years, implying that a rising project like J Heights inside the area will provide a good return and a strong rental return.
Meanwhile, if you want to read more such exciting lifestyle guides and informative property updates, stay tuned to Feeta Blog — Pakistan’s best real estate blog.
Top Residential Schemes Near Raiwind Road Lahore
FBR Amnesty for Real Estate Investment
Available Options under FBR Amnesty
Those who are owners or buyers of a building, or own a unit in a building, may avail themselves of the current amnesty in respect of the purchase price of a building or unit under the following conditions:
For New Projects registered with FBR under Section 100D of the Income Tax Ordinance, 2001:
A person wishing to take advantage of the amnesty must make a full payment through the banking channel (cross-bank instrument only) for the projects registered with FBR from the initial date of the project until 31.st March 2023.
For Existing Projects affiliated with FBR under Section 100D of the Income Tax Ordinance, 2001
For existing projects registered with FBR, full or balanced payment must be paid through the banking channel (Cross Bank instrument only) from the initial registration date until 31.st March 2023.
Process Recording
Prior to taking advantage of the amnesty, FBR made it mandatory for the buyer to register with the regulatory authority. The registration process is as follows:
- Log in to FBR’s IRIS portal
- Click the registration tab and select the buyer’s option. A registration form will appear.
- At the far right, click on the ‘+’ icon and an information box will appear on the screen.
- Enter the details of an Existing / New project including the name and NTN of the project
- Enter the purchase price, transfer date and location
- Again, click the ‘+’ sign in the far right
- Next, enter the details related to the payment instrument
- Click ‘Next’ and do not enter any data. Continue by clicking ‘Next’.
- In the next step, an add-on tab will open and click on the ‘+’ sign.
- Attach all relevant documents (FBR rates of the relevant area, Map Approval, Delivery / Agreement for Sale)
- Click Finish
- Go to Control Tab, enter PIN and confirm.
- Click ‘Submit’ and the registration process will be complete.
Conditionality
- According to the FBR, money invested and derived from the commission of criminal offenses including Terrible Finance, Money Laundering, and Blackmail will lead to the buyer’s disqualification from utilizing the amnesty scheme.
- However, money not derived from the commission of criminal offenses, and not declared under the Income Tax Ordinance, 2001 may be invested, is exempt and enjoys immunity from Section 111.
Meanwhile, if you want to read more such exciting lifestyle guides and informative property updates, stay tuned to Feeta Blog — Pakistan’s best real estate blog.
FBR Amnesty for Real Estate Investment
- Published in International, Real Estate Guide
Essential Info on Mortgage Housing in Pakistan
Pakistan has been one of the most difficult countries to secure a home loan. Very few banks offer and eagerly market mortgages, and those that do often have tedious and daunting conditions. As a result, home mortgages in Pakistan have historically been as low as the equivalent of just 0.3 percent of the country’s total gross domestic product (GDP).
However, this figure has started to improve gradually due to the initiatives of the ruling government aimed at moderating the access of Pakistanis to home ownership. The government of Pakistan has launched an ambitious push to build 5 million affordable homes under the Naya Pakistan Housing Scheme and consequently relaxed various bank rules governing mortgages, making it more convenient for poor families to secure home loans.
What is a Mortgage?
The term mortgage originates from the financial system of lending. It is a typical loan that is used to buy or keep a home, land or other types of real estate. In mortgage financing, the borrower unconditionally agrees to pay the lender over time, normally in a series of consequential payments that are secured to form a figure higher than the original amount of the loan. The property itself serves as collateral to secure the loan.
A borrower must apply for a mortgage loan through one of the trusted lenders, ensuring that the necessary conditions and requirements are fully met including minimum credit scores and down payments. Mortgage applications are passed through a rigorous insurance and review process before they are approved. La types of mortgage loans vary according to the needs of the borrower, for example, conventional and variable loans. However, in countries like Pakistan, mortgage financing is restructured in light of various principles in line with the banking system and economic dynamics of the country.
