FAQ
Am I Ready to Be a Homeowner?
Owning a home is a big financial and personal commitment. You’re likely ready if you have a stable income, good credit history, funds for a down payment, and a long-term plan to stay in one place. Homeownership also comes with ongoing responsibilities like maintenance, taxes, and utility bills—make sure you’re prepared for those as well.
Is Renting or Buying Better?
This depends on your goals. Renting offers flexibility and less responsibility, ideal for short-term living. Buying, on the other hand, is an investment in your future and can build equity over time. If you’re planning to live in the same place for several years and can afford the upfront costs, buying may be better.
What Is the Lender’s Formula?
Banks in Pakistan typically look at your Debt-to-Income Ratio (DTI), monthly income, employment stability, and credit history before approving a loan. They usually offer financing up to 70-80% of the property value. Having a clean credit record and a solid income history increases your chances of approval.
What Do I Look for in Homes?
Focus on location, security, nearby amenities (schools, hospitals, markets), property condition, resale value, and legal documentation. In housing societies like Urban City Lahore, also check for developer reputation and future development plans to ensure good returns.
Do I Need a Home Warranty?
While not common in Pakistan, a home warranty can be helpful, especially in newly constructed homes. It covers repair costs for electrical, plumbing, and structural issues. Always ask the builder or seller if a warranty is available or negotiable.
What Should I Expect at Closing?
Closing involves finalizing paperwork, transferring ownership, and paying the final amount. You’ll sign the Sale Deed, get possession, and update land records. Always verify that all dues, including transfer fees, taxes, and society charges, are settled before closing
What Is Pre-approval?
Pre-approval is when a bank or lending institution gives you a conditional loan approval before you select a property. It helps you understand your budget and shows sellers that you are a serious buyer. Pre-approval also speeds up the final process.
Am I Ready to buy?
Buying a home is a significant financial and personal commitment. You may be ready to buy if you have a stable income, job security, and enough savings for a down payment—typically around 20–30% of the property’s value. A clean banking record or good credit history also increases your chances of loan approval. If you plan to stay in the property long-term or are looking for a reliable investment, buying can be a smart decision. It’s important to consider your ability to manage monthly expenses such as loan repayments, utility bills, and maintenance. Lastly, owning a home also means taking responsibility for repairs and long-term upkeep. If you’re still unsure, Zameen Advisor offers free, expert advice to help you assess your readiness and guide you through the process.
What Should I Offer?
Your offer should reflect the market value, property condition, and recent sales in the area. In competitive markets, you may need to match or slightly exceed asking prices. It’s smart to get a property evaluation and negotiate with the help of a trusted advisor like us.
Can I Ask You for Advice?
Absolutely! At Zameen Advisor, we offer free, honest, and personalized real estate advice—whether you’re buying, renting, or investing. Contact us via WhatsApp, phone, or our contact form, and we’ll help you make informed property decisions.