Overseas Pakistanis quite often travel back home to visit friends and family. If you’ve been flying around frequently to visit Pakistan, consider buying a home for a vacation in Pakistan. This will not only put an end to embarrassing stays at relatives’ houses, but it will prove to be a worthwhile investment in the long run. Here are all of the factors to consider before buying a vacation home in Pakistan to help you make the best selection possible. Please note that these considerations apply equally to foreign investors who have no family in Pakistan. And just want to visit the country’s scenic places for their annual vacations but would rather stay in their own house than in a hotel or motel.
These considerations apply to many Pakistanis who want to buy a second home as a vacation home in Pakistan in a tourist destination for retirement or annual holidays.
Buying a vacation home is a valuable investment that should not be taken lightly. Before you begin your search for the ideal property, consider the following critical factors:
Following factors you should consider before buying a vacation home in Pakistan
- Frequency of Visits
- Location of the Property
- Chances of Rental Income
- Maintenance Concerns
- Your Investment Budget
- Potential Resale Value
Frequency Of Visits
The most important point before you even think about buying a home in Pakistan. Think about how often you visit the country & how extended your stay generally will be in Pakistan? If you visit Pakistan once in 5 years for a week or so, then there’s no point in investing such a big amount in buying a home for vacation. You can easily rent out a place or stay at a hotel.
For Pakistani nationals, the Question is? How often you will be heading out of town for a vacation to that remotely located property of yours? If you plan on heading to northern areas Naran, Murree or Swat every year, buying a home there makes perfect sense.
LOCATION OF THE PROPERTY
The next consideration before investing money in a vacation home thing that matter is the location of the property. And its reachability from your current location Murree Hills or Patriata, also known as New Murree, are ideal for a quick drive to the property. If you’re a foreigner landing in Islamabad or a resident living in the twin cities, but how convenient is it to travel up north to your vacation house if you live/land in Karachi?
RENTAL INCOME
Earn Rental Income from the Property in Your Absence
Many people buy a vacation house merely to diversify their financial portfolio and generate additional rental income from local visitors. What’s more, guess what? You shouldn’t anticipate that every year you’ll have plenty of tenants lined up to live in your property.
MAINTENANCE CONCERNS
When people buy a vacation house, they frequently ignore one small detail: who will look after the property while away? Most vacation houses, unfortunately, are in areas prone to natural calamities, such as landslides in hilly areas or storms near the seaside. This means you should be able to get to your house regularly enough to keep it in good shape all year or hire someone to do it for you.
Apart from the utility expenditures, residences necessitate maintenance, especially if they are regularly vacant. Such houses also tempt more intruders onto their property, as any astute burglar will see that the residence is usually empty. This necessitates the installation of high-tech security and CCTV cameras in order to preserve and protect the residence.
YOUR INVESTMENT BUDGET
Know-How Much You Can Invest in the Vacation Home
One of the most pressing issues when purchasing a vacation house is determining if you can afford it. This includes not just the down payment on the home and the monthly payments until possession but also all of the ongoing maintenance.
Vacation homes are typically idle for the majority of the year, and as soon as the season comes. You’ll need a large sum of money on hand to make rapid repairs to prepare the property for its new tenants. Furthermore, as previously indicated, if you hire someone to look after your property in the neighborhood, you’ll have to pay them on a regular basis.
POTENTIAL RESALE VALUE
Everything is OK while you own the house, but what if you want to sell it later? That’s where things become challenging since while vacation houses typically cost more. Because they come with a variety of facilities and stunning vistas, the buyer’s market is limited. Unless they’re seeking a retirement house or, like you, a rental income alternative, few people will be keen to acquire a holiday property. Before you sign the dotted line, think about resale possibilities. You don’t want to be left with a home that has no purchasers in the future. This is also why we’ve requested you to do an extensive study on the rental possibilities of the property since a house that doesn’t sell or earns money might be costly in the long term.