How mortgages work
Individuals and businesses around the world are using the mortgage finance model to buy real estate without having to pay the full purchase price in advance. The borrower repays the obtained mortgage loan with an additional amount for a defined period of time in a series of regular payments until they own the property free, clearly and by all legal means. Mortgages are also known as property claims or foreclosures against the property. If the borrower fails to pay or fails to pay the mortgage, the lender has the right to foreclose on the property.
The Mortgage Process: How to Apply for a Mortgage?
Home mortgage lenders begin the process by submitting an official application to one or more mortgage lenders. The lender requests proof that the borrower is quite capable of repaying the loan. This index may include bank statements, the most recent tax returns, and proof of current employment. The lender will also do a mandatory credit check.
If your required credentials are complete in all respects, and therefore acceptable, the application is approved. The lender will proceed by offering the required amount of loan at a certain interest rate. However, the fixed interest rate is a reason why many people in Muslim countries strongly oppose the acquisition of bank loans. Alternatives to interest, like other financial models, still lead to convincing people.
If the question in your mind is how I am pre-approved for a home loan, then the answer is simple. Homeowners can also choose to apply for a mortgage after choosing the property they are looking to buy or while they are still. in the hunt for the right property, this process is known as pre-approval. Being pre-approved for a mortgage can enable buyers to keep a margin in a demand-sensitive housing market where sellers need a full guarantee of whether the buyer will have the money to back up their offer.
Once a buyer and seller agree on the terms of their property, they or their real estate agents meet at what is called the closing. This is the meeting where the down payment is made by the homebuyer or on his behalf to the lender. Once the down payment has been received, the contract stating all the terms is signed and the seller agrees to transfer ownership of the property to the buyer and receive the mutually agreed amount of money. Therefore, the buyer signs any other mortgage documents as needed.
Purposes and types of mortgage loan
A mortgage loan is obtained by borrowers for multiple purposes; however, all of the mortgage loan applications fall within the real estate sector. These loans serve as an aid in buying property. Some of the most common mortgage types and types include:
New home construction
This type of mortgage loan is extended to people who already own a piece of land and need financial support to cover the cost of building a mortgage. house on that earth. The disbursement of this type of mortgage is made in installments during the construction phase by appraisal of the Invoice Amounts (BOQs) submitted by the mortgage applicant duly audited by an approved appraisal agency authorized by the bank.
Purchase of land and construction
This form of loan is given to customers who are looking to buy land with the aim of building a house on that land. The disbursement of a certain amount of this loan is made on the purchase of the plot by the customer, and then the rest of the amount is released in installments during the construction phase by estimating the Invoice Amounts (BOQs) submitted by the mortgage applicant. duly audited by an approved rating agency authorized by the bank.
Home Purchase
As its name suggests, this type of mortgage loan is obtained for buying a house that is already built. This can either be a pre-owned house or in the other case a newly built one.
Renewal
This mortgage loan is extended to those who already own the home ownership, and need funding for renovation. The disbursement of this loan is made in two installments after the borrower has provided BOQs duly audited and authenticated by an approved rating agency authorized by the bank.
Home mortgage in Pakistan
A recent study by Pakistan Housing Finance revealed the fact that there is a healthy demand for home mortgage loans in Pakistan driven by upper-middle-class families in various cities of the country. The report studied 26 Pakistani cities and found that with the right products, systems, financing and less stringent conditions, lenders could possibly have around 500,000 new borrowers. The study set the probative value of the mortgage market at about $ 4 billion with growing inflows into the country’s financial system driven by favorable government incentives.
Various institutions in Pakistan offer mortgage loans. If you are wondering how to apply for a mortgage loan, all you have to do is trust the information on this blog and visit any of the banks that offer mortgage loans in Pakistan. Some reliable banks that offer decent mortgage products with unbiased terms are Bank Al-Habib, National Bank of Pakistan, Standard Chartered, Askari Bank and more. Some other forums where you can get reliable information about mortgage loans in Pakistan include:
Pakistan Mortgage Refinancing Company (PMRC)
PMRC is a Mortgage Liquidation Facility established by the State Bank of Pakistan to address the long-term financing limit in the banking sector and to promote housing finance to the fullest. PMRC serves as an assured source of long-term funding at competitive rates. You can visit the PMRC website to learn more about mortgage financing.
