Note: The icons are shown against your rank on the forum.
Buying Property discussions and advice. Participate in ongoing dicussions and get invaluable Buying Property advice from people who are experts in their industries or start a new Buying Property discussion.
After reading all the posts, I can tell you what I would do if I were in your shoes:
If I had my work place in main Islamabad such as Blue Area, F-8, F-7 etc, then I would sell the plot and buy an old house in G-9 or G-10 even if it is more expensive.
-Firstly, this would save me petrol costs and commuting time in the future.
-Secondly G-9 and G-10 sectors are closer to offices, schools, hospitals and markets in Islamabad compared to G-13.
-Thirdly, traditionally from a psychological point of view, the old Islamabad is considered the real Islamabad and so far it has better greenery and better view of the Margalla hills.
-Fourthly, constructing a house is a very difficult project - time wise, health wise and headache wise; plus if you end up with the wrong contractor he will take advantage of your lack of experience. These days genuine buyers of houses are few because of economic conditions so it will be very difficult to sell a house in front of a Grid Station and make any reasonable profit on it (when you construct the house you will realize that even the taps and showers will cost you in lac).
On the other hand, if you buy a house, you may be able to find a good deal if some seller is in urgent need of money because the demand and buying power for houses is not as strong as before; after that you can renovate the house gradually from your regular income.
-Finally, the rent value of house in G-9 and G-10 is much higher than rent value in G-13 because of petrol costs and nearer access to facilities.
In my opinion you may built house on your existing plot and then sell that to get more profit as compared to selling the plot. After getting good return you will be in a position to get home in better condition/location. This is my personal view.
In 80 lac range you will get a 25 x 50 home in G-9 or G-10 old construction home so it would be better to built a home on your current plot as its a new sector and brand new house is always better than old constructed.
Thanks for all your replies. Please also tell me what will be the cost of construction of 25*40 size plot, corner (gali), with and without basement? My second question is if there is a grid station in front of the plot, will it affect the price and living in that area?
Construction cost now a days if you are purchasing material by your own and labour on contract then around Rs 1250 per sq ft on average but standard construction.usually in market contrast will charge you from Rs 1300 to 1650 per sq ft different packages.
Usually in market plot behind or near to grid station are a bit cheaper than others.
My personal opinion is that it will be better to build a house and than sell it as it will yield more profit than a simple plot. Plus you will also get a new house constructed with all the latest amenities and technologies built according to a map of your choice.
As your plot is gali corner so it's expensive than other plots of 117 street. usually people avoid grid station plots due to magnetic field as it may be a bit harmful for health but any medical specialist can clear you that point.
There are a lot of people living behind grid stations in many other areas or sectors.
Thanks for all your nice replies, especially Pk1 , thank you so much.
We are thinking to sell it and buy (even a single floor) house of 30*50 or 30*60 area in G-9 or G-10.
1. Now please, tell me what price we should suggest for the plot (it is gali corner, in 117 st. with 50 feet road in front, and grid station+flat area in front) on Zameen.com.
2. I have faced a lot of problems from the property dealers. We bought this plot almost 5 years back of 28 and half lac (he took Rs 30,000 extra by fraud). Now we told one dealer to sell the plot, he said it for 33 lac and made excuse of grid station (although it's above 40 lac for non corner). We are staying abroad (only my parents there to deal with). So how we will do all this process (selling the plot and buying a home) as dealers can't be trusted?