Buying a Home In Your 60s In Pakistan, Here’s What You Need To Know
The golden years for boomers are now, as they’re reaping the benefits of a turbocharged housing market and selling their homes at an impressive profit. The pandemic has accelerated the retirement plans of millions. The average age in 2020 is only 62, so people are retiring earlier than ever before to give themselves enough time left over for their loved ones and hobbies
It’s never been a better time to buy! Why? For starters, the housing market has finally stabilized. And with that comes major advantages for first-time home buyers like yourself who are looking in desirable areas of town or at foreclosed properties near public transportation—you name it. But don’t just take my word for it: check out these stats on how great this opportunity could be if you’re willing put some elbow grease into finding and negotiating your dream property.
So, if you’re in your 60s and thinking about buying a new home soon in Pakistan then here are some crucial things to consider:
- The Golden Years Are Now!
Yes, the world is still going through a global recession, but that doesn’t mean you have to accept your current situation as normal. You may feel like your life savings are being drained away every day by interest payments, but what if I told you there was another way? Well, there is one, and it’s called investing. Yes, investing in real estate.
With a little bit of effort, you can invest your money in a diversified portfolio of residential properties in Pakistan and make a tidy sum of profit. Not only will this provide financial security for your future, but it will also give you more freedom in your retirement years. You’ll be able to spend less time working and more time doing whatever you want.
If you’re worried about how to get started, I’ve got good news for you. There are many investment opportunities in Pakistan right now, especially when it comes to residential properties. You can choose from various models such as joint ventures, limited partnerships, REITs, and even crowdfunding. All you need to do is find the best deal for you and start investing today.
- Your Mortgage Is Lower Than Ever Before!
Before the pandemic hit, most lenders were not willing to lend money for housing loans due to the subprime crisis. That meant mortgage rates were skyrocketing and home prices were rising exponentially. However, after the pandemic hit, lenders have loosened their grip on lending restrictions. This has led to lower interest rates, which means you can afford to borrow more than ever before.
If you’re looking to buy a home in Pakistan, you should definitely consider taking advantage of this low-rate period. You can save thousands of dollars in interest costs with a good lender. Of course, this depends on your credit score, but if you’re prepared to work hard to improve your credit score, then you’re in luck.
- There’s A Lot of Housing Inventory!
There are currently about 1 million unsold homes in Pakistan. It seems unbelievable, but this number is actually quite small considering the country’s population.
Many investors and homeowners are sitting on properties that they can’t sell because of high taxes and other expenses. These properties are perfect for you to buy and flip. You can easily turn them into rental units and earn passive income from renting them out.
- If You Buy Now, You Can Still Afford It!
If you think you can’t afford to buy a house now, then you’re wrong. Even with the recent drop in property prices, you can still comfortably afford to purchase a home.
You might be surprised to know that buying a house in your 60s is considered relatively affordable. In fact, according to a study by the National Center for Retirement Planning, the median price of a single-family home in the United States is $188,000. By comparison, the median price of a single-family home in Pakistan is only Rs. 8.5 lakh ($130,000).
But let’s say you want to buy a two-bedroom apartment. With a monthly income of Rs. 5,00,000 ($75,000), you would need a total household income of Rs. 10,00,000 ($150,000) to pay off a 20-year loan. That’s about half of what you’d need in the US.
Of course, the US is a much bigger economy than Pakistan, so the numbers may vary depending on the location you choose. But the point remains: you can still afford to buy a home in your 60s in Pakistan.
- It’s Easy to Sell Your House When You Retire!
Another benefit of investing in real estate is that you can always sell your property whenever you want. In fact, it’s pretty easy to sell a house in your 60s because you have plenty of time on your side.
Even if you’re planning to retire in a few years, you still have plenty of time to sell your home before you retire. So, if you decide to invest in a house now, you won’t have to worry about losing your investment.
- You Get to Live Where You Want!
When you’re younger, you have fewer responsibilities. You’re free to travel and explore the world. As you grow older, however, you begin to realize that your family and friends are all around you. They live nearby, and you don’t want to leave them behind.
In your later years, you’ll want to stay close to your family and enjoy the company of those you love. If you own a home, you can use it as a second home or a vacation home. You can rent it out to others and reap the benefits of passive income.
- You Can Start Your Retirement Plan Early!
Finally, there’s no reason to wait until you’re in your 70s or 80s to start saving for retirement. You can start your retirement plan early by investing in real estate, and you can use the extra cash flow to help pay off your mortgage faster.
Final Words
I know you’re probably wondering how much you can invest in a property. Well, there are many options available to you, such as buying shares in a property development company, investing in commercial properties, or purchasing a rental property. The important thing to remember is that you don’t have to commit everything to one option. You can spread your investments across different models to maximize your returns.
So, if you’re ready to invest in real estate in Pakistan, now is the time to act!