Home Construction Finance Company (HBFC)
Established in 1952, HBFC is the only housing finance institution in Pakistan set up by the Government of Pakistan. Its services are focused on providing funding for the housing needs of lower and middle-income citizens. HBFC serves through its deep-rooted and national footprint of 51 Branches serving citizens across the country.
Conclusion
Real estate mortgage loan in Pakistan has never been a popular choice historically. This is because Islam strongly prohibits both borrowing and lending money in exchange for interest, which means that borrowers end up paying a much higher amount against the figure actually acquired. Therefore, the majority of Muslims prefer to avoid typical mortgages when buying property. Instead, they go for alternatives like rent or rented houses.
However, in recent times, with government initiatives and incentives aimed at helping the lower middle class buy a home of their own, we have seen a significant increase in the number of mortgage loans obtained during the ongoing financial year.
For the latest updates, please stay connected to Feeta Blog – the top property blog in Pakistan.
Essential Info on Mortgage Housing in Pakistan
- Published in Housing Finance, International, Real Estate Guide
Build a house with a limited budget
Owning a home is often viewed as a dream. It happens to many people that the construction of their dream home exceeds their budget limits. In other words; it’s not in your power to build now everything you’d like your new home to have. However, this dream can be easily achieved with dedication and long-term planning.
There are many materials or construction techniques that are less expensive and can lower the budget by a few zeros. These tips and tricks can save you money while building a house in Pakistan. Therefore, it is safe to say that building a house with a limited budget is possible.
In this blog, we bring you a selection of tips and tricks that you can use to lower the overall costs of your house.
Before starting with the purchases, it is necessary to have a detailed calculation of the required materials and the exact quantities. This is important to avoid buying more: this involves a higher cost because there is no possibility to negotiate a reasonable price for a quantity.
Al saves money when building a house, you need to be properly informed. Only then will you know what to expect and be able to better manage your resources. Don’t go payment about hiring without knowing exactly what you want; this will only make you lose money.
Ideally, you should dedicate yourself to researching the professionals who carry out this type of project, their work history, what tasks they perform or what their main duties are. It is also necessary to find out their professional fees to deal with various options, compare prices and ultimately make better decisions.
One of the biggest secrets we can share with you to save while building a house is that you work only with honest, trained and experienced professionals. If you don’t, you’ll most likely end up dealing with construction errors that will cost you a lot of money in the long run.
Honest professionals (from architects to builders) will focus on helping you and avoiding wasting your resources. This means that they will not be with you out of sheer financial interest, as they are sincere, loyal and honest professionals.
Sign a fair contract with the construction company:
If you are determined to save money when you build a house, you need to be clear that the contract with the construction company can have a profound effect on your budget. Construction is responsible for most of your budget as it is usually up to 80% of the total budget in most cases.
There are other residual expenses, such as a geotechnical study. That’s why you need to make sure that you sign a fair agreement with the construction company so that you don’t end up paying more than the bill.
To do this you need to get advice from the architect and the surveyor, which is why they should be independent of the construction company.
It has become one of the most preferred elements to build modern houses. On the one hand, it saves costs by covering the walls with plaster or cement, and on the other hand, they have become one of the essential pieces of the industrial style and even the minimalist, in some cases. In addition, it is a very durable material that does not need maintenance.
Concrete blocks are in vogue and are a great choice to build your house. It is a cheap material made of cement, water, and sand; it is highly resistant to any environment. You can create great architectural designs with concrete, including spiral staircases and Roman columns.
Install constant insulation
Renewing insulation every two or three years is a big mistake because it will cost you a lot of money. Therefore, if you want to save by building a house, you should install permanent insulation on the thick work.
