A home is the biggest investment anyone makes in their entire life.
Buying or selling your home is an intimidating process, one has to go through.
With every step, you may be worried what if it’s a mistake?
Hence, it is essential that any buyer or seller avoids costly mistakes and make informed decisions throughout the entire buying process. Whether you are a first-time homebuyer or are selling your property, you should ask as many questions to obtain as much information as possible.
Being Pakistan’s smartest property portal, Graana.com brings you an article that contains some valuable tips and advice about buying or selling real estate that you might find helpful if you are planning to do either of these.
Tips for Buyers
Buying has never been an easy task.
However, buying the perfect property is more difficult. If you’re a buyer, you have to be extra alert and informed because you’re out to make the most important investment of your life.
Here is a simple checklist for buyers that covers major risks factors of the important process of buying a property.
Tip #1: Analysis
It is said that knowledge is key.
You can’t just purchase a perfect home. To buy a perfect home, you must decide sensibly.
1. First thing’s first, your family members and what will cater to their needs?
2. Your financial range, as this will make your search for the perfect home easier.
3. Another important factor is the location. While you select the location of the dream home, a couple of factors come in play here, which you need to take into account:
Firstly, you must choose a secure location, because who doesn’t want to live in a safe environment? It is equally important as you can be travelling, so if you’re going to leaving your homes alone, it must be in a well-protected locality. Secondly, are the basic amenities nearby or not?
4. The property price trends of the locality you are looking at the property in, to have an idea of the whether or not the price range covers your financial range or not.
Take out ample time to analyze these factors. Make a list, choose your mode of transport, get in and travel to the area and start making notes. Do a thorough location analysis for your understanding. Secondly, instead of researching online, log in on to Graana.com to make your search easier by visiting the AIRA area page. Everything that you need to know is just one click away.
Tip #2: Find the Right Agent
Some people may think they can save money by not referring to a reliable agent. In fact, it is the opposite. In residential real estate, one must always refer to a reliable real estate agent. It is very helpful because they can help you find what you are looking for. When they’re working for you, they will help by showing options of your filtered search. They will help you further refine your requests and narrow done what is available.
As a reliable real estate agent has spent a lot of time previewing multiple homes and properties, they’re familiar with the current listing inventories. This knowledge -along with useful technological virtues, interactive maps, online inventory of multiple listing (which Graana.com provides, all on one page) – will save you from wasting valuable time previewing homes that probably aren’t what you’re looking for.
Paying just 1% commission for the services offered is not a bad deal as it helps you save up more than you’ll have to pay without them.
Tip #3: Homework to find the right home
Sit down with your agent and let them walk you through the upcoming process, a fundamental step before what comes next.
Before engaging in any serious deal, all first-time buyers (for anyone who plans to buy in future) need to know the upcoming process. Before truly buying, it is essential that you complete a ‘Risk Assessment’:
The properties you’ve narrowed down (always keep your options open) demand and obtain the authentication of the owner of the property. You can always and must refer to NADRA for this matter, and also investigate to address if any potential credit issues exist or not. This will guide you through the facts of whether or not the property mortgaged or disputed.
Make sure to demand an original copy of the registry and a transfer letter, if any, covering the recent sale and purchase history of the property, along with the necessary liquidity for payment of the property.
Once you get a go-ahead on all the points mentioned above, you may proceed to the next step.
Tip #4: Inspect Thoroughly
An opportunity to learn everything about your to-be house is only through inspection. If you’ve driven by the house in the morning, make sure to drive by at night. A walkthrough to visually inspect the property is a must. During this due diligence period, you should check all appliances, water faucets, hoses, toilets, hot water, handles, light fixtures (inside and outside) storage spaces, etc.
You must ensure that everything is in working order because this will help you negotiate a deal when buying the property.
Tip #5: Negotiate and Deal
Understanding of the market and a reliable estate agent will help you negotiate your deal accordingly. Your agent is the best source of advice in this area. You may negotiate directly with the seller, with your agent by your side. If you are not satisfied with some aspects, make a list of things that will need to be fixed, replaced, or are damaged. A desi tip, that is also a golden rule for negotiating is to never let the seller know how much you like the property.
