Buying a property is no longer a mystery process. Now a lot of available information is available for anyone looking to research to buy a property.
Table of Contents
- Looking for a Property outside your Range
- Limited Financial Support & Lack of Research on Builders/ Constructors
- Not doing Market Research While Buying a Property
- Blindly Following Real Estate Agents
- Not verifying Legal Documents
- Forgetting About Hidden Costs
Buying a property is no longer a mystery process because of internet availability. There is now a lot of available information for anyone looking to research the entire home-buying procedure.
But, there are still common traps that people unintentionally fall into. The blog targets to describe all the potential risks so that you can productively navigate and purchase your next property with absolutely no stress.
Let’s start with the top spot on the list right away:
Looking For a Property outside Your Range
While daydreaming can be fun, finding real estate outside your financial realm won’t help you if you’re thinking about purchasing a new house. It is much better to sit down and define your exact price range and stick to it when you search for property.
Once you’ve done your task and calculated all of your prospective costs in addition to your current income and expenses, determining your price range will be easy. Now that you have an exact idea, all you have to do is stick to it.
Limited Financial Support & Lack of Research on Builders/Constructors
While a quick Internet search by typing in the name of the company or constructor is performed on the Internet by multiple clients, it is always helpful to search the field in person. Try talking to previous builder clients to get an idea of their services and buy from experienced and reputable builders.
A certified builder is more professional in his business dealings and can be trusted. Find out if the constructor/builder has leverage or not. Please make sure the builders have a solid financial background because they will complete projects on time. If listed, check the financial disclosures of the builders.
Not Doing Market Research While Buying a Property
Remember that the market continues to fluctuate and that you need to do proper research and analysis before investing in a plot for sale. The money you have earned through hard work should be invested in the right property at the right time. Therefore, research every aspect of the property, such as the history of a constructor, date of construction, type of a property, ownership, etc.
Blindly Following Real Estate Agents
Real estate agents are not always trustworthy. Do your research before you blindly trust them? Real estate agents are very persuasive in transactions and closing deals, such as buying a plot for sale in Lahore. So be vigilant and attentive.
Not Verifying Legal Documents
Real estate documentation is the backbone of any real estate transaction. Some people falsify documents and sell property that doesn’t even belong to them. People blindly trust sellers and end up falling prey to real estate scams. So be sure to check the documents for legality.
Check whether bank approvals, survey numbers, execution of the sales contract, and deed of transfer are originals. Be sure to hire an attorney to review the purchase agreement before buying a plot for sale.
Forgetting About Hidden Costs
Always check the hidden fees that builders throw at you in unforeseen situations, and you end up paying more money than agreed. Some hidden fees can be taxes like a property tax, transformer or cabling cost, maintenance charges, KWA/KSEB charges, legal charges, Club House Charges, etc.
Remember, properties like plots, lands, houses, villas are the most trustworthy real estate assets. So, to buy them, you must connect to the best-reputed real-estate portals like Sirmaya.com.
For more blogs, visit: https://www.sirmaya.com/blog/
