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Lahore Real Estate Forum: Property News & Community Talk : ,

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   Saim Ahmed
Wednesday, November 25, 2015 12:02 PM 
Reply: >
Dear Brothers ,
Aoa ..My sister is purchasing an old house in DHA Phase 3 Z Block ( 10 Marla ) . It is costing her 1750000+600000( transfer /commission )=1.8 million approx .
If we spend 10 lakhs for rennovation . Is this a reasonable deal . Please suggest .

Best Regards
Saim
Correction replied on Wednesday, November 25, 2015 01:53 PM 

I am sure you mean 18 million, one crore eighty lacs that is
Humayun replied on Wednesday, November 25, 2015 04:16 PM 

I think good deal but how old the house is also matters a lot.
Ahmed replied on Wednesday, November 25, 2015 06:34 PM 

Phase 3 z block there is a old 10 marla house worth of 12.5 million and also worth of 25 million, it depends on the location, not the construction cost because all houses 15y or more old are counted as MALBA only worth of 1 to 1.5million. Must look for the location.
jameelmughal replied on Thursday, November 26, 2015 04:43 AM 

Go ahead Price is Ok as per market today.
Just Make sure that old house have solid Construction, In DHA you can get many houses in this Budget all depends How good Location and what condition of House. I was looking for such a house in 2010 when a House like this was 90 to 110 depending upon location. I saw 14 houses ranging from 75 Lac to 120. Surely level of House is Not an issue in DHA as they are making road every 3 years [To get Budget] So level remains constant. The only issues can be seepage of Baths and Kitchen especially upper floor almost impossible to remedy and Location.
Eagle Eye replied on Thursday, November 26, 2015 04:50 AM 

Seems like a good deal.Even you spend 20 lakh.Still i think very reasonable
Saim Ahmed replied on Thursday, November 26, 2015 06:33 AM 

Jameel Bhai , location is on 60 ft road but back is Charar Pind graveyard . Front is nice .
Jameel MughalŪ replied on Friday, November 27, 2015 03:41 AM 

I think I have seen it his House in 2010, Or at least a House in same location. It was offered to me in 90 Lac at that time. If it is same it have some 1/2 Heated renovation like tiles in one or two rooms and rest chips.
I can tell you this House is good for living as areas is nice and have very good access and 60 feet road yo just need to safe guard back side. For reselling and investment it is not good house. It is quite possible that the same house is still in market since 2010 or may be some investor is reselling. You can judge that price gained from 90 to 165. But On Back side Graveyard is big minus.
Qasim replied on Friday, November 27, 2015 01:38 PM 

compare it!
10 marla house vs 1 kanal house
old house vs new built according to your requirements
if you requirement is 10 marla then 1 portion you can give it to rent!
No problems in new house
future value will be more of you 1 kanal house; when phase 7 fully developed value can be increase to 1.5 times!
think about it! That what I am planning....so giving you the same advice.............
I am in Hong Kong! I plan to come back after 1 year, so with 200 lac i wont go for old 10 marla house in Phase 3 rather I will build 1 kanal house in phase 7 or phase 8
all the best
raza replied on Friday, November 27, 2015 01:50 PM 

Qasim dha phase 3 is the heart interms of amenities inhabitation and so much developments
malls parks mosques, I understand you might have investment in phase 7 that does not mean ppl stop buying in developed phases for house living.

Phase 7 has 10s of thousands of plot some one might not like living in empty space near to the edge
Qasim replied on Friday, November 27, 2015 02:11 PM 

Dear raza
Thank you for your reply!
I understand your point of amenities ; I believe new phases like 6,7 and 8(in future) will also have these amenities.
You are right; it also depends on your lifestyle/preferences!
My thinking is; everyone has a car so living 10-15 mins away from amenities time being is not big deal; look at benefits you get in terms of investment, new construction, area etc
I may be wrong!
In Pakistan for middle class family; house is living as well as main asset! so its better to sacrifice at present little bit but at the same time built a long term asset for your future generation!
If they lot of money then its ok to live in phase 3 and enjoy life for 10-15 years and then house will be malba
Since I have limited resources I will prefer to live in new house with less luxuries but my next generation will also benefit! the lifespan of new house, 1 kanal etc etc after 10+ years you wont see much difference mark it!
Qasim replied on Friday, November 27, 2015 02:13 PM 

What brother Siam asked is different opinions!
everyone has its own opinion and all are true in some context!
I think Siam will choose based on his own circumstances, financial situation etc
I wish you all the best!
May Allah guide you in correct direction!
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