Buying a home DHA Lahore
Buying a home in DHA Lahore, as compared to buying an expensive car, is not the same. A house’s longevity and utility is far more compared to a vehicle. The buying behavior of people is different when purchasing an expensive item or commodity compared to cheaper items such as grocery shopping etc. The more an item costs, the more research and methodical approach is required. For this purpose Imlaak offers a guideline for making such a sensitive and involved purchase. This guideline will help first time buyers as well as repetitive buyers in a competitive market in DHA Defence Lahore.
Steps to buy a house vary from city to city; it depends on the culture and customs of the area. When you are clear in your mind there are six basic steps involved.
The first and the foremost step is to arrange and make available financing for buying a house, whether it’s your own investment or getting financing from a bank. In order to save your time and the agent’s time, first make sure the finances are in order. In case you have a debtor, or a payment is due, which is expected in the future it is highly advisable to only move forward once the money is in your bank account. This is absolutely necessary as serious negotiations can be done once the home is selected.
Hiring an Agent
The second step is hiring a buyer’s agent. In Pakistan, a buyer’s agent and a seller’s agent is the same but in some cases the scenario might differ. An agent can help you save the hassle of looking for a multitude of houses online or visiting houses from the newspaper (which are normally through a seller’s agent).
- An agent will understand your requirements and only convey those properties which fit in your criteria, thus saving you time.
- Agents often have homes and investment opportunities which are not yet available in the market.
- Some agents with good reputations will first visit locations and houses for you in order to preview and quote only those options which fall in your aforementioned requirements and understanding.
- An agent can spot overpriced commodities and advise you accordingly.
Finding a Home for purchase
Buying a home DHA Lahore is an overwhelming process, which is time taking and emotionally draining. Finding the right home is not an easy task. In order to make an informed decision it is recommended that you do not visit more than five houses a day otherwise you might get confused. Pick and choose the best possible option(s) for living. Once the location is decided, the second step is to view and choose amongst the array of homes which fulfill your needs.
Buyers tend to make the mistake of comparing the price of one home with another. This is a common mistake as the selling price might not reflect the true price of the commodity or the price in which the seller will make the sale. The fact has to be acknowledged that it is their property and they can ask any price they want but a buyer’s agent will only make a reasonable offer which will truly reflect the actual price of the home. Sellers in DHA normally over quote the prices which is right in the sense that we as a nation have a habit of haggling, but at times the prices are over quoted by as much as PKR 5-6 million so it is better to let the agent do the bargaining and once the money is placed as a token, a meeting of both the parties becomes necessary. An agent can better compare the seller’s price as he has the knowledge of previous transactions.
Inspecting the Home
Once the house is selected thorough inspection is required in order to be fully aware of the repairs and changes that might be required. A conditional token can be offered once accepted by the seller’s agent an inspection is necessary. A conditional token means that the buyer is not locked into making the purchase if the house is not liked or is not up to the mark during inspection.
Sellers are generally not required to make repairs but if problems are discovered upon inspection the price can either be renegotiated or the seller can be asked to make the repairs rather than blowing of the deal. In most cases sellers oblige the buyers.
Closing the deal
Once the offer the offer is accepted the token becomes non-refundable and to proceed a Biana is signed which is a legally binding contract between the buyer and the seller. The Biana offers time to the buyer and seller. If the buyer cannot make the payment on time or cancels the contract the seller has the right not to return the money offered as a Biana, in case of the seller if he/she wishes to cancel the contract normal practice is that the selling party has to pay double the money to the buyer which was offered as a Biana.
After the Biana, a NDC (No Dues Certificate) is applied at the DHA office which requires a copy of the right of ownership documents and a photocopy of the ID card of the seller. It normally takes four working days for the NDC to be issued.
When the time to make the payment comes, the buyer and the Seller visit the DHA office for the transfer to take place. It is there that the money is handed over to the seller for his/her commodity normally in form of a pay order issued by a bank. The agent(s) also receive their commission there and then. Once the property is transferred it is your agent’s responsibility to ensure the completion of ownership documents given that you have paid him his commission and it is the buyer’s obligations to pay whatever monetary obligations are required by DHA Defence Lahore and governing bodies such as taxes, transfer fees etc.