Buying a house has become a challenging task these days. The property trends and strong competition has made it difficult for people to find a perfect match.
It is the primary consideration of everyone to buy a house that could safely be called home in all aspects. But in such a scenario, various concerns come into play which are shortlisted by ProProperty for readers to consider before buying a house.
How can you tell that you’ve found your perfect place? Most people say you’ll just know. Until then, use these tips if you’re looking in the right area.
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What’s My Financial Bracket?
We have seen in the market that people tend to get tempted with every beautiful house which furthers the confusion. It is totally useless to waste the time looking at a house without looking at your pocket first.
This has multiple advantages:
- It will help the buyer to specify the available options according to his affordability.
- The seller on the other hand will be convinced that a qualified buyer is more likely to purchase the property.
- Post-purchase expenses including renovation, repairing, and upgradation can easily be chalked out.
- Your preview of financial means availability could bring you healthy concessions.
All these perks can only be availed if you have clearly identified your financial bracket.
Next comes:
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Location
This is another major aspect to ponder upon before making any decisions. The previous consideration depends a lot on this factor as well.
Choosing a location in F-6 Islamabad with a chalked-out budget of Bhara-Kahu is obviously not a rational thought.
Similarly, a location finalized for investment purposes can never be equated with a location for long-term residential purposes.
Likewise, location plays a crucial role in the entire decision-making of purchase and will dominate all the considerations to come ahead in this article. In other words, the budget needs to have relevance to the desired location.
The location, on the other hand, is a broader concept that needs to be conceptualized in the following ways:
- Is the house location more prone to natural disasters or flood zones?
- How secure are the surveillance system and jurisdiction of the police department?
- Is it suitable according to rising pollution and hygiene?
- Is the location able to provide all the basic commodities, supermarkets, and educational institutions?
- Does the route connect link roads or have an easy commute to highways?
- Other W’s or H’s can be brainstormed according to your concerns or preferences.
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Why Is It On Sale?
Most importantly, it is on the buyer to carefully sneak into the reasons why the owner is selling a particular house. Particularly in Pakistan, people come across a lot of dealers who follow the BRRRR strategy (Buy, Rehab, Rent, Refinance, and Repeat), so the buyer needs to align his/her desires accordingly.
Furthermore, when you have an idea of the reasons behind a property on sale, you will have a clearer mind, fewer ambiguities, and enough satisfaction to go for it.
This investigation would also help you to gauge the maximum possible flexibility in price and you would be in a better position to negotiate. A person who is in hurry to sell a house or has recently published an advertisement might save you some bucks more than a person who is not in any rush.
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Does it Hold NOC, Approvals of Govt Building Control Departments?
The recent developments in real estate sectors have introduced various by-laws, safety protocols, and legal policies that contractors need to follow before construction. The approval of maps, for instance from CDA, NOC from building control authorities, and other legal formalities need to be cross-checked first.
On many occasions, we have seen people buy a facility in a hurry without having any knowledge of court proceedings and resultantly it gets demolished by authorities causing a hefty loss to the owners of the property.
For this very safety, various department websites like CDA, SBCA, Punjab Housing, and SC can be researched well for clarifications and understanding of any major development regarding tax regimes, approved projects, and the latest evaluation rates.
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Maintenance History
Every house needs regular maintenance which determines the whole life and durability of the structure. Because of the extreme varieties of maintenance materials in the market, the quality of maintenance work is also an important factor.
It has been noticed that poor maintenance leads to water seepages that corrode the entire structure. Electrical installations, water motors, switches, windows glass, and paint are some major things that determine the cost of any house.
The age of the house doesn’t matter but the condition and maintenance do despite of each having distinct pros and cons. Therefore, beware of what you’re signing up for without compromising on the basics.
A careful Inspection of these factors can help you have a good deal making your decision to buy a worthy one.
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Neighborhood
When you decide to live at any certain place, the neighborhood in your vicinity holds primary importance. Their activities do reflect habits in your domestic environment as well. Choosing an area with good repute is as necessary as all the other things to consider.
A healthy environment, educated families, and cooperative and socially responsible people around can help you in unimaginable ways. While it is also great to live among a community of sensible and competent people that makes all other factors insignificant on certain occasions.
Therefore, it is pertinent to undertake this as a serious determinant and stalk a little before making any decision to buy a house.
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Resale Value
The resale value of any house is its estimated worth in the future. With skyrocketing real estate prices, a number of factors determine its resale value in days to come. As in Pakistan, this is a really important concern for people to invest the money in a way that pays them to profit in the upcoming span. Therefore, various factors are important in this regard:
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The Location
As said earlier, location in every aspect is the most important factor in evaluating the resale value of any property type. A location alongside any highway tends to have a greater payback value than a house built in a remote society.
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The Schools and Educational Institutions
Modern times have modernized the thought process of every individual and today, no one can imagine compromising educational value for their children. Be it for the people residing in the capital or in any other remote city, the concern remains the same. This in return determines the ratio of resale value for any place to increase over time.
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The Amenities and Facilities
A place with dedicated parks, cinemas, long stretched roads, surveillance and security, clean water supply, and uninterrupted electricity feeders are some elements that are considered the cherry on top for the resale of any house, flat, or apartment.
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Difference between Current and Historical Price
An understanding of percentage increase in price over different periods of time can help you predict future trends in a more accurate way.
Comparing the percentage increase rate among different locations and syncing it with pocket affordability can help you take a better decision in line with the expected resale in the future.
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The Structural Layout
A house with 5 well-constructed bedrooms will have a greater chance of higher resale than a house with 3 bedrooms with compromising structural needs.
The number of rooms with washrooms, availability of study and lounge, master suite structure, or split plan construction has a great impact on the overall market value and expected resale of any particular house.
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Future Plans
Buying a house might not be as difficult as understanding its importance for the future. When you’re planning to make house a home, things demand rationality and far-sightedness.
A person may find it easy to decide the life he wants to live right now and buy a cool studio apartment and then realize later ‘oh I also have to get married and also get my parents to move in with me’.
Hence it is safe to say that the purchase you made today might not facilitate your needs after a year and yet again you have to go through all the aforementioned checklist. It is advised through our platform to consider these technicalities before locking into any deal.
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Ideal Home Style
People often feel too tired and bored at their workplace or any single incident at office; argument with boss or client can drain you at times. Getting back home with no aesthetic style or feature available can spoil your whole mood.
The ideal home style, and sense of living that makes you feel pulled up each day would stabilize your personality. Finding a house that fits your preferable style and structure can do wonders in many ways as it is the first thing you see when you get back from hectic work all day.
Therefore, it is important to make note of different home styles according to your wishlist that have the ability to evoke aesthetic freshness inside you.
The Final Word
To purchase a dream house is always a desire of many, whether you intend to buy a modern and trendy urban structure or a small-cozy, fully renovated one, the primary purpose is to make it safe and feel like a home for your family.
There are of course different considerations for everyone in the real estate purchase but the aforementioned factors provide a key checklist to take a decision in the best value of money, since people plan to live in their homes for a foreseeable future and with happiness.
Everyone deserves to find their dream home. With the right amount of research available here, it is possible. Use these important factors as points of consideration as you and your family begin the home-buying process. They’ll help you focus on the qualities that a property must have in order to be your perfect fit.