For example, the foundation could be covered with special waterproof paint and the walls with polystyrene or fiberglass.
The roofs could be covered with wooden or ceramic tiles, which overlap like tiles and which act as excellent insulating and waterproofing agents.
Environmental insulation is ideal for taking care of the environment, but we recommend choosing more affordable materials if you plan to save as much money as possible.
Trying not to put on good insulation to save on the work is typical. In the long run, you will get exactly the opposite of what you are looking for, as you will spend a lot more on air conditioning, in addition to unnecessarily damaging the environment.
Avoid excessive walls and doors.
Excessive wall construction, as well as the extensive installation of doors in your new home, can significantly inflate your budget.
Assess the possibility of hiring an open concept design mainly because you could spend more time at home in the future because of the severe health crisis we are experiencing because of Covid-19.
Avoid enclosed spaces when choosing constructions that offer you a greater sense of spaciousness and freedom. That way, you won’t feel trapped in your own home, and you will also save good money during the construction phase. Additionally, you will not have to make any reforms in the future that will also be favorable to your finances.
Because this is the most basic and essential part of any construction, experts do not recommend maintaining it. It’s better to invest in the desired amount using a perforated foundation, where unique columns are drilled into the ground and then filled with concrete. Then, a monolithic grid is installed above the ground. There is still a minus sign: if the soil has a different density in one place or another, there is a risk of collapse of some pillar. Therefore, soil analysis is done in advance.
There’s another great option – this is a streaked foundation. It has a great support area, which makes the foundation more reliable. The base will not crack while it is fully settled, even with a small landing.
Choose affordable and durable materials.
Choosing affordable and durable materials is also a great strategy to save money while building a home.
Be sure to choose the ones that suit the climatic conditions of the place where you will live, to be comfortable all year round in your new home. Bricks and concrete blocks are two great cost choices, and the best part is that they are more affordable than many other building materials. After all, it’s not about offering style, beauty and elegance when you build your home with cheap and durable materials. Keep in mind that you can achieve incredible results if you work hand in hand with high-profile professionals.
It’s a great way to get a perfect floor that is decorative and cheap: smoothed concrete. This is completely smooth to a uniform appearance. You can use it in a variety of ways. Mix it with a few tiles for a more fun touch. Another alternative is to mix the cement with colored pigments to have a different color. Finally, you can leave it with the base color of the cement to make it look perfect.
So, here are some things to look for when selecting yours to build a house on a limited budget in Pakistan. Read this piece and try to incorporate these tips into tricks to build your house.
If you have any other questions or suggestions, leave a comment in the comments section below, and we’ll get back to you as soon as possible.
Meanwhile, if you want to read more such exciting lifestyle guides and informative property updates, stay tuned to Feeta Blog — Pakistan’s best real estate blog.
Build a house with a limited budget
- Published in Housing Finance, International, Real Estate Guide, Technology
Difference Between Buyer’s Market and Seller’s Market
Everyone wants the best deal on a new home, but it’s not always easy. After the COVID-19 pandemic, prospective homeowners found it difficult to answer the question, “Why are houses so expensive nowadays?”.
To save on a new home and avoid spending too much on the mortgage, wise homebuyers try to time their purchases around the buyer’s markets.
When buying a home, it is important to know the difference between the buyer’s markets and the seller’s markets. Let’s find out more with this blog.
What Is A Buying Market?
Buyers ’markets occur when more homes are sold than buyers are available. It means that more homes are listed for sale than there are buyers. A buyer’s market often refers to the state of a market where there is relatively more inventory than demand.
Lower home prices are an indicator of a buyer’s market. A seller’s home will often sell around the list price or even less in the buyer’s market. You can’t raise your asking price much without getting buyers to look at comparable homes offered by other vendors in your neighborhood.
Due to the volume of competition, sellers are at a disadvantage. Many sellers decide to accept a lower selling price instead of waiting for the right buyer to come.
