Buying property is not something you can do without ample research and knowledge. It is a well-known adage in the real estate business that the top three factors that matter for a property are location, location, and location. According to Mr Idrees of Home Square, a small property or run-down house in a good location is bound to give much higher returns than the best property in an average location.
Don’t go for undeveloped areas
According to Engr Mian Muhammad Sardar from Qasim Property Links, it is the era of gated housing societies in real estate. Buying property in places which do not fall under a proper development plan and do not have clear-cut boundaries is a bad decision, he added. He stated that these places have no guarantee of being developed and both genuine buyers and investors may lose out on such purchases. In addition, he stated, buying property in these areas is also inconvenient when it comes to documentation.
Thus, it is best to go for developed projects by reputed developers in good areas. This is why there is always quite a high demand for reputed projects such as those by DHA.
Do not compromise on facilities
Another factor that Sardar heavily emphasised on was the demand for security that most people have. He stated that people should only go for societies where security and maintenance are provided. This is because these features are now considered as necessities and he believes that property in even highly central locations will suffer if there isn’t ample security.
A feature which agents noted was the reputation and crime rates of certain areas. They concurred that even the best properties in these areas are not worth buying for either genuine buyers or investors due to personal safety as well as financial security factors.
Think about noise levels and convenience
Sardar also noted that while commercial areas themselves are valuable, homes right near them may not be a good option due to the traffic and noise involved. He also said this about homes right next to schools, and added that the morning and afternoon school commute creates huge issues for property owners in these areas when it comes to traffic and outdoor area maintenance. He stated that people tend to park their cars in these property’s outdoor areas, inconveniencing the property owners to a great degree.
Near a drain
Mr Waqar stated that the worst possible area to buy property in is any location near an open drain. He said that the odour and sanitary risks involved in living near an open drain make these locations very low in demand. He added that even in popular areas, property near these drains has significantly lower prices than normal property.
To sum up, location is a primary factor you must consider when buying property for any purpose. Avoid the given locations and do check the society’s map when making your purchase. For further advice, head over to the Zameen Forum.