Buying a flat in 2023- 6 tips for beginners

Buying a flat is exhilarating and nerve-racking at the same time. You’re excited about purchasing the perfect home, yet you need to find something that aligns with your budget and family’s needs. Knowing where to begin and what factors to consider can quickly become overwhelming.

If this sounds exactly like what you’re going through, hop on board. We’ve got a list of practical tips you should consider before you start looking at different types of apartments in Pakistan.

We know you’re excited to get started, so let’s begin.

What You Need to Think About When Buying a Flat

1. Create a List of Requirements

Before you start hunting for flats, be clear about why you are buying a flat. Are you going to live in or rent it out to get additional income? Your answer will determine the criteria of the flat since rental properties will have a different list of priorities than a property for personal use.

For instance, if you plan to live in it yourself, make a list of essential aspects you cannot compromise on, such as the size of the flat, the number of bedrooms and bathrooms, a location close to work and school, nearby amenities, etc. This will help filter out your options when searching for flats for sale in Karachi and enable you to find a property that meets your needs more quickly.

On the other hand, if you plan on investing in a rental property, you want to focus on areas that offer high rent and have good resale value.

2. Allocate a Budget

Once you decide on the basic qualities your flat must have, you need to identify your budget. Questions you should be asking include:

• How much can you afford?
• What are your current savings?
• Will you be taking out a loan?
• How much financing will you receive?
• Will someone help you make loan payments if you are unable to do so?

Remember that you need to be realistic about how much you can spend on buying your flat. Consider how much you can use from your monthly salary to repay a loan (if you choose to take out a loan). More importantly, do not deplete all your savings. Make sure to save some money for emergencies.

3. Choose the Right Location

Typically, when buying a flat, you want to live in a place that is close to the office and your child’s school. However, there are multiple things to consider.

The location of an apartment complex has a considerable impact on the property’s market value and standard of living. Not every part of a city is the same. For example, high-end residential areas in Karachi, like Clifton and Defence, remain high in value no matter how much the economy fluctuates.

Some more location-related aspects you need to consider before buying a flat include looking at how easy it is to access other parts of the city, the condition of the street connecting the flat to the main road, the safety of the surrounding area, availability of public and private transport, proximity to shops, etc. Some of the best areas for property investment in Karachi are DHA, Clifton, Gulshan-e-Iqbal, and Gulistan-e-Johar.

4. Facilities in Apartment Complex

Some apartment complexes are more developed than others. One of the best tips to buy a flat in Karachi is to check to see if a flat has the basic necessities to ensure you live a comfortable life.

For instance, some high-rise buildings in Karachi do not have an SUI gas connection, so families must use a cylinder for cooking food. Others do not have access to an adequate water supply, so they resort to water tankers or borewells.

For this reason, you need to take adequate time to find the right project. Take, for example, Chapal Builders. They have developed multiple high-quality apartment complexes (Chapal Courtyard, Chapal Sun City Luxury Apartments, etc.) which have access to all basic utilities, 24/7 CCTV surveillance, high-speed elevators, standby generators, basement car parking spaces, gyms, enclosed play areas, masjids, indoor parks, etc.

5. Additional Costs

Access to numerous facilities is great, but you need to know how well the management takes care of the building to ensure it remains clean and safe. And yes, this comes with a price tag. So make sure to inquire about the monthly maintenance fees. After all, it will be an added expense you must incorporate into your monthly budget.

But besides this, take into consideration the yearly property tax. Knowing the amount will allow you to understand if the flat falls within your long-term budget.

6. Check the Builder’s Reputation

There are thousands of real estate developers all over Pakistan. You want to buy a flat from an established, reputable builder with years of experience constructing high-quality projects. This ensures they follow all the safety regulations during construction and finish your flat on time.

More importantly, reputable builders guarantee that everything is legally documented and that NOC (No-Objection Certificates) have been acquired from relevant authorities. This helps circumvent potential legal and financial issues during (and after) construction.

Over to You

It’s time to start your flat-buying journey. I hope this list of tips will make it easier for you to find the perfect one. Remember, even though you are planning on buying a flat right now, think about the future too. You want to invest in a property that will appreciate the most so that in the coming years, if you plan to sell your flat, you get an impressive ROI. So do your research and choose wisely.

An easy way to find well-constructed properties with top-notch amenities is to consult professional property developers like Chapal Builders. With over fifty years of experience in building and construction, they have the skill and expertise to create some of the best apartment complexes in Karachi. Chapal Builders has a variety of flats in various locations around the city.

What’s more, they facilitate ownership by offering easy monthly installments.

So owning a flat is no longer a dream – it’s a reality.

Go find the flat of your dreams!