How to buy first property in Pakistan?
Everyone wants to live in own home in Pakistan. But very few people can buy home in Pakistan due to abnormally high property prices. Prices in Karachi, Lahore, Islamabad and other top cities are out of the reach of even middle class people. In this blog we will discuss the options for how to buy first property in Pakistan.
First time home buyer
First time home buyer is the person who has never bought a property before. In most cases, first time home buyers are the renters and have very limited capital or revenue in hand. Due to the limited revenue or capital, first time home buyers have very limited options. Let’s discuss how to buy first property in Pakistan.
First time home buyers should sacrifice lifestyle for better future
First time home buyers should be ready to sacrifice their luxury lifestyle for bright future. In Pakistan, latest mobiles and cars are status symbols. But these items lose value with time due to technological advancements. On the other hand, real estate prices have always appreciated with the time. So instead of spending money on new mobile and cars, first time home buyer’s first priority should be plot or house.
First time home buyers should go after small size properties
Many Pakistanis are living in the dream world, where they have dream of living in luxury houses. We should come out of this dream zone and plan carefully according to our financial situation. We should dream about what we can buy rather than what we like. Average Pakistani wants 1 Kanal house, whereas average house size in Europe is 2.5 Marla. Therefore for first time buyers, it is highly recommended that just go after small size plots and houses as they are cheaper and easy to buy.
First time home buyers should search property away from city centers
First time home buyers should know that property price increases when we move towards city center and decreases when we move away from city center. Therefore, first time home buyers should search properties away from city centers and mostly in suburbs. In Suburbs, property prices are low and with many options. First time home buyer should buy properties in these areas first.
First time home buyer should search for installments options
As discussed above, first time home buyers have limited cash. The best option for first time home buyers is to book flats, houses or plots on installments. This will provide two advantages for first time home buyers. Firstly, home buyers have to pay in installments rather than lump sum payment. Secondly, home buyers will pay less in installments, but property price will be more after 2-4 years.
First time home buyer has many options after buying first property
When first time home buyers have bought properties on installments in suburb areas, now they have many options. It’s hard to buy home first time, but easy to buy next time. Now home buyers have two better options. They can buy large size property or move to an expensive area towards city center. You can pay deposit or advance payment with the money you got after selling your first home and rest can be paid in installments. This way first time home buyer can get dream home on good location.