Apparently longer than average time on the market is another sign of the buyer’s market. It’s probably a buyer’s marketplace if the counters aren’t replaced by sold-out signs as you drive through your neighborhood. There is little chance of seeing a bidding war on a house on the market. With so many homes available, buyers are unlikely to spend more than the asking price.
What is a Vendor Market?
During the seller’s market, the number of buyers cancels out the number of available homes on the market or when there are more buyers than available homes. A single property often attracts multiple buyers, resulting in a bidding war. Selling your home in the seller’s marketplace can be a great choice because you can get a higher selling price than your list price, or at least more than your lowest price (the lowest price you’re willing to accept for your home).
Be aware of the seller’s advantage when you buy a home in the seller’s market. The advantage of getting a lower sale price on a property that other buyers are interested in is unlikely if other buyers are also interested.
An offer made by a competing buyer could cost you the opportunity to purchase the property. The seller’s market is sometimes referred to as a tenant market because sometimes prospective buyers have to keep renting until they can raise their down payment and compete with other buyers.
The market for Buyers or Sellers? Find Out With These 4 Tips
The market of a buyer or seller can be determined without being an expert in real estate. The easiest way to tell is usually by looking at current and recently sold listings.
The buyer’s market has the following characteristics
- Home sales are slowing
- The homes are sold for less than the list price
- The domestic price index is declining
- There are many homes available for sale
The seller’s market has the following characteristics
- Houses are selling fast
- The home sells at or above the list price
- The price of homes is rising
- There are not many homes for sale
Some Tips for Buyers
When there is limited housing and many buyers are interested, time is of the essence.
- The seller’s market is a great time to act fast if you find your dream home. Those who are hesitant about a house they want to buy may find that it is no longer available until the time they are ready to negotiate. Getting pre-approved for a loan before you need it will secure financing.
- Make sure you know you’re at a disadvantage before you bid. There is no need to press for specific closing dates, concessions or contingencies in the vendor market. Make sure you focus on what is important to you. Make sure you think twice about the terms you want to be written into the contract. Make a full cash offer, if possible. Because cash buyers do not have to deal with financial problems, sellers prefer them.
- Having patience is key when you continue to lose the homes you are interested in. Don’t be discouraged if you continue to lose homes you are interested in. Frustrated buyers end up suffering in the seller market. Many inexperienced bidders engage in supply wars to get the home they want, even if the home is not worth much. That’s not a good idea.
- If you are tired of losing, you may end up making an offer for a home that you would not normally be interested in. Property ownership is an investment and often a 30-year commitment. Don’t get sucked into a cheap house. You’d better wait until the market cools down before you start your home search.
Some Tips for Sellers
To increase interest in your property in the seller’s market, you will need to compete with other sellers.
- Before you market or display your property, make sure your home is clean and organized and in good condition.
- The price of a home tends to rise in the seller’s market, but the price of your home is still relatively helpful. You are more likely to attract buyers if you lower your asking price slightly below the fair market value. It is common for sellers to list their homes slightly below their estimated value to encourage bidding wars.
- Examine offers carefully: In a seller’s market, it is even more important to consider offers carefully. In their search for the highest bid, sellers often ignore the financial strength of the buyer. If buyers say they will pay a certain amount, that doesn’t automatically mean they can get the money. The appraised value of your home cannot be financed beyond that.
- Your last resort should be to accept an unrealistic offer and then have to resell your home when the deal hits. Buyers will have more power during a negotiation when your house is on the market longer.
- Make sure that every buyer who requires financing is pre-approved for a loan. When buyers receive pre-approval, their credit and finance are checked, ensuring that they can get a loan for a specific amount. The prerequisite, however, is only an estimate of a buyer’s finances.
- Observe contingencies: Also be aware of offers that include contingencies. In the event that certain conditions are not met, buyers may withdraw from sales contracts, including mortgage contingencies, home sales contingencies, appraisal contingencies and inspection contingencies.
Summary
Knowing where the market stands is helpful when buying or selling property. There is less competition for buyers in the buyer’s market when there are many homes available. On the other hand, a seller wants to list his house during the seller’s market when there are fewer properties for sale and a high number of interested buyers.
