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Precautions to take before buying any property in Pakistan

 

In our last article we have presented different ways of investing in Real Estate in Pakistan. However, there are several precautions that you must take care of before investing your money in something.

1.      Be careful of Frauds

One of the significant problems of investing in real estate in Pakistan is reliability and safety, and many people get trapped in different scandals and frauds. The frauds are such that a single file is sold to many people, and in this way, there are multiple owners of a sole property. This kind of problem arises due to the lack of proper verification and even the conventional methods that are used in our country.

One way to avoid such scandals is that you buy properties in societies that have built their trust and are reliable. Some famous societies in this respect across Pakistan are DHA, Bahria Town, etc. 

 

2.      File your taxes

Another problem leading to the disadvantage of investing in Real Estate in Pakistan is the amount of taxes that have to be paid to the government while buying a property or even when you have it as an asset. This can’t be avoided entirely. However, the amount that you have to pay can be significantly reduced if you file your taxes. Many people avoid becoming filer. But, on the higher side, it is primarily beneficial for the nation and especially for your own-self. It just cost some thousand rupees to file your taxes annually but can save you millions of rupees over your lifetime. A filer has to pay almost less than half of the burden than a non-filer does while buying properties or building assets.

Mostly, the taxes that have to be paid while buying or selling a property are on the buyer; however, if the one who is selling the property has not completed five years from the date of buying has to pay some tax as well.

Hence, you must file yourself before investing your money in any of the real estates in Pakistan and also keep an eye on the government’s policies to avoid being misled.

3.     Title Deed 

Before purchasing any property briefly check the title deed on property is based. Title deed will give you an idea that either the seller owns the property and has the right to sell or transfer the ownership. This document will also clear that whether the property is under stay or any other allegation. It is better to consult with a lawyer and share the details of this deed.

4.      Look beyond the Ordinary

While buying a property for investment, you should look beyond the ordinary, for example, a plot near to the main boulevard, or at a place where new commercial projects are to be constructed are likely to give you more return than those without them. Similarly, properties in popular and famous societies are also expected to get you double profit than those properties that are lying in ordinary or private societies. Hence, you must pay close attention to all these minor details before investing your money. Since the property of the same value at a particular time and different place can give you separate returns at a different course of time. Therefore, take advice from experts before you invest your money. Connector can significantly help you buying a property of your liking in Islamabad.

 

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