Buying any property involves prospects as well as risks. As it is a long-term investment so, you have to be cautious about and adhere to some pre-requisites for making the deal money-spinning. Fortunately, nowadays people prefer investing in newly developed housing societies as it offers excellent amenities and facilities of life along with promising profit margins. Following are the tips that you should follow for choosing the right housing society in Pakistan:
Whether you are a newbie or a genuine investor you need to register with the Housing Society Corporate Board or the SECP before venturing for any investment.
- Getting updates about the top housing societies:
Like every other endeavor, you have to do your homework before making any investment. The most optimum way to do this is to gather updates about all the housing societies in your city from an agent, by using visiting the websites of the newly developed societies or by signing-up for property portals such as bethree.pk.
- Insights into the market:
Comparative analysis of properties in terms of its features and growth rate of the money you invest in it is of crucial importance. So, if you have made a list of 5-10 societies with your deep-research, it is time to narrow down the research by using insights from the market.
- Track records of housing societies regarding its management:
You must have a list of 5 promising societies in your hand by now. It is the right time to contact the authorities of the societies or your agent for knowing about the record of management of amenities and facilities that are offered and promised at the time of investment.
- Determining the neighborhood:
With 2-3 societies on your list, you must be ready to explore the potential and profitability of the location of these societies. New societies that have ring roads built near it, Metro bus facility, etc. are preferred by the experienced investors in the profit margin perspective.
- Fiscal and legal issues related to the society:
As investing in property involves contracts and paper works, so it is better to get advice from your legal advisor or lawyer before handing over any money or signing any piece of paper.
- Rates of plots:
At this stage, you must be left with two options. In order to choose between two societies that you want to invest in choose the one which offers lower rates and higher profitability prospect.
- Life facilities and amenities:
Buying house or plot in a society demands form you to investigate about the amenities and facilities that it will be providing to its residents. Mosque, schools, University, banks, hospitals, recreational and transportation facilities and shopping malls should be on your list along with real knowledge about the delivery of water, gas and electricity as these are basic needs of life.
- Security facilities:
Make sure that the society you select is gated and offers security cameras and other security facilities.
- The procedure of buying or booking a house or plot:
Finally, ensure that the investment procedure is an efficient and hassle-free one for saving your time, money and energy.
Use the tips mentioned above and make your investment in housing societies in Pakistan money-spinning and reliable. Good luck!