It is still important to hire a property, regardless of the market conditions in your area. A real estate agent can put you ahead of your competition, regardless of market conditions.
Choosing the right time to buy a home can be a major challenge. In the seller’s marketplace, you will notice that homes disappear almost immediately after being listed. To avoid losing what could be your dream home, you should be pre-approved as soon as possible instead of waiting until the last minute.
Watch this space for more information on that. Stay tuned to Feeta Blog for the latest updates about Architecture and Interior Design.
Difference Between Buyer’s Market and Seller’s Market
- Published in International, Investment, property, Real Estate, Real Estate Guide, sellers
NOCs Needed for Project Approval in CDA Jurisdiction
The NOCs ensure timely approval of layout and construction plans, issuing necessary NOCs from relevant departments and agencies, and completing allied formalities.
In this regard, Feeta.pk presents a comprehensive list of all necessary NOCs – published by the Capital Development Authority (CDA) for the approval of projects in the jurisdiction of CDA in Islamabad.
1. Possession Document
‘Border Certificate’ or ‘Shajra’s axis –
Specified map is edited by the ‘Patwari ‘ or ‘Tehsildar ‘ so that the property / project owners give a clear picture of the actual land owned.
“Letter of Assignment” or “Fard” –
A document indicating proof of ownership of a property, primarily necessary for the registration of the property.
Letter or Certificate of Unloading –
A required document is used as a sign of free title or ownership.
2. Pre-Plan Permission (PPP)
A letter reached by CDA’s planning wing seeks to establish whether the scale and nature of proposed development would be acceptable to the local planning authority.
3. Approved Layout Plan
The approval obtained by the Architectural Directorate, CDA at the Front Office, One Window Operation, CDA, the layout of a building or structure shows the plan of its foundation on the ground surface according to its drawings.
4. Letter of Approval from Design Board (DVC)
Design examination is the process of thoroughly exploring an arrangement plan before deciding to go ahead with a project.
The Design Control Commission discusses requests for approval of building designs. The Committee approves designs or sometimes delays them due to technical deficiencies.
5. Letter of Approved Construction Plans –
The building permit consists of the construction plan and the layout approval for the construction of the building. Its approval letter can be obtained from Architecture Directorate, CDA at the Front Office, One Window Operation, CDA.
6. Approved Construction Plans Controlled by Competent Authority –
A construction plan is a scaled diagram of a room or building viewed from above. Its approval can be obtained from Architecture Directorate, CDA at the Front Office, One Window Operation, CDA.
7. Third Party Verification Certificates –
Mechanical, Electrical and Plumbing Certificate (MEP) –
Relates to the mechanical, electrical, and plumbing aspects of building design and construction.
Certificate of Control in Structural Design –
A building permit application may be accompanied by a design certificate confirming that the building structure complies with the requirements of building regulations.
A Certificate in Fire Safety and Risk Management that ensures that a building has a developed culture of fire safety and effective firefighting can be implemented.
8. Access Approval
In construction on major CDA avenues and riding roads, an access road approval must be taken by the Authority.
9. Approved letter from National Highway Authority (NHA)
In construction on GT road, a letter of approval must be taken from the National Highway Authority.
10. Certificate of height
An altitude clearance certificate is obtained to protect unobstructed zones around airports and the airspace required for air navigation. The certificate can be obtained from the Civil Aviation Authority.
11. Utility Connection Approvals
Sui Northern Gas Pipeline Approval Letter (SNGPL)
Islamabad Electric Supply Company (IESCO) Approves Letter
Water Supply System approval letter
12. Approval letter from Fire Fighting System
Fire Prevention and Life-Saving Rules have been developed to ensure compliance so that fire explosions are prevented.
