Buying your first apartment building in Pakistan is the biggest decision of your life. Pakistan is the land of opportunities for real estate developers. Due to the population growth in Pakistan, the real estate industry boost up and proportionally sky-rocketing property prices. Everyone keen to buy his/her own property, therefore making way for apartment culture in major cities of Pakistan. Some major reasons for property prices inflation are rapid urbanization, limited plan on how to do spacing and youth’s mindset contributes equally. Furthermore, due to the migration of peoples from rural areas to major cities (especially in Karachi: land of opportunities) causes a drastic change in property prices.
Some Famous Apartment Projects In All Over Pakistan:
- Creek Vista Apartments, Karachi.
- Crescent Bay Apartment, Karachi.
- Montviro, Murre.
- Lucky One Apartment, Karachi.
- Royal Orchard, Multan & lots more…
The Trend of Purchasing Apartments In Pakistan:
The trend of purchasing apartments in 2019 has increased up to 20%, the data has collected by the property industry of Pakistan. In the past, apartment culture was only limited to Karachi but now it has adopted by all major cities of Pakistan. One thing would like to mention here, apartment culture is not limited to the middle class or upper-middle class, it has the same attraction for the elite class also. It has a charm for investors or people who would like to invest their saving in the apartment. But before investing your life savings into an apartment, here is the guide that helps you for the selection of best apartment.
Key Points to Consider Before Buying Your First Apartment Building In Pakistan:
Usually, apartments are designed to cater to all requirement but have a low built-up area. We all know, space is one of the prime factors either buying a home or an apartment. Therefore, apartments have no attraction for bigger families at all. Hence, there are such brilliantly designed apartment coming in the market to attract bigger families too. Modern apartments considering all basic and luxury requirement to facilitate their buyer at best. So, mark spacing in your checklist before purchasing.
Cost of Apartment
The most important factor before purchasing an apartment is its cost. Usually, apartment cost cheaper than homes but in some cases, it is vice versa. Make sure, the monetary value of an apartment should be analyzed and get assessed before investing your money. Also, compare your basic needs to be fully filled in that amount or not.
Regardless of budgetary limitations, lots of people love to buy an apartment. Apartment and homes have equal advantages or disadvantages but it all depends on your living preference to go with. So, brainstorm your family and yourself about preferences before purchasing your dream property.
Another key factor while purchasing is the location of an apartment. Make sure, the apartment you are planning to buy should be a location in the area where other facilities (like transport, supermarkets, hospitals & schools) can be easily accessible.
Builder assessment is another important factor to consider in order to save yourself from scam. Also, check the legal documents of an apartment to make sure it approved by all legal authorities of local governing bodies as per recent order passed by the supreme court of Pakistan. Furthermore, read this article to choose the builder “How to select the good builder/contractor”.
Hence, purchasing an apartment could be a wise decision of your life as considering all the above points before purchasing. Otherwise, numerous people get scammed on a daily basis.