More often, people are interested in buying a house in another city, for several reasons. They might be interested in moving to a bigger city, or maybe want to provide comfortable accommodation for their children before setting off to go to higher studies and so on. Whatever your reason is, getting organized is the first step toward buying a house in the city of your dreams. You’ll need a plan for the paperwork with the help of an agent while you remain in the other city.
To help you understand the process, we have gathered the following steps so that you can enjoy living your life in your new home in no time.
Get Pre-Approval
Unless you have a huge sum of cash lying around, you will need to apply for a mortgage. Therefore the pre-approval of the loan will give you enough momentum to make a reasonable offer to the seller.
While you are in the planning phase, meet with the mortgage lender. And now you can discuss the available options for the loan. Because you’ll be financing a second home, keep the down payment in mind while choosing options. It is in your best interest to also consider budget and affordability into account.
Once your mortgage choice is approved, you now can know the price range to buy a house.
Budget constraints
Affordability plays a vital role in decision-making about the type of second home you are interested in. From home inspection costs to insurance rates, add all of the additional costs (which are highly estimated).
As you’ll be moving from another city, keep moving costs in mind as well.
Target Location
Which city has the most appeal to you? What neighborhood are you interested in? Is it a new housing development like Lahore Smart City or a much older community such as Johar Town? It is likely recommended to invest in a house in Lahore Smart City (or an equivalent area) because the reason is that the price range of houses in newly established societies is highly affordable.
To buy a house in a large city like Lahore, keep multiple society options in mind and shortlist the location based on the facilities and amenities and the budget
Home Tax
A property’s value is identified by the tax rate i.e. land and structure. Remember, a property’s tax rate varies by city, arena zone, and province. So where you decide to move will have a huge impact on the amount of taxes.
To calculate the taxes on the property, the government also provides online portals like tax calculators for the ease of homeowners. However, these estimates may vary from the original tax rate that you are eligible to pay.
Living Cost
Another variable cost added to the books is living costs. Home utilities and residence expenses are added to the additional costs. Daily expenses such as groceries, electricity bills, fuel expenses, etc will also vary once you move to another city. So when planning financing options for a second home, keep living costs in mind too.
Facilities and Amenities
Your second home is not your primary home. But you still need to keep the space comfortable and fully functional to relax while living there. Explore opportunities to add more functional fixtures, premium amenities, and so on. Also consider the type of facilities you are interested in such as whether you’d like to have beach view options, artisan shopping centers, or golf courses in proximity to the house, etc.
Local amenities and facilities build up an entire community so it provides valuable insight into a particular neighborhood.
Plan the Process
Buying a second home in another city requires planning and then implementing it into a process. Pay a visit to the desired city location and the exact neighborhood. Understand the culture of the neighborhood and the city (as both are closely interlinked with one another), and learn about transit, road structure, seasonal changes, and other factors.
Choose Google Maps to help find the right routes from the prospect house to the rest of the areas and mainstream locations.
Buying a second home is an exciting notion only if you have followed the right steps and the guidance of a real estate agent. While on your visit, have a chat with a reliable real estate agent to help you close a deal that would become your second-best investment.
