Real estate investment is a rewarding and common way to build wealth and assets, but it’s not without challenges. Many first-time property buyers lose their money and peace of mind due to some avoidable mistakes. To save you from these mistakes, I have listed 07 common mistakes to avoid before investing in real estate. Read the blog to know the details.
07 Common Mistakes to Avoid
You can reduce the risk of investing in real estate by following this simple advice and avoiding these common mistakes:
1. Title Verification
The first mistake people make when buying a property is not doing title verification. Always check the original ownership documents of property, such as registry and inteqal.
You can verify these documents from the housing society office and the official land record office. Always buy a property with legitimate ownership documents.
2. ConfirmingNOC
The second most common mistake property buyers make is not verifying the No Objection Certificate (NOC) of the society in which they are going to buy the plot. They only trust the seller’s words, which is not right. There are four kinds of NOC status:
- Legally approved NOC
- Under process the NOC Application
- Canceled NOC
- Illegale declared NOC status by government authorities.
3. Verifying Documents of a HiRISE Project
The third mistake property buyers make is that they do not check the documents of a HiRISE project they are investing in. Do not forget to verify the plot ownership, building layout plan, and construction approvals through the government departments. It will save you from potential fraud.
4. Market Research
The fourth mistake people make when investing in real estate is not doing market research. Instead, they invest based on the advice of people. There are two ways to do market research before investing in real estate:
Check property rates from multiple resources and consult the established real estate platform like Property Naama Group.
The second option is to do online research. Visit YouTube, Facebook, and other social media platforms and research the property rates in your desired areas.
5. Verifying the Credibility of the Developer
The fifth mistake is that people do not verify the credibility of the developer. Always check the credibility and track record of a developer before making a real estate investment with them. Asks these questions about the developer in the market:
- Has the developer successfully delivered his previous projects?
- Is there a police case about a developer regarding real estate fraud?
- Verifying these details will save you a big financial loss and secure your real estate investments.
6. Not Doing Due Diligence
The sixth most common mistake in real estate investments is skipping due diligence before investment in real estate. Always hire a professional lawyer to do due diligence on the property you are going to buy. It will save you from big trouble in the near future.
7. Investing with Friends and Family
The seventh most common mistake people make when investing in real estate is buying property based on the advice of friends and family.
It results in wrong investment decisions and fraud. Instead, they should buy a property through a credible real estate organization such as Property Naama Group.
These 07 common mistakes to avoid before investing in real estate will save your money, time, and peace of mind. Contact the marketing team of Property Naama Group to make safe property investments in Pakistan and the UAE.
Do Safe Property Investments with the US
If you want to do safe real estate investments in Pakistan and the UAE, reach out to us via:
Our Email address: Info@propertynaama.com
Overseas and Domestic Clients (For WhatsApp):
WhatsApp: 0331 0105531
Disclaimer:
Please note that the information provided in this blog post is for educational and awareness purposes only and should not be considered professional advice.
Property Naama Group is not responsible for any investment decisions by our clients or investors based on the information provided.