Be open and hope that the seller is equally open. To make them accept your points, accept parts of their deals as well. Be as earnest as you can be, and hope the deal is finalized without many hurdles.
If everything goes well, hope to sign the owner deed sooner than later, but be careful until the very last minute.
These are some important tips for first-time home buyers. Either memorize or note down these points to tick them off later.
Happy buying homes folks!
Tips for Sellers
Selling your home for the first time is a ballgame experience, ever more so when you are selling it for the first time. It can be a different and maybe daunting experience altogether, from what you may have experienced as a first-time buyer. There are multiple decisions that sellers face throughout the process, and there are multiple pitfalls one must be aware to make a safer transaction without prolonged issues.
You may stress about the level of uncertainty involved and question how much you have to wait, or how much loss you may face because of delayed sale.
However, you must always remember that, ultimately, you’re in control of the process. You call the shots, from putting your home up for sale, to deciding on a listing price, and accepting (or rejecting) offers, along with accommodating other factors.
This decision could be made because of multiple reasons, most first-time home sellers may have no idea of where or how to start the home-selling process. It’s very important to understand what this home entails, what costs are associated with the process, and many other very important aspects.
Here are a couple of tips to help you as a guide through this process.
Tip #1: Inspection and Improvements
Prepare your home to be featured in the real estate market.
Before getting your house listed, make sure to have it properly inspected, because any potential homebuyers will decide to have a home inspection as well. It is not only beneficial for future stages but also vital as it attracts reliable agents and better marketing opportunities. In the modern era of being connected through the internet, many decide only by looking at online pictures rather than price, description, or location, which are important but can be secondary. So, make sure you are marketing your house online, as clear images and an apt description could help attractive genuine buyers.
Buyers easily revert back if technical issues are found, which greatly increases the chances of a deal falling apart. No one knows how much time the deal may take, so prepare your home by making low-cost improvements like painting the rooms, replacing hardware, fixing light fixtures, connections and wirings, and general maintenance of your home.
Remember, the first impression is everything.
Tip #2: Analysis
Whether you are a seller or a buyer, you must be fully aware of the property price trends that the market observes. This will help you set an average of correctly pricing your home yourself or give you an idea.
Tip #3: Find the Right Agent
Real estate transactions are undoubtedly filled with numerous complexities. The next tip would be hiring a reliable professional i.e., agent, who can help you navigate through this process.
A reliable agent is a source of first-hand knowledge available for the sellers. Being professionals, the agents have well-sprung information and advice on getting the best result from the sale to be made. They will help you by giving a clear idea of what costs will be involved, guide you through the documentation process and, tell you what documents you’ll need to submit at different stages.
So with the help of your agent, roadmap your moves, note down the trends and make a well-thought-out plan as you move forward to find a perfect family for your home.
Tip #4: Negotiate
There may be many possibilities, you may get offers more than you expected or vice versa. The basic rule is accepting whatever however it comes your way. Being open-minded to different options will help you evaluate your offers. Also, keep in mind the ability to negotiate, but be prepared for counter-offers. All of it can’t go your way. You may have to accept feasible deals or have a sweet deal by getting paid the amount you demand.
Remember that some concessions can go a long way in the process of negotiations. However, with your agent by your side, you can always work to carefully revaluate and strategize your moves accordingly.
Tip #5: Closing Deals
After a seller applies for No Demand Certificate (NDC,) they get a date for a meeting. For a seller to sign a sales agreement document, the closing of the final meeting takes place between the Assistant Director of State, Buyer and Seller (their agents if both parties may choose to.)
The buyer’s payment is confirmed by the seller so that the property can be transferred. The seller’s and buyer’s new title, and then property transfer, is recorded by either Capital Development Authority (CDA) or any Housing Society Main Office, where the respective offices take a record of the transfer in their systems.
Selling or buying a home for the first time is an extremely stressful process. A first time home buyer or seller may have a great chance of a smooth and successful home sale if they take care of some things.
Above are some basic tips and tricks important for first time home buyers and sellers. Make sure that, when you are buying or selling your home for the first time, you are mentally prepared for the possible outcomes and obstacles that may come your way.