We recently planned to buy a house in Karachi which would accommodate our expanded family. Like most other people we did not have much idea on the things to consider while looking for our dream house in Karachi so we had to rely on input from family and friends and real estate agents. Not only that we also inspected the houses in the different locations of Karachi so we could get a firsthand look into these things.
I have compiled a list of conditions one must consider while looking for their dream house and hopefully this will help someone and save them time.
First thing to consider when buying a house in Karachi is to look for an area which was secure and away from the disturbance prone areas of the city. This has become an important factor since the rather unfortunate event of 2007 when a lot of people were not able to reach their homes due to violence by mobs and organized gangs. Even now there are some residential areas in the city which have been partitioned across ethnic lines and the real estate prices in those areas have taken a deep slump.
- Easy accessibility
You should try to search for a house where you are able to access public transport easily. The nearer your house is to main roads and commercial centers in the city the higher the chances of you making a nice profit if and when you wish to sell your house at a later time. Some people may argue that your home should be as far away from commercial centers and public places so that you can enjoy the peace within your home.
I agree but in this case you need more than one car at your disposal and servants who can run your errands. We must realize that 90% of the population in this city is from the low to middle income class and they are not able to afford all such luxuries.
Of course this is a no brainer yet most people would place this point at the top of their requirements. If you have a small budget (between Rs.5 million and Rs.9 million) then you can go for houses in the north and west areas of the city. If you have a medium budget (between Rs.10 million and Rs.19 million) then you can go for houses in the center and east areas of the city. If you have a high budget (Rs.20 million and above) then you can target houses in the posh east and south areas of Karachi. Your budget will also dictate whether you will be able to live in a secure area or not.
- House Elevation
Karachi may be one of the few cities in the world where roads are carpeted with asphalt every 3-5 years instead of making them from scratch. Due to this elevation of houses has been affected severely. Houses which had been developed 12-20 years back now seem to be below road level and in the monsoon season one can see these houses submerged in nearly 1ft-2ft water. You should try to buy a house which is at least 2ft above the current road level as that will stand you through at least 10 years. Remember the higher the plinth of the house the more long term it will be for you.
Karachi is one of the largest and growing cities in Asia and the world. It has a population of 20 million people and it is an important hub in the region. If you buy a house today it will surely reward you in the next 10 years or so as the real estate prices in Karachi have not reached levels as they have reached in Dubai, Mumbai, Bangalore, Singapore, Kuala Lumpur etc. The real estate prices in Karachi are still much low and within the reach of the people but it may not remain that way in the next few years so it’s better to buy today than to be sorry tomorrow.
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