Guide to Sell a House in Pakistan
“The house you looked at today and wanted to think about until tomorrow may be the same house someone looked at yesterday and will buy today.”
–Koki Adasi, Koki & Associates, Inc.
The real estate industry of Pakistan is improving and growing by leaps and bounds. Today, it is considered one of the most famous investment opportunities in Pakistan, owing to its lucrative features, including security, high liquidity and high rate of returns.
If you want to sell your house but do not know where to start from, you are at the right place. In this blog, we bring you a guide to sell a house in Pakistan.
This guide will not only act as a learning material for you, but it will also help you to make a better and well-informed decision. In short, this guide will help you save your hard-earned money.
To know the selling process in depth, keep on reading.
How Will You Sell?
First thing first: decide how you will send your house to the market. It would be best if you kept in mind that there are multiple ways to sell your house. The most common ways to sell your house are real estate agents, real estate portals, personal contacts, or print and electronic media.
If you are selling your house for the first time, we suggest you take help from industry professionals. In this way, you will be able to safeguard your assets and your hard-earned money.
If you are looking for professional real estate advice, we suggest you log in to Graana.com and let the experts handle your query.
The Estimated Value of Your House
One of the most crucial things in the selling process is to define a reasonable and realistic estimate of your house value. Do not ask for a price based on your assumptions. Do thorough research, ask around and try to determine the latest property rates of your area. After that, calculate the cost of your house.
Sometimes people ask for a sky-high price which is different from the actual cost of the house. It gives a very unpleasant and unprofessional impression to the buyers and hinders the overall selling process.
Time Your Selling Process
Before selling your asset, keep in view the overall economic condition of the country and the current real estate market trends in your area. These factors will give you a holistic view of the real estate market and make a better decision.
If there is inflation going on in the country or if you observe a reduction in the buyer’s power, it is better to pause the selling process because you may not get a reasonable price for your house.
Study the Local Market
As we have discussed earlier in the blog, it is imperative to know the ins and outs of the real estate market in Pakistan. Read estate books, listen to podcasts, watch real estate TV shows to develop a more comprehensive view of the real estate market. These media will not only increase your awareness but also broaden the horizons of your knowledge.
You should be well aware of current market trends, prices, sanctions, tax regulations and upcoming projects. All these pieces of information will make you a very successful real estate investor, and you will be able to sell your real estate projects like hotcakes.
Market Your House
Take good pictures of your house from a good smartphone camera. Upload the images on social media selling groups and marketplaces. Share with your friends and family. You can also post an ad in the newspaper. You can also contact a real estate agent and share the pictures and house details with him.
At Graana.com, you can upload the house’s listing free of cost and our real estate experts will find the perfect buyer for you.
Prepare the Home for Sale
So you have decided to sell your house.
But, before inviting the buyers to your home, it is essential to prepare the house for the visit.
Remember, the first impression is the last, and it is applicable in real estate as well.
Before the buyer’s visit, clean your house and make it as presentable as you can. Get rid of all the garbage and dirty windows. Fix broken mirrors and windowpanes. Apply a fresh coat of paint, if you can. Clean the doors. Get rid of any leakages and sewerage issues.
These things may cost you some money, but you should not forget that these minor improvements may increase your chances of selling your house in a blink of an eye.
“The most difficult thing in any negotiation, almost, is making sure that you strip it of the emotion and deal with the facts.” ~ Howard Baker
The key to getting a reasonable price is negotiation. The better you negotiate, the better your chances are to sell your house at a great price. Fix a meeting with the potential buyer and discuss the property with him. Highlight the pros of your home, including its layout, its locality, its price range, the neighbourhood and the facilities.
Also, do not try to hide the flaws in the house. It will only give a wrong impression and may also lead to legal complications. For instance, if you have leakages in your house, tell the buyer about those.
Accept the Final Offer
When you get the perfect buyer, do a little background check on him. Many people around us will move into the house and delay the payments of the house.
Make sure the buyer is legit and has the resources to pay you the money. When you finalize the deal with the buyer, put everything on paper. Hire an attorney and legalize everything. Decide on token cash and seal the deal.
You can either ask for a lump sum money or ask the buyer to pay you in instalments; the choice is totally up to you.
Close the Deal
When the transactions have been made, and everything went smoothly according to the plan, it is time to transfer the property to the buyer. Every region has their transfer laws. Make sure you check yours and comply accordingly.
So, these are some of the steps and tips that you should know before selling your property in Pakistan. These steps will act as guiding material for you and streamline your selling process.
If you have any queries and suggestions, you can contact us by sending us a message in the comment section below. We will get back to you as soon as possible.