Buying a house - step by step to owning property

 

The inspection - apartment and surroundings

Have you found an apartment that interests you? The first step is a conscientious inspection of the apartment. An apartment can sound like a dream in the description in the exposé or on the real estate portal, but in reality, it does not correspond to your ideas at all. Conscientiousness is also advisable for existing apartments due to the usually applicable phrase “bought as seen”, which makes overlooked defects your only problem after signing the contract (a seller can only be held responsible for hidden defects).

 

When viewing the property, take into account the current market situation in your purchasing region! If there are many apartments for sale on the market in your region, you can be more selective. When the real estate supply is scarce, features such as floor coverings or bathrooms become secondary. However, always pay attention to the old and most important "real estate wisdom ": You can change everything about a property, except the location.

Everything we do - the community of owners

If you are interested in buying a home, you should be aware that when you buy a condominium, you are also becoming a member of what is known as a community of owners. This is arguably the biggest difference between buying a house. If you want to buy a home in Lahore then Union Complex is the best place to give you a protective and clean apartment.

In addition to the actual apartment, your sole private property, you also inseparably own a part of the property and thus the house. The owners' association regulates all of the owners' concerns that go beyond their property (i.e. their own four walls) at regular owners' meetings. This includes measures relating to the facade, the outer walls, the stairwell, all load-bearing walls, the roof, or the foundation. So if you want to install awnings on your balcony or the windows, for example, this also affects the facade and therefore requires approval from the owners' association. What rights and obligations as a homeowner, this is generally stipulated in the Home Ownership Act.

 

More detailed framework conditions can also be laid down in the community regulations. This is an integral part of the purchase contract for the apartment and in some cases is even recorded in the land register. In it, the coexistence of the owners is explicitly regulated. The declaration of division is also part of the purchase contract when buying an apartment. It contains a detailed breakdown of what counts as sole private property and what counts as common property.

 

Owning together means deciding and paying together.

To ensure that you are complying with the values ​​and rules of the community of owners, you must look at all available documents and current minutes of the owners' meeting before buying. For people who insist very much on their creative freedom and their values, this kind of forced togetherness can quickly become a burden. In the minutes, you can see in advance how the owners deal with individual requests and how conflict-capable and willing to compromise your future co-decision-makers are. Study community and house rules carefully and consider whether you can and want to live with items such as stairwell cleaning, regular garden work, or fixed rest periods. However, just as important as the person are the financial aspects of the community.

 

Enquire about:

 

·         the financial circumstances of the community of owners, in particular, the amount of the house money and the last house money bills

·         the additional monthly charges for insurance, taxes, etc.

·         the amount of any allocations for maintenance reserves

·         planned or recently completed renovation work any applicable special assessment for maintenance and modernization work

·         The best way to get information about all of these factors is from the manager of the community of owners or your real estate agent. He can hand you all the important documents and declarations and is usually available to answer any questions you may have.

 

Good to know:

As a potential buyer, you should be as good as possible with the property manager, as he has a kind of veto right on the sale of apartments within his owning company. The so-called administrator approval is legally anchored in the Condominium Act and is documented in the declaration of division. luxury apartments in Lahore are such an amazing society. So if the manager has reasonable doubts that you fit financially and personally into the existing community, they can refuse the sale.

 

Purchase of an apartment as a capital investment or for personal use

Depending on whether you are looking for a condominium for yourself or an apartment as an investment, you should consider a few additional aspects.

 

1. Buying a home as a capital investment or pension plan

 

If you want to earn rent from your new apartment or if you want to sell the apartment at a profit at a given time, the location, region, infrastructure, and energy efficiency are crucial data. You must of course like the property for sale, but consider whether buying an apartment in another region with a better return is an option and exclude your factors from the property search.

 

 

2. Buying an apartment for your own home

 

And not only in the next two years, but ideally at least for the next 10. The ancillary purchase costs such as broker's commission, notary and land registry costs as well as real estate transfer tax should have paid off throughout use.

Financing your apartment - this is how it works

The housing financing must be calculated carefully because in most cases it is a considerable loan amount. We explain the four most important steps on the way to the optimal home loan.