TOP 10 POINTS TO CONSIDER WHEN BUYING AN APARTMENT
Accommodation has always been one of the basic needs in our lives. In Dhaka City, most of the population stays in rented houses while the others buy their apartments or houses. According to Real Estate Market Specialists, buyers in the Real Estate Market can be grouped into three distinct categories. Namely the First-Time buyers, the Repeat buyers, and the Investors.
It is evident that the investors and the repeat buyers hold a small percentage of the total group in terms of numbers. On the other hand, although, the people buying an apartment or house for the first time, are larger in number, they are usually hesitant and take their time to choose and purchase their dream home. This is because, when an individual or a family are deciding on buying an apartment, it might be one of the biggest decisions in their lifetime!
There are lots of factors involved pertaining to buying an apartment. Hence, for first-time buyers, it might get time-consuming or perplexing in some cases. To help with that, here at Ratul Properties Ltd. we have listed down 10 important points that a first-time buyer, or anyone who wants to buy a home, should explore before buying.
- Location and Lifestyle Index
When deciding upon buying an apartment, location is perhaps the most significant factor to consider. One would prefer to stay in a place which is near to their work address. People also choose their homes which are close to schools and key amenities like restaurants, banks, ATM booths, hospitals, grocery stores, supermarkets, shopping malls, or even religious and recreational centers.
Transportation Network is one more key aspect when selecting the right location to buy an apartment. You would need to know about all the public transport routes to and from your home. You would need to consider whether the location is easily accessible especially during emergency cases, special occasions like national holidays, or any unfavorable circumstances like flooding.
Another important point to consider is the neighborhood and the Lifestyle Index of the location where you want to buy an apartment. The Lifestyle Index or Quality of Life is a means of measuring the standards of living and the expectations for a good life for an individual or society. One should match the Lifestyle Index of a location to your own expectations and capabilities. The location that you are about to choose might become your permanent address for generations to come. So, you should choose a location that has a friendly neighborhood and at the same time, matches your standard of living.
- Size of the Apartment
When buying an apartment, one shall come across terms like Built-up Areas, Floor Areas, Carpet areas, and Common Areas. Normally, the super built-up area of a property includes the entire space of the building including shafts, elevator space, stairs, the thickness of walls, and others. The actual livable area inside the house is called the Carpet area. In other words, the total space inside the house where you can lay the carpet. You can calculate the actual size of the rooms from the architectural layouts.
You would also need to determine the size of the apartment that is the best suited for you and your family. A family grows and thus the requirement for a bigger house arises. On the other hand, buying a sizable house for a nuclear family might not always be an appropriate decision. That is why it is wise to plan ahead when choosing the right size of the apartment you want to purchase.
- Architectural Design and Construction Quality
Architects are one of the key players in the Real Estate Industry. They not only put their best efforts to make the entire project as aesthetically pleasing as possible, but they also design the living spaces to make them the most convenient for the end-users. Another important thing to check is the orientation of the building. In Bangladesh, south-facing flats are more comfortable to live in as well ventilated and well-lit throughout the year. If you are planning to buy your dream home, you must feel contended living there. An apartment that is designed by an experienced architect will ensure that for you.
When you are planning to buy an apartment, one of your top priorities should be the Construction Quality of the total building. Good Construction Quality of the building not only ensures safety for the residents, but it also has long-term benefits. Quality work in construction will reduce the inconveniences and the associated costs from frequent repairs and maintenances.
- Safety, Security & Other Features and Amenities
Security for the family and physical safety are vital points to confirm when choosing to buy an apartment. One of the primary requirements of accommodation is that it provides privacy, safety, and security. So, you need to be assured that the flat, the total building, and even the surrounding neighborhood are safe to live in. 24 hours CCTV monitoring systems are often a common feature in apartments in Dhaka City.
Safety measures from unexpected circumstances like fire or natural disasters are compulsory features and amenities for a building. It is a minimum requirement for every building to have fire extinguishers, and that those are checked and refilled periodically. You should also verify whether the latest Bangladesh National Building Codes (BNBC) were followed during the construction of the building.
Besides these very important amenities, you can also check out other conveniences and facilities. For example, the brand and capacity of the elevators, generator backup capacity, fixtures provided inside the flat, parking space, any common areas or community hall rooms, or even modern amenities like a gymnasium or public Wi-Fi.
You can find out about the different features and amenities provided by different Real Estate Companies in Bangladesh. Since these are all additional facilities of a building, the preferability of some features might vary from person to person. In such cases, you should decide according to your budget.
Price is unquestionably one of the final and deciding factors of buying a property. You should always research the latest offers of the real estate market of Bangladesh when planning to make an investment. If you have selected an apartment to buy and have finalized your budget, you can look for similar properties with the same price nearby. Try to compare and analyze the details like the orientation of the building or the features and amenities offered.
This is important because the true valuation of your property is not in terms of monetary value only but also the actual product that you are getting with the price. The specifications of the apartments from different Real Estate companies can be different although they are at a similar price. Alternatively, similar apartments, with similar specifications can have different prices due to other factors like brand value.
Therefore, it is wise to evaluate your decision based on the price asked for the flat you are planning to buy and the price of other similar apartments. There are many ways this can be done, either by asking the people who have recently bought a flat from the same building, seeking assistance from brokers, social media listings, or even websites with property listings. At Ratul Properties Ltd. we are happy to aid you in this matter with our active online listings, our reliable sources, and our professional team.
You should also consider any additional costs that might arise when you are purchasing the apartment. Like the price asked for the parking spaces or any non-compliance penalties for missing payment schedules. The homeowners also need to bear certain expenditures after buying the property. One of the prime examples is the monthly recurring charges that a homeowner needs to pay. This includes property tax, maintenance costs, cooperative charges, etc.
- Seller and Brand Value
A seller can be an individual or a Real Estate Company. You should know who you are buying from. A Real Estate Company with a good brand value like Rupayan Group or Rupayan Housing shall provide you with a sense of reliability and trust. Because of this brand promