DHA Phase 6 Block A

Home Buying Tips for First Time Buyers

Home buying can be a daunting and stress inducing process. Potential buyers go through a myriad of emotions when even considering a new home. There is a lot you need to know before you purchase a home. So you want to proceed with caution before you make any long term decisions regarding home buying. Here are a few tips that can help make the experience a whole lot better.

Tip #1 Find the right price range

While dreams of having a big home with a pool and spa may be enticing, they may not be very realistic when it comes to the price tag. You need to take a hard look at your personal finances before buying a home. Home prices fluctuate at a constant rate. The real estate market can be very volatile during certain periods. Fluctuating interest rates may affect what you can afford. So realistically look at every dollar you spend and how you spend it. Just because a bank can finance you at a certain rate or amount doesn’t necessarily mean that is how much you can afford.

The first step is to note down how much income you bring home monthly. Then take into account everything you spend your money on. Besides the basics like rent, transportation and utilities, you may have extra bills such as credit card payments, personal loans and education expenses. In addition you need to look at any extras you spend on such as entertainment and shopping. Once you total it all up you can get an idea of what you are able to spend on a monthly home payment.

Tip #2 Obtaining financial pre-approval

Getting a financial pre-approval is very important. You should look at several different lenders before deciding on one. All lenders have different qualifications and can make you various offers. So carefully review each one then obtain your approval. It is better to get your pre-approval before you go out and start trying to negotiate an offer with a home seller. Your pre-approval letter will give you some leverage to work with when it comes to negotiations. Before you get a pre-approval you will need to get pre-qualified first by a lender. This is basically the lender taking a look at your financial status to see what can be done for you.

Read more tips from : Saiban Blog: Home Buying Tips

LDA City Plot Buying Tips for Time Buyers

LDA City in Lahore is deemed to be the biggest and most affordable area for real estate investment. The prices come with payment plans and there is much to choose from.  This is the largest endeavor in Lahore.  Its aims are to provide a healthy lifestyle of living.  Besides have a large home development scheme, there will also be a wide commercial area as well. The hope is to cater to high rise home owners and bring in much commercial development as well from investors. The commercial develop will give a boost to the daily economics of the city.

As with any other property type, there are many issues to be concerned with before you purchase a plot of land.  LDA City plots are somewhat similar to other developments in that investing will bring you a decent ROI in the futures.   As you are looking at plots and trying to decide on where you want it, please keep in mind these issues.

Tip #1 Know the pros and cons of buying in LDA City

LDA City has been touted as the new place to place your money.  It is the largest property development in the city.  Like other Lahore cities it is deemed to be very safe due to new laws and enforcement.  Just about anyone with money will be able to purchase plots.  It is deemed a lifestyle community and promises to give out high end returns.  On the flip side much of the development is no where near being completed. In fact much of the property for sale has not even broke ground and will not break ground for many years to come. Currently there are very few urban developers actually working on deals.  You might buy a plot now but will have to wait several years before you can see and return on investment.   Depending on how much money you are willing to spend you may get a better deal in DHA instead.

Tip #2 Consider the whole reason behind buying a plot.

Depending on your long term goals there are several plot types you can buy.  LDA City will be developed to offer its investors a wide range of places to put their money in.  Large scale plots of housing are the main development.  There will be many options to choose from depending on your income level.  LDA City hopes to attract those with lower incomes into investing some money in land.  Even middle income people will have some great options.  For those looking to the commercial market, there will be many avenues for that. The plan is to add in much needed retail stores to bring the economy up.  Other commercial type offices will be made for businesses.  These will provide a little more return on investment.  So whatever you want to buy with your money there will be an option available in LDA City.

Tip #3 What local features or amenities will you require.

The LDA housing scheme will offer an all inclusive living plan for its investors. The goal is to make it a state of the art housing society.  Homes will be available in many different options from basic homes to high end high rise apartment homes.  The local facilities will include well-planned road networks, water treatment plants, shopping centers, city parks, lush green landscapes, medical facilities, various schooling, colleges, local community centers, sport clubs and recreational facilities such as Joy-Land and Mini Zoo, various man made lakes and much more.  All these facilities will be fully modern and technologically advanced to meet community needs.

Tip 4 Know the available plot costs

Plot costs can vary from location to location.  So it is wise to know what is out there on the market.  LDA City will have the following options available for purchase:

·         5 Marla Residential Plot

·         10 Marla Residential Plot

·         1 Kanal Residential Plot

·         2 Kanal Residential Plot

The costs of each plot breaks down as follows:

·         2 Kanal : Rs. 6,500,000

·         1 Kanal : Rs. 3,490,000

·         10 Marla : Rs. 1,990,000

·         5 Marla : Rs. 1,390,000

LDA City has mapped out a full budget and payment plan for these plots. The goal is to make a plot as affordable as possible to attract in the investors. Property has been priced to meet the needs of the very wealthy down the those in lower incomes.

Tip #5 What will be your source of financing?

When you decide to purchase a plot you need to be able to pay for it.  Not everything can be financed through a bank for instance 2 Kanal Plots have to be purchased with cash. For some people this is not a problem as they have savings available to them or can get the money from family as well.  Other people may need some financial assistance for their plot purchase.  It is vital before you even consider a plot purchase that you know where your funding will come from.  If you need a loan there are several bank options available. 

Tip #6 Beware of plot sales that are taking too long

Unlike other properties in Lahore such as the DHA communities, LDA City has been plagued by a lack of direct action. Ground breaking is slow is many areas as there are not a lot of developers working on it. A full fledged marketing campaign has been launched for advertising. However it is not bringing in substantial investments as of yet. Even bidding on files has taken a long time. 

Tip #7 Have an alternative plan for buying a plot

If all does not go well with your plot purchase you should be able to back out of a sale and choose another plot elsewhere.  There is always to possibility that something can go wrong. With the ground breaking delays LDA City has, some people are looking to invest in other locations such as with DHA Lahore communities instead. So there are options available you just need to keep your eyes open and beware that something could change at any time.

Property in DHA Lahore for Sale, Purchase or Rent

The plot prices in DHA Lahore varies from phase to phase. However, the average rates are detailed below:

One Kanal Bungalow price in DHA starts from Rs 17,500,000 and goes till 70,000,000. The average price of five Marla newly built house is Rs 1.8 crore to Rs 2 crore and ten Marla is Rs 2 crore to 2.5 crore. Average price for two Kanal house fluctuates between Rs 18,500,000 and Rs 35,000,000. And if you desires to buy fully furnished house in DHA then you should have twelve crore rupees in your pocket.

One Kanal residential plot price ranges from 62 lac to 2 crore. You can buy five Marla plot in price varying between 22 lac and 54 lac. Commercial plot prices diverges from 2.2 crore to 6 crore for 4 Marla and from seven crore to ten crore for 8marla.

The rental charges in DHA are also very high. You can get one portion of 1 Kanal house in DHA for rent between Rs 37,000 and 275,000. Two Canal fully furnished house costs around two lac per month. You may get full five Marla house for 40 to 48 thousand rupees per month.

Highest property prices depicts the quality of area. Rapid development is taking place in its new phases. It is no doubt great place to live. Another quality of DHA is that it is connected to Lahore Ring Road that is heart of Lahore. Ring Road connects the main areas of the city so DHA location near Ring Road has increased worth of the area. DHA Phase 5 is best if you want to buy a house.  And if you are looking for plots to invest, then you should consider the newly launched Phases 7, 8, 9. Finding plots in Phase 1, 2, 3 have become difficult and if found, they are highly expensive. The property rates in Phase IV and V are also following Phase 1, 2 and 3. The phase 6, 7 and 9 are under development and viewed as best option for investment as rate of properties is low there. Moreover, the newly launched phases are better than old phases in terms of facilities and infrastructure quality.

DHA Phase 6 is said to be a Master Planned Phase of DHA Lahore. It has best park facilities and best schools including Lahore Garrison University, St. Marry School, Sicas Main Campus and Beaconhouse-Newlands. Hospitals located in Phase 6 includes Sharif Hospital, Vitality Healthcare Skin and Laser Center. source:  DHA city Housing Scheme