13. NOCs / Environmental Approval of Pakistan Environmental Protection Agency (EPA)
The primary goal of the environmental assessment process – acquired by the Pakistan Environment Protection Agency (Pak-EPA) – is to provide advocates and decision makers and members of the public with an understanding of the potential environmental impacts of the proposed action. The approval can be
14. Construction Final Certificate
Construction Final Certificate is proof that the construction work has been carried out in accordance with the rules and regulations of the citizen authority. The Building Completion Certificate can be obtained from CDA.
Meanwhile, if you want to read more such exciting lifestyle guides and informative property updates, stay tuned to Feeta Blog — Pakistan’s best real estate blog.
NOCs Needed for Project Approval in CDA Jurisdiction
5 Ways to Be a Better Owner
Being a landlord is not just about collecting rent and avoiding damage to your property. Sure, these things are important – but with the right approach, you can build lasting relationships with tenants who trust and like you.
Why worry if tenants like you? Well, you entrust them with the day-to-day care of your property, and they have a lot of opportunities to damage it in creative ways, so you want to stay on their good side. More than that, you want them to be good tenants – pay their rent on time and take good care of the property. To get good tenants, you have to be a good landlord. Here’s how.
1. Take Tenant Care Concerns Seriously
Most tenants will not call the landlord for anything unless they feel there is no other way to deal with the situation, so you should take any complaint or concern seriously. You can’t always do anything to address your tenants ’concerns – for example, you can’t ask people in the unit above your tenants to stop walking at 3:00 am unless they’re also your tenants. You can’t get the old lady who owns the house next to your rental unit to take off her ugly lawn moths. But you can mediate disputes between your own tenants, deal with concerns about the property itself, or make exceptions for tenants in unusual circumstances.
2. Respect Tenant Privacy
In many states, you have to give 24 to 48 hours notice before you can enter your tenant’s home outside an emergency situation. Even if you live in a state without such notice period, or your tenants agree to waive it, you should still respect tenants’ privacy. Just because you can to pass unannounced does not mean you should fall unannounced.
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Tenants want privacy in their homes, so try to give prudent notice before entering the unit unless there is an emergency. You do not need to access the property while the tenant lives there unless repairs are required or if you suspect that the tenant has caused damage. You can evict a good tenant from a nice property by being too name.
3. Be A Little More Understandable
Things are happening. If you have tenants long enough, you will have some who will lose their jobs, or experience death in the family, or have a relative who needs someplace to stay for a few weeks. If they need a few extra days to pay rent or need to let someone stay with them a little longer than the rental technically allows, try to be understanding, especially if they were a good tenant otherwise. They will remind you that you are a little relaxed when you want them to renew their rent or pay a little more rent each month.
4. Make Repairs on time
Tenants only want to live in a well-kept home, and they are allowed to do so. Do not try to avoid repairs. Tenants are much more likely to give up rent if they can trust you to perform maintenance and repairs on time. After all, no one wants to live with a broken heater or leaking pipe for weeks.
If your tenant needs an emergency repair, do it right away. In the case of non-emergency repair or routine maintenance, notify the tenant that you intend to inspect the damage, or simply go ahead and set up an appointment with a contractor. Your property will do better if repairs are also done on time. Once you have several properties, you can use HOA and property management accounting software to manage care requests when they come.
5. Know Your Obligations and the Rights of Your Tenants Under the Law
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Check your state’s landlord-tenant laws to ensure that you perform your duties and respect the rights of your tenant. Your state’s landlord-tenant law governs such matters as the use of security deposits, when and how often you can access the property, when and how to evict a tenant, and what you can do with abandoned property in the unit. Laws may change, so try to stay current.
If you want to attract great tenants who will stay on your property for years, take care of it as if it were their own, and always pay their rent on time, you have to be the best landlord you can be. If you are cheerful, fix things right away, and are willing to relax a little good tenants when they need it, you may find yourself developing a relationship with your tenants that goes beyond business and into friendship.
For the latest updates, please stay connected to Feeta Blog – the top property blog in Pakistan.
5 Ways to Be a Better Owner
- Published in International, landlord, Real Estate, Real Estate Guide, Real Estate Investments