What to Look Out for When Purchasing a Home

If you are thinking about buying a house, be it to live in or rent as a long-term investment, here are some things you should look out for to avoid potential financial losses in the future.
Renting instead of buying. Many homeowners opt to move into rented premises because they are unable to find a property to buy that meets their requirements. This is one of the biggest mistakes one can make because paying rent over long periods of time absorbs funds which can go towards buying a property.

Buying a house for its decor. Most would be sellers use home staging and immaculate decor to amplify the perceived value of a house, so do not get carried away by fancy interiors and furniture which may prevent you from discovering some of the property's faults such as bad plumbing and wiring. Focus on the structure and  functionality to determine the real value. And don't forget to have a home inspection survey conducted by a professional.

Not considering resale. When buying a house, don't forget that at some point in the future you may want to sell the property. Therefore, have its projected price appreciation and demand evaluated by a real estate agent to ascertain its future market prospects.

Not reaching your neighborhood. Find out about existing amenities and facilities such as schools, hospitals, parks and restaurants. Gauge the safety of the neighborhood by visiting it at different times of the day and night.

Buying an overly luxurious house. Every buyer dreams of a lavish home with fancy architectural design and features such as fountains and swimming pools. However, it's wiser to buy a home that fits your needs instead of one that fits your dreams because such features require a lot of maintenance.

Leaving a house vacant. If you are buying a property for investment purposes, do not let it remain vacant for more than a few months. Vacant properties are always in danger of illegal possession, theft and damage.

Amenities That Increase Property Value

Most homeowners seek to increase the value of their property by upgrading the exterior and renovating the interior. Although home improvements affect property value, the presence of certain amenities increases its value by an estimated 10 to 15$. Similarly, demand for the property increases by approximately 30%. This is why the presence of the following amenities should be taken into consideration when purchasing residential property.
Curb Appeal. The facades of houses, landscaping and the general cleanliness of a neighborhood contribute to creating the first impression among buyers - favorable or otherwise.
Infrastructure and easy access. Wide, clean streets with good drainage make a big difference. Additionally, a neighborhood should ideally have multiply entry and exit points and be easily accessible through the city's major thoroughfares. At the same time, it should not be too close to streets that have heavy traffic and congestion on a daily basis.
Public Transport. Ease in access to and from bus stops and taxi stands is generally viewed favorably. However, public transport stands that are too close to a property can be perceived as a security concern.
Neighborhood parks. Providing recreation for residents, parks with walking / jogging tracks and play areas for children and definitely an added attraction, especially in suburban neighborhoods where recreational avenues are limited.
Schools, healthcare and other amenities. Neighborhood that have good schools and medical facilities in the vicinity are more expensive that those that don't, as most homeowners are willing to pay a premium to live there. Having a commercial area nearby (but not too close) is an added advantage and also impacts property prices favorably.
The Lifestyle Element. The presence of recreational avenues such as cafes, gyms, malls, restaurants, shopping centers, spas and similar service in the vicinity enhance the neighborhood profile and raise property prices significantly.

The Tallest City In Europe

Born on September 14, 1957, Renzo Piano was always critical of tall buildings, claiming that they were merely an investment in one's ego. This, however, has changed with the architect's redesign of Southwark Towers in London. The Shard, a 1,016 foot tall structure, now stands in its place and is being touted as the tallest building in Europe.
Dresses entirely in 11,000 panes of glass and built on an irregular pyramidal base that tapers through the height of the building's spire, Piano conceived of The Shard as a building that would combine public and private spaces and form an energetic and thriving community.
In his words, "I foresee the tower as a vertical city, for thousands of people to work in and enjoy, and for millions to take to heart in."
True to that vision, the Shard will house a mix of residents: the UK's first Shangri La hotel, 10 apartments, retail space, restaurants, luxury residences and a five-storey public observation deck on the 72nd floor from where visitors can admire views of London from the tallest spot in the city.
The first 28 floors will serve as premium office space, and because the building has been financed by Shariah compliant investments from its Qatari investors, it is unlikely that businesses connected to the alcohol or gambling industries will be granted leases.
Additionally with regards to commercial occupants, the developers, Seller property, have started, "We are being very selective. We don't want one single, overbearing occupant, we want a mix of media, finance companies, etc." Commercial leases are currently going for up to 70 pounds per square foot.
the Shard forms part of a larger complex knows as the London Bridge Quarter which includes a shorter building known as London Bridge Place built next to the tower. Major improvements to the surrounding rail and subway station are underway and the area as expected to include a public pizza, museum and other businesses. If everything goes as planned The Shard may well serve as the herald of London's future.

The Aloof Modernist: Le Corbusier Architecture

Le Corbusier (born Charles-Edouard Jeanneret) was one of the most influential designers and architects of the 20th century. Even 47 years after his death on August 27 1965, he is remembered for his contribution to modern architecture because of designs that portrayed a utopian sense of purpose.
Early in his career, Le Corbusier often traveled around Europe. In Paris, he learned about using concrete and reinforced steel in structures; in Berlin, he was taught about industrial processes and machine design. In the Balkans, he obsessed over Greek Parthenon. These experiences would later form an essential part of his designs.
With peers such as Mies Van Der Rohe, Walter Gropius and even Pablo Picasso, Le Corbusier developed an idea of architecture that was more focused on function rather than form.
In his words, ' decoration always hides a mistake in construction." The construction of the Villa Savoy, on the outskirts of Paris sums up this belief by incorporating his famous 'Five points of Architecture' which deal with elevated housing, continuity of landscape, free floor plans, illumination and the simplicity of the facade. As he detailed in his book, Towards An Architecture, he believed that a house was " a machine for living"
After World War 1, Le Corbusier became involved in dealing with the rise of slums in post-war Europe by building low cost functional communes for large scale housing. The most famous of these is the united Habitation in Marseilles, also known as 'the Radiant City'. It features 237 apartments with facilities for recreation and leisure encased in block shaped and fortress-like facades dominated by strong vertical and horizontal lines (which subsequently gave rise to the form known as brutalism).
In the 1950s, Le Corbusier tested his ideas on an even grander scales when he was commissioned to plan the city of Chndigarh in India. The city is testament to Le Corbusier's belief in large, functional and spacious block structures with facades of buffeted concrete. The Legislative Assembly building (illustrated above) in particular, with its curved roof edge, has become the counter-piece of the city and representative of what Le Corbusier referred to as his "engineer's aesthetic".

