10 Questions First Time Real Estate Investors Must Ask .

The real estate industry in Pakistan is booming and investors are rushing to take advantage of the opportunities that exist here. However, the industry can be very confusing for a first-time investor, so it’s important to ask the right questions when you’re looking at property. Here are 10 of them:

1) How much does your agency charge?

This may seem like an obvious question but many agents will try to hide their fees from prospective clients. It’s not illegal to do this, but if you don’t know what you’re paying for something then how can you be sure you’re getting value for money? If you want to avoid rip-offs or hidden charges, make sure you ask exactly what your agent is charging you for. You should also check with other agencies who work in the same area.

2) What kind of properties do you represent?

There are many different kinds of property available for purchase in Pakistan, including commercial buildings, residential homes, flats, hotels, land and even plots. Make sure you understand which type of property your agent represents before you commit to any deal. The choice of property has a big impact on the price you pay and you don’t want to end up buying something unsuitable.

3) How long have you been working in this business?

It’s always best to go with someone who knows what they’re doing. But there’s no harm in asking how experienced the person you’re talking to is. A good agent should be able to tell you whether they’ve had any training, and how much experience they have. They should also be able to give you some advice about the local market and current trends.

4) Can I see your sales record?

A good agent should have plenty of success stories to show off. Check to see if they can provide you with examples of their previous deals, and if they’re happy to let you see these. You’ll get a better idea of what to expect from them by seeing their past performance.

5) Do you have references?

If you’re looking for a new agent, ask them for three names of people who’ve used them in the past. This gives you a chance to meet these customers and find out more about their experiences with the agent. Don’t forget to ask if they would recommend that agent to friends and family.

6) Are you licensed?

Every country requires real estate agents to be registered with the government, so it’s important to check if your prospective agent is properly licensed. Make sure you read through the license carefully to ensure that everything is correct.

7) How much of my deposit will be held back as commission?

Some agents may try to persuade you into making a larger down payment than you’re comfortable with. Be careful. Some countries allow agents to keep a certain percentage of the sale price of each property, while others only require a small initial fee. Make sure you understand exactly what your agent is expecting.

8) Do you have insurance?

Many brokers won’t cover you for accidental damage or loss unless you buy additional insurance. It’s important to check what your agent is offering. Make sure you understand what will happen if anything goes wrong during the transaction.

9) Is there a minimum contract length?

Some agents will try to convince you to sign a long-term contract with them. Make sure you understand exactly what this means before you agree to it. It could cost you extra, or leave you vulnerable if your agent decides to quit the business.

10) Will I be dealing with you personally?

If you’re looking for a personal touch with your agent, make sure you choose someone who understands what you need. Most agents will offer you a range of services, from helping you find a property to managing your account after the sale. It’s important to decide which ones you want to use, and how much you’re willing to pay for them.

Final Words

Buying property in a foreign country can be a daunting prospect, but it doesn’t have to be. Take the time to research the market thoroughly, and find a broker who you feel comfortable with. When you do, you’ll be well on your way to finding the perfect property for yourself.