Questions That Need to Be Answered Before Purchasing A Property
Lahore, Pakistan is becoming crowded due to rapid urbanization and development of various housing schemes offering plots on instalments. With multiple easy plots and house available in Lahore, Al Ghani real estate agency is here to assist you at every step of selling and purchasing property and land. After years of exhaustive experience in the real estate world, we have highlighted questions that must need to be answered before buying a property. Here are the essential questions:
Why is the property being sold?
You must essentially ask the seller about the reasons behind the property being sold. Was the property constructed to be sold or other reasons have encouraged the owner to sell it. Just casually try to get the answer as this might save you from fraudulent sellers.
Also read: What to Consider While Purchasing A Plot
Since how long has the property been on the market?
Property on sale for longer than a month or so highlights a lot about its value and condition. However, in some cases, the situation might not be as worse as it might sound. Just to be sure about your choice, ask around the agents and the owners about the duration since when the property has been up on the market list. If the duration seems extraordinarily odd or longer, ask for the reasons.
How old is the property?
New property always seems like a good option, but it surely can reveal a lot of flaws with time. Whereas, an older property speaks for itself. You must know how old the property is to critically comprehend its condition, value and worth.
Who is the legal owner of the property?
This question can save you from the most common property scam. Always know who the legal owner of the property is and investigate his or her background. We are sure you must not be interested in ending up in a legal battle over ownership issues or buying a house from a person with an active criminal record.
Related Article: Common Property Scams You May Become A Victim To
Is the property legally constructed?
Owners often keep making changes to the property in contrary to the approved plans. Therefore, you need to know whether every part of the property is legally constructed. Even an illegal shed can at times lead to a lot of trouble.
Were there any renovations done over the years?
Besides knowing about the legal changes done in the original property plan, you must also know what renovations were made during all these years. This helps you understand the property’s condition and whether permanent or temporary materials were used to renovate sections. Property owners usually make quick temporary changes to the property to enhance its looks or to amend little flaws, getting an answer to this question can save you from future hassles.
How long has the property been previously used?
You must know whether the property was previously used and for how long. Also, ask about the type of occupants that were using the property before this to understand what type of lifestyle they might have enjoyed. These factors allow you to deeply understand the property’s condition and what areas to deeply investigate before purchasing it.
How has the property’s value changed over the years?
Property values keep going up and down with respect to the market changes, although a property’s value may not change due to multiple factors such as its location or deteriorating condition. You as a buyer need to analyse the previous trends to be able to understand the property’s worth in the upcoming years. The resale value while purchasing property matters a lot.
What might be the property transferring charges?
Transferring of property’s ownership is a legal process which requires you to spend a little extra other than what you finalise to pay for the property alone. Thus, you must know the charges to be able to fix it up within your budget plan.
Related Article: The Must Haves of a Good Housing Society
What price is the owner willing to accept?
Despite owners asking for a considerate amount, they might have a minimum limit set for themselves. Try to know what minimum price the owner is interested in accepting, this might help you find the best property within your budget plan. Hence, active negotiations can do wonders.
What is the property rate trend in the vicinity?
As a property buyer, you must know what property rate trends are in the vicinity of the property that you plan to buy. This will eventually help you in further negotiations with the property’s owner especially if he ends up asking for a greater price than what is expected.
By when can you occupy the property?
As soon as you finalise the deal you might be interested in shifting in as soon as possible. To avoid hassles, know beforehand the owner’s plan of evacuating the place. The current owners or occupants might need sometime before finding a place for themselves, thus, plan according to the circumstances and finalise the deal.
How are the neighbourhood and the community?
You are not just planning to occupy a property but to settle into a new community and neighbourhood. Hence, you must meet people around before moving in so that you know what temperaments they have. Similarly, knowing the community’s condition and maintenance services is very important.
Also Article: Important Things to Do Before Buying A House
