What is the home-making cost in Karachi
While researching this topic, I came across many
articles related to it and I found that they didn't give a clear picture of the
overall situation. So I decided to write about this issue in my own article
which covers all the aspects of the housing cost. This also includes a
discussion on how much money would you need for such a costly project.
This question is one of the most searched topics online which
is quite relevant as due to rapid development in cities, people are looking for
affordable housing options. We do not know what kind of house is available at
the real estate market prices in the real estate industry, but in Karachi, there
are no residential buildings for sale. However, there are some apartments,
condominiums, houses, flats, and a few commercial properties that people can
buy. It's a matter of you where to find these buildings at different rental
rates. These residential and commercial properties have very limited rental
rates in Karachi. But we don't go far into the list of properties because those
properties are almost more expensive to rent than they are to buy. Therefore,
if you want affordable housing, then you will need to consider choosing a good
rental rate or buying any other property rather than renting a property. To
provide an example, for a large 2,500-square-foot house in Karachi, rent rates
range between B1,000 to B40k per month. If you want to buy the same, I would
suggest you sell it within 3 months of its purchase. Apartments usually vary
from 10 to 20 thousand dollars. This goes up higher when you compare the size
of the house to the number of rooms or floor area.
So if your house is smaller you should be paying about 50
to 100 thousand dollars for the building which is less costly. You can find out
the estimated monthly rental rates for small apartments and condominiums through
their websites. And for larger apartments, you can hire the right companies like
E-bills and let them make a call if you are interested to rent your house. For
small properties, it can be pretty difficult to get any contract from real
estate agencies since the amount of sales is so low. Whereas for bigger ones it
becomes quite easy for the individual to contact the government agency and the
whole process can take months to complete. They will make contracts in just two
weeks' time.
So depending on the size of the house and the availability
of the owners and properties for renting, people can come to Pakistan to seek
affordable housing. Once you look for vacant properties for rent and buy
them at the market rate, the next thing you need to know is whether your house
would be suitable for you. Your budget should not exceed 80 thousand dollars,
you cannot pay as high rent rates because your owner won’t approve. Since you
will find that your new apartment can get sold anywhere else in the real estate
market, then let your real estate broker, interior designer, or architect make a
call for you. He or she will talk about your living conditions, space planning,
the space allocated for your furniture or equipment, and many more things.
Before finalizing an agreement with any builder or estate agent provide all the
documents required by government agencies to register the house or apartments.
After registering the apartment, the owner has to submit the permit. This
permission might be requested by the authorities to build the property, and
later, after obtaining that document, you will receive another document to
declare ownership of the property.
After receiving that document, you have to pay 1 point per
square foot of the total area. Also, depending on the type of apartments, you
will get, you will have to pay around 5 points. Most of these apartments are
located in multi-story lots which have several departments. It means that
there are many floors that have toilets and toilet cubicles, a kitchen, the main
entry, and a bathroom.
If your rental rate is more than you are paying on the property, then you will have to work hard and wait in patience for your tenant
until he/she pays. As you know, landlords do not get any profit from paying
rental rates for apartments, but they do it to save them a lot of their
expenses. One important aspect of this is to make sure that they use a good
marketing strategy so that the properties would be advertised highly among the
potential buyers.
If you plan to purchase a house that will cost more than
25 thousand USDs, then you will know that there is still plenty of room for
improvement in it. Yes, that might seem harsh, but you do not need to worry
about improvement when the condition of the house is great and there are more
chances that people would like to live here. Another aspect, in this case, is that
it has to be a big house. If it's a smaller-sized house, you may face issues
while getting a loan from banks or building loans. So you should consider
having it renovated before deciding to buy it. Some renovations will be
necessary depending upon the location of the property. Then you will have to
bear some extra expenses in renovating it. That can be around 30 thousand USD.
So for those who want to enjoy the best possible living
environment without spending too much money, then you must have a reliable landlord
or a family member to help you with home renovations or buy them a cheap flat
with proper facilities in order to avoid the hassle. But if you are lucky to
get a huge house, then you need to spend a hefty amount of money on
improvements.
So, this is the first phase of our journey. The next step is
to discuss with your broker all the details on that particular property.
Talk about the layout, and the dimensions, if you have to leave some rooms out.
This might also make your dream house more spacious and bigger. Moreover, talk
to architects and designers if you want them to do alterations, make some minor
changes, and then wait for their responses. In the last step, you can talk to
the real estate agents who have a vast network here in Sindh or those whose
offices are spread here. There are always many people ready to help and it will
be easier for you to deal with them.
The second part of the journey is for those who seek
affordable housing in Karachi, I hope this helps!
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