Similar to our post on some advantages and disadvantages of buying a newly built house, we are back with yet another list of pros and cons of buying a used house in Pakistan.
Many people prefer building new homes according to their needs rather than going for existing properties or used houses. The benefits that come with newly built houses are although easy to understand, the tricky part is answering the question of why you should consider buying a used home in Pakistan. Well, there are two sides to every coin, and we will flip both of them to help you make a better and well-informed decision.
So, without further ado, let’s get investing!
Pros and Cons of Buying a Used House in Pakistan
We know for a fact that old homes in Pakistan have a certain charm and an unmatchable character. However, you should also be aware of the fact that investing in used houses has its own set of risks and perks. To make things further convenient for you, we have discussed some pros and cons of buying a used house in Pakistan below:
- Buying Price
- Outdated
- Location
- Additional Cost
- Size
- Supply
- Character
Buying Price
There are many advantages to buying an old house in Pakistan, but the buying price, hands-down, is the most highlighted one. Used homes usually have a lower price, primarily depending on two factors: the location of the house and its condition.
For instance, buying a 120 square yards house in Karachi’s Gulshan-e-Iqbal can cost you around PKR 1.5 crore. Comparatively, buying the same sized house in Bahria Town, Karachi requires a minimum investment of PKR 1.35 crore. The difference in price is majorly due to the reason that Gulshan-e-Iqbal is an old area with already built houses while Bahria Town is a new and developing community, and has a greater number of newer and unused properties.
Similar price differences can be seen between Islamabad’s old and new areas such as F-18 and Bahria Town. You can also compare Allama Iqbal Town and Bahria Orchard in Lahore to develop a better understanding of prices.
Outdated
When we talk about the cons of buying a used house in Pakistan, we cannot miss mentioning that used houses are usually constructed with old standards of living and are not well-equipped with modern technologies or smart devices. They have an old-fashioned electricity and plumbing system that does not comply with current construction codes. It also gets hard to find a person who understands the old-fashioned system and helps you fix or repair it [if need be].
If you are planning to buy an old house, the best way to check whether the plumbing and electrical systems are functional and safe is to hire a professional for the home inspection. This can benefit you in two ways: firstly, it will save you a lot of time and money on renovations. Secondly, you will get connected with the individuals who can help you fix these problems in the future as well.
Location
All the older homes in Pakistan have a common trait i.e., location. No matter in which region you are looking for a property, you will find that old homes are often built in the centre of the city, making everything quite accessible from any part of the neighbourhood.
Living in an old house or neighbourhood means local shops, commercial markets, schools, hospitals, and such other amenities are readily available within walkable distances. Even if you happen to find a used house in a new neighbourhood, you will find that it still has all the necessities available at walking distances.
On a side note, if you are a real estate entrant and need help with buying your first house, take a look at our guide on buying a home for the first time. Besides location, we have mentioned all the factors that you should consider in your first property-related transaction.
Additional Cost
As mentioned earlier, old and used houses have old-fashioned designs and outdated layouts. It clearly indicates that if you buy a used home, you will have to bear the additional cost of its maintenance. Although it appears as a cost, it can help you in the long-run and elevate the current value of the house.
You can easily increase an old property’s market value by conducting some simple renovations, fixing the issues, and adding the required improvements. You can upgrade the layout of the house by adding amenities that can improve the overall condition and look of the house. Whether you want to live in the house or you have bought it as an investment tool – this additional cost can raise the overall value of the property.
Size
If you are looking for a used house in Pakistan, chances are high that you will find a property that stands on a larger-sized plot with a high-ceilinged building. You will find an old and used home with spacious rooms and a better ventilation system.
The up-keep of a bigger-sized house might be difficult, but you shouldn’t worry since we have developed a thorough maintenance checklist for both summer and winter that can help you in this regard.
Supply
Homeownership is one of the things that every Pakistani dreams about. Many of us spend a lifetime saving money to purchase a house of our dreams, and this dream is only achievable with used and old houses in the market. As such, one of the biggest perks of buying a used house is that they are always on the market, making both factors of demand and supply less of your worries.
It doesn’t matter if you are looking for a seller for your used house or you want to purchase an old property with your savings, you will always have a swarm of options to choose from.
Character
No matter how great a modern house seems to you, the older homes in Pakistan are coupled with unique characteristics. These characteristics are priceless, and no sum of money can incorporate them in newly built houses. Solid doors and floors, bigger windows, and ventilation systems are some of the amazing characteristics that modern homes cannot provide to homeowners.
So, this was our take on the pros and cons of buying a used house in Pakistan. We have mentioned some of the important factors that you must consider, but you’re the best judge of what is the most suitable option for you and your family. If you have any further questions or suggestions, write to us at blog@zameen.com.
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And oh, if you are looking for a property in Pakistan, take assistance from Zameen’s virtual area guides. From Karachi’s Scheme 33 to Multan’s Gulgasht Colony, we have listed every available the properties options.
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