I have 2 plots in E-16; one is 30x60 and the other a 35x70. I currently live in G-11 in a rented house at a monthly rent of Rs. 30,000. I am fed up with living in rented houses and wish to have a house of my own. I seek your guidance whether:
1. I should sell the 30x60 plot, add some money and start construction of 35x70 plot; or
2. I should dispose both the plots and buy a house somewhere else; or
3. Dispose off both the plots and buy plot(s) somewhere else to gain some profit and then buy a house.
I am quite confused, and request your guidance.
Thank you very much.
Go for option 1.
Cheers,
Option 1) seems reasonable. Option 3) is not suitable - for this you should wait another 6-12 months as prices are likely to appreciate (with elections, more houses getting constructed etc).
Qureshi Sb: Very relevant question indeed but I have no straight and simple answer, considering it to be the next stage to be worried about. As is the case with majority of people, this will be my first ever experience and probably the last one. People generally tend to tell me quite scary stories of their experiences, but I have to do it and will seek Allah's blessings.
I am still not sure whether it will be wise to build a basement or not. Anyway, I have this 30x60 plot plus 5 lacs in cash at the moment. I will start in September (after monsoon rains) and by that time I will have additional funds of 6 lacs approx. All this put together, I will take a start and see what happens to me. I am sure Allah will help and guide me in the right direction because whatever I have is all hard and halal earned money and I have always paid income tax on every penny of my taxable income. I will highly appreciate guidance from you if you have any construction experience.
@khan Sb if your 30 60 plot is worth 25 lac and you will have max of 10 lac more , than i suggest you go for single story house as construction cost will be minimum 1500 per sq foot.
I suggest you get an estimate on construction cost and compare the amount you have
Option 1 is best in current situation. Construction cost is increasing rapidly, get an estimate from multiple sources and start construction.
Thank you, Triver.
Qureshi Sb: Many thanks for your valuable comments. Yes, I agree the 3 million budget is only good for a single storey. When you say 1500 per sq ft, does it include everything i.e. Water boring, electrical cabling, gas/plumbing, doors/windows etc? Also, should I go for a basement as well if I am able to put some additional money, what is your take on having or not having a basement? My wife and kids are strongly in favour of basement. Thanks again.
Basement is your own wish and will. Construction costs vary and depend on type of contract u have with the builder. Wese its better to hold on for another 6 months as plot prices can inc.
Hi if you are intrested to sell your plot in E-16/2 please let me know
Zeeshan Sb: Thank you for asking me about this. I heard yesterday that the Cabinet Society management have offered property dealers free space in E-16 to open offices there. Therefore, I would like to hold the property for a few weeks to see possible escalation in value of my plot. In case I decide to sell it later on, I will definitely ask you to give your offer. Thanks again.