Buying a plot in Pakistan is investing lifetime savings into a piece of land, so you have to be careful. Economy’s most deregulated sector, the real estate sector in Pakistan, is fraught with fraud. On top of it, many people don’t know what to consider when buying a plot, so here is your guide on dos and don’ts when buying a plot.
Read more: A Newbies Guide On Real Estate Investment
Whether you are buying a plot for investment or residential purposes, these 7 factors should be your foremost consideration. Let’s start with the first thing to consider while buying a plot,
The foremost consideration when buying a plot in Pakistan is how accessible it is to you. The plot should be accessible to the nearby city, markets etc. Most of the societies and vacant land is outside the city which makes it hard to reach the nearest commercial area. You do not want to buy a piece of land for residential or investment purposes, which is too far from main city.
To save yourself in the long run, always buy a plot that’s near the commercial area and main markets of the city. And it should have roads to access other parts of the city.
Don’t let fraud happen to you. Make sure to check the following documents before making a deal:
- Allotment letter
- Tax receipts
- Registration documents
- Insurance documents
- Other documents verifying ownership of the plot
If you are buying a plot in a society, make sure the society is approved by the local authority. In case of Lahore, a society has to be approved by LDA before any construction happens on it. Otherwise, the court can pass orders to demolish the whole structure.
Some newly developed societies do not have water, gas and electricity facilities. Before investing in a piece of land, make sure it has basic facilities available or will have them in future.
Otherwise, try to find an area that already has water, gas and electricity supply.
Like electricity, gas and water facilities, if a society you are buying a plot in does not have basic health, and educational facilities, don’t go for it. If you are going to live in a society it needs to have schools, markets, playgrounds, offices, and hospitals, etc.
Even if a piece of land has all of the above mentioned and it lacks security, don’t go for it. Investing in a piece of land where health, wealth and happiness isn’t ensured is not worth it.
Reputable developers like DHA, Bahria, and others offer maximum security to their residents. However, all of this comes at a price. Buying a piece of land in these societies will always cost you more. But then it is highly advised that you do not put a price on your safety and happiness.
Lastly if you have chosen an area, visit the plot at different times of the day to have a better idea of its surroundings. Check if the area gets too crowded or empty during a certain time of the day. Beware of any suspicious activity happening in the area. Check for crime rate in the area. Make sure there’s a security guard at night, etc.
Check if the area gets too noisy with fruit vendors, vehicles or people crossing by. Also check the ambience of the place at night. Make sure streets and parks are well lit at night.
7. Zoning Restrictions
Every city has zoning restrictions. Some zones are only allowed for commercial development while some may be allowed to develop houses. Make sure that the zoning restriction in your area doesn’t affect your economic interests. For example, if you are thinking of constructing a plaza in an area, make sure it is approved for commercial purposes, etc.
Also check the zoning classification in detail so you know the maximum stories allowed, height of a structure, floor area ratio, etc.
These were the 7 factors or tips you should consider before investing in a piece of land. Consider each seriously before making your decision.
Do you have any important considerations to add to this list? Let us know in the comments below.