Introduction:
In the Guide For US-Based Overseas Pakistanis, It has something to do with longing sleeping in the hearts and minds of all those who call this place their homeland, not least among America born Pakistanis. This guide is all you need to take proactive steps in the process of buying property from the US over Pakistan, whether your interest lies in a retirement haven or investment opportunity- it even walks you through how to buy back an ancestral land that was parted away during partition.
Table of Contents
Here are a few pros of Buying the Property in Pakistan:
Long term investors can make future gains: The real estate market in Pakistan, especially big cities such as Karachi (population 15M), Lahore(11.1 M) and Islamabad(population of over one M people). The average price per square meter in these cities range from $1,000 to $3,000 and given the exchange rate at which 278 Pak Rupees equal one US Dollar, this is a good long term investment.
Ownership /Sense of belonging/ the ability to bond permanently with your cultural roots. It offers a cozy spot for visits and keeps the ties to the community strong.
Estate planning:
A property in Pakistan could become a-potentially-valuable heirloom, thus always connecting your children to their roots.
Closing Thoughts on Buying Property in Pakistan vs Not
Distance and Time Zone Differences: Inspecting properties, handling legal matters and coordinating works are all made more difficult given the sheer distance (as well as time zone difference of between 10.5 to 12.5 hours). You may either need to visit quite often or depend on dependable representatives.
Legal Complexities:
Pakistani property laws can be complex. Your need to hire a good real estate lawyer is important so work with care.
Market Volatility:
Real estate, by its very nature involves market risks as the prices may go up and down like any usual investments. It is essential to conduct a comprehensive market study and maintain a longer-term outlook.
Sarah Khan – Success Journey (Chicago to Karachi)
Skirting ethnicity to buy properties in Karachi has been a childhood dream for Sarah Khan, it said. She would embark on the journey and after many years of saving she made it a reality. Here is how she managed the process:
Sourcing:
Sarah searched online listings and local Pakistani real estate agents that her family had used. Off of her budget (say $200,000) she shortlisted an area within a peaceful neighborhood in Karachi where her apartment should be a good size.
Legal representation:
Sarah hired an honest attorney who already had experience with overseas property purchases Commence The Mortgage Application Process This served to preserve legal documents and thus protect its interests.
Virtual Tours and Communication:
Sarah viewed the Midwest City home by video tours from her agent along with constant communication.
Secure payment methods:
She relayed the funds via transparent glass banking channels advocated by her lawyer.
Power of Attorney:
Since Sarah could not travel constantly, she gave a power of attorney for property registration and any potential work that had to be managed by someone amongst her beloved family members.
Lessons from Sarah’s Story:
- Before You Buy Planning research budget long term
- Get the Right Team: A reliable real estate agent and an overseas property transaction attorney are invaluable resources.
- Use Technology: Natural tours or virtual tours and communication over text could be an answer.
- Power of Attorney: Those unable to travel frequently can avail help from a trusted representative.
Step-by-Step Guide:
Set Your Preference:
Decide your budget, location (metro city or tier town or village), and properties type(residential plots, apartment commercial property).
If you are an NRI, make sure to approach a recommended real-estate agent who has experience in dealing with international clients. Use online directories, personal recommendations from sources you trust etc.
Viewing Listings and Taking Virtual Tours:
Go through online listings & ask your agent to provide a thorough virtual tour of the property so you can get an accurate sense.
A lawyer and a sleep specialist:
you should hire an attorney who specializes in the real estate transactions of foreign clients. Legal due diligence, document verification and registration will be carried out by them.
Obtain Funding:
Calmly decide how you are going to get your money from the US to Pakistan in a secure and cost-efficient manner. Seek your attorney and financial advisor to assist.
Close the Deal and Deed:
Once you have selected a property your attorney would then take you through sale agreement & registering property.
Property Management (optional):
Hiring a property management company that is local to the area and has an existing scalable solution in place for tenant relations, maintenance.
Conclusion:
Whereas, it is extremely crucial to do due diligence and careful planning when making a real estate purchase in Pakistan from the US. But, as long as you have the right materials and know how things work, it can be done.
A rewarding experience by following these steps and contemplating the pros & cons, hopefully you can make a more educated decision that further connects you to Pakistan (and perhaps secures part of your financial future )
Additional Resources:
Association of Builders and Developers (http://www.abad.com.pk/)Pakistan Real Estate Association.
Source: Board of Investment Pakistan (https://invest.gov.pk/)
Guide to Owning Property in Pakistan for Overseas Pakistanis (Pakistan Government links)
Remember:
Because real estate market conditions keep changing hence it would be helpful if you are up to date and trending property valuation.
When you are dealing with real estate, there are plenty of factors that get taken into consideration like property taxes and the cost for maintaining the home as well as a potential rental income.
And lastly, appreciate the process of owning a home in Pakistan. It can give you a sense of pride, something to leave for your kids and grandkids, or it puts the wind beneath your “roots”.
