Asking any real estate agent what factors to consider before buying a property will answer that there are three factors that you need to be satisfied with. These three factors only include ‘location, location and location’.
Yes, location alone is a factor that can either put a price on a property or turn your money into ashes. Today, Pakistan’s emerging property portal property.aboutpakistan.com is bringing you an article that will tell you what the location is and why it is so important in the property business.
House Costing Remains Same
Whether the house is built in a city or in a village, the cost will be the same. That is, the cost of cement, gravel, wood, steel, and other materials needed to build a home is the same with some increase or decrease.
Now the thing to consider here is that when the cost of building a house is the same, then why is a house able to sell for crores in some places and its price does not go above a few lakhs?
Read more: Guide to Real Estate Investment in Pakistan
The Answer Lies in Location
This is where we get the answer in location. How to determine the location is our topic today. First of all, you have to look at the buying trend in this area.
You have to see how many vacant plots there are, whether the people of the place know or not and whether the people there are already engaged in shopping. Where there are more plots and fewer buyers, there is no point in buying because your plot price will not go up.
Where there are fewer plots and more buyers, there will usually be crowds of people and investing there can give you an opportunity to increase your money.
Everyone wants to build a house among the people and building a house in a desert or forested area away from the population is of no use to the people. Always think of living in a populated area and invest in an already inhabited place.
Be sure to check the price-to-rent ratio of any place. In Pakistan, a good percentage of rent is considered to be five and a half to six percent and if there is a ratio somewhere, you can shop there. Spending money in a place where no one is available to rent a plot is a waste.
Taxes and Laws
If you have decided to buy a plot anywhere, look at the tax and law situation there. Don’t invest in a place where the rules and regulations are so high that you spend half your time counting the rules, and don’t choose to buy a plot in a place where there are no rules and no people are allowed to occupy and have delivery complaints.
An important pillar of a good plot location in Pakistan is also the safety and security situation there. Before you buy, you have to survey whether there are footprints of criminals here.
Somewhere in the neighborhood people don’t complain about criminals or robberies. Only when you are satisfied with this, decide on buying a plot or a house there because first you and your children are important and then other matters.
Schools and Parks
Having schools and parks is a sign of a good location. Good schools guarantee a good future for any area. A place cannot be considered a good place where there are no schools or where general necessities and facilities are far away and half of a person’s day is spent in the same place. Always keep accommodation away from the necessities of life shops and travel time.
Good Job Locations and Offices
Having good job places and offices will give you peace of mind that the place where you are investing is economically and socially authentic and safe. Where there are no good job opportunities, you will have to travel far to find your job and work life and this will be a source of trouble for you.
Remember that the interior and exterior design of a home can change. The lights and doors installed there can be replaced. It’s easy to change the color of the walls, but one thing that can’t be changed is its location, so choose your property carefully after deliberate consideration, because this is the decision that can shape your future.