Emerging Architectural Trends in Pakistan

Although most architects in Pakistan would concur that a distinct Pakistani design language is yet to emerge on our skylines, a number of trends over the last decade have resulted in the construction of some outstanding structures.
These include:
Global influence. Architecture in Pakistan has taken on a distinctively global flavor in terms of design and functionality. Consequently, an increasing number of commercial high rises and houses new display straight lines, simple facades and clean finishes, using "no-nonsense" materials such concrete, wood and glass.
Sometimes a combination of these materials is used to create facades with large windows or glass curtain walls.
Old world courtyards. There has been a resurgence of old world havelis, in contemporary homes and even commercial spaces, such as restaurants. Courtyards create private outdoor areas that are centrally located within the structure. They can be used as relaxing sanctuaries or recreational spaces. Special attention is paid to details such as flooring, finishes an landscaping; plants (such as bamboos) are used to create partitions within the courtyard, or a backdrop for water features. Wooden pergolas (usually made of mahogany or teak) are used as accents.
East meets west. While there is a movement towards contemporary architectural elements are deployed equally frequently. For example, sinus-detailed screens, known as jafri, can be seen in many commercial projects against modern backdrops of glass, wood or steel. Regional materials such as reddish terracotta tiles (which are earthy and reminiscent of colonial flooring) and traditional fabrics and textiles are equally visible and serve as edgy design details.
Going green. Green architecture is gaining traction; some solutions to ensure that a structure is environmentally friendly include the appropriation of open spaces for adequate wind flow to allow cross ventilation, roof insulation to keep the interiors cool, the addition of water bodies to create cool spaces and an emphasis on foliage to provide shade. Rainwater harvesting systems are being used in order to facilitate the collection, conservation, and recycling of water.

The Architecture of Summer Olympic Games 2012

On July 27, 2012 London will become the only city in the world to host the Summer Olympic Games 2012 three times. And for the spectators, the thrill of competition will be set against the backdrop of some of the most experimental and expensive architecture in the world.

Most of the events will take place at the Summer Olympic Games 2012 Village Park in Stafford, London (for more information, read our Real Estate Review). The park houses the Olympic Stadium, the London Aquatic Center and the Olympic Village, which are all within walking distance of each other.
The Olympic Stadium, constructed at a cost of 486 million pounds, is designed by populous, one of the world's leading sports facility design firms. The stadium is an architectural marvel; shaped like a bowl, its elliptical geometry blends in effortlessly with the slopping geography of the site it is constructed upon. The Stadium will undoubtedly be the centerpiece of the Olympic since the opening and closing ceremonies, as well as the track and field events, will take place there.
The highlight of design at the Olympics is undoubtedly the London Aquatics Center. Built at a cost of 269 million pounds, it is designed by famed architect Zaha Hadid, and is "inspired by the fluid geometry of water in motion";in essence, the structure resembles a wave with wings. Resplendent in its de-constructivist elegance, with solid feminine lines that dominate its facades, the fluid design of the Aquatics Center is perfect for a venue dedicated to water sports.
The athletes participating at the Summer Olympics 2012 will reside at the purpose build Olympic Village which cost 1.1 billion pounds to construct. In contrast to the flowing design of the Aquatics Center, the Village has a distinct modernist design; the concrete and cuboid shaped buildings employ strong vertical and horizontal lines, stressing functionality rather than form. The Village is complemented by extensive landscaping, with gardens aflame with cornflowers and marigolds.
It is safe to say that for thousands of spectators who will witness the Summer Olympic Games 2012 first hand the Olympic Village Park with all its architectural wonders will be a sight to remember.

The Impact of Budget on Pakistan's Real Estate Market

The federal budget 2012-13 came into effect on July 1, and has certain implications for property purchasers and sellers, especially in regard to property taxes.
These include:
1. Capital Gain Tax (CGT)

• CGT has been re-introduced in Pakistan after a passage of 26 years; it was lifted in 1986.
• CGT is imposed on residential and commercial property owners who are reselling a property within two years of purchasing it. It is payable at the time of selling a property.
• CGT is calculated as a percentage of the increase in the value of a property in a given period; 10% CGT will be applied on property that is being resold within one year; five percent CGT will be applied on property that is being resold within two years.

2. The collctor Rate (CR)

• The CR is official value of the property and is decided by the Government; it is used to determine the value of several property taxes including Capital Value Tax, Registration Fee and Stamping Fee.
• The CRs remain have not changed this year and vary according to where the property is located.

3. Capital Value Tax (CVT)

• CVT is payable to the Government when a property is purchased; it has not changed this year.
• CVT is determined as a percentage of the Collector Rate; it varies according to the type of property. The details are as follows:

Houses
Plot Size (sq yds)                                CVT
Less than 100                                      0%
100-500                                              2%
More than 500                                     2.5%

APartments
Covered Area (sq ft)                            CVT
Less than 1,000                                    0%
1,000-2,200                                         2%
More than 2,200                                   2.5%

Commercial Property
Covered Area (Sq ft)                          CVT
All sizes                                                2.5%