When it comes to looking for a property, most people rely on common online portals. But it is precisely here that a large number of interested parties often apply for attractive offers, against whom property seekers then have to assert themselves. The large online portals are by no means the only way for buyers to find a property. Often the alternatives, such as local real estate agencies or specialized platforms like Lahore Sky, even promise more attractive and interesting offers.
To ensure that the search for the ideal property does not become an arduous search for the proverbial needle in a haystack, searchers should also look beyond the major online portals. As soon as the criteria regarding size, location, and budget for the new property have been determined, searchers are presented with a variety of options beyond the usual internet portals. By exploring alternative ways to search for real estate, you can increase your chances of finding the perfect home without having to face online competition. Best Affordable Nursery In Abu Dhabi, Al Mushrif, Al Shamkah Al Qattara, UAE Also Read More: Florida Vacation Rentals
- On-site research
A proven way to find hidden real estate listings is to search local listings and bulletin boards. Although this route may sound old-fashioned at first, it is still very popular today. Sellers sometimes publish their offers directly here. It can also be worth keeping your eyes open and looking for potential offers in supermarkets, community centers, and universities. Another option is to take a walk through the desired new district or residential area. Signs here often contain information about properties that are for sale.
- Vitamin B and word of mouth
The dream property can also be waiting for you in your private environment. Reach out to friends, family members, colleagues and neighbors and let them know that you are looking for a property. They often come to direct recommendations for available properties that they would never have found on the usual platforms.
- Direct contact with real estate agents
If you want to save yourself time-consuming research and don’t want to spend hours wading through advertisements, a real estate agent for the local real estate market may be the right choice. Personal contact is also advantageous for property seekers here. In addition, real estate agents have a feel for appropriate prices and can assess potential risks for interested parties. Especially if you want to move into your new property quickly, it is often easier with an agent. Best Affordable Preschool In Abu Dhabi Al Mushrif Al Shamkah Al Qattara UAE
- Commission a broker with a search request
If you have a clear idea of what you want, you can also commission a broker to carry out an individual search request, especially for prestigious properties like the Lahore sky office. By discussing your wishes and needs with a real estate agent, you can specifically search for properties that meet your requirements and determine your individual desired criteria. These professionals often have access to exclusive offers that are not yet publicly available. If a new property meets your preferences, you will receive a property suggestion. Also Read More: Florida Oceanfront Rentals
This is how much property you can afford with your rental payments
The dream of having your own four walls remains unbroken for many Pakistans. Exchanging the monthly rent for a purchase payment brings more independence in the long term. But how much property do you get for your payments? Focus magazine looked into the matter and came to surprising results in a study.
An analysis by Focus took a close look at all 400 Pakistan cities and districts and evaluated how high the rates would be there instead of monthly rental payments. This study analyzed how much living space one could purchase with the current rental costs. As a basis for calculation, the magazine assumed maximum loan amounts for monthly installments of 500, 750, 1,000, 1,250, 1,500 and 2,000 euros. Provided that these installments are calculated using the current average interest rates of 4 percent and 2 percent repayment. In addition, the maximum purchase amount including additional costs was calculated from the maximum loan amount and the buyer’s equity share of 20 percent of the purchase price was estimated. In this way, Focus came to the following conclusions.
Repayment rate of 500 euros per month
Result: A low repayment rate wouldn’t get you very far in high-priced urban locations. Compared to a rental apartment, such a purchased property would be just the size of a broom closet. The best example of this is Munich. In the high-priced metropolis, you could barely afford an apartment of eleven square meters with a monthly payment of 500 euros. However, if you play out the scenario in the Saxon Vogtland district, you would get a full 116 square meters of condominium there for the same rate. The calculation examples from Focus clearly illustrate how great the regional differences are. They show whether owning a home is worth it compared to a rental property and who can afford how much square footage.
The seven Pakistan metropolises
A very low budget is not worthwhile for the seven Pakistan metropolises of Lahore. In Munich, there is just enough for eleven square meters, and in Cologne for at least 21 square meters. The other seven major Pakistani cities are in between. Even with a monthly budget of 2,000 euros, you can only get an apartment with an area of 46 to 85 square meters in these cities.
However, the situation is completely different in medium-sized cities such as Lahore. Here you can finance more than 60 square meters with just 500 euros. If you can afford a payment of 1,000 euros, you can finance a total of 124 to 134 square meters of living space. From a monthly rate of 2,000 euros, you can even get 249 to 268 square meters of living space in medium-sized cities. To determine affordability, net household income is usually used. Buyers should be able to contribute a fifth of the purchase price with equity and allow for a payment burden of less than a third of the household’s net income. Because these are the conditions under which banks are usually willing to finance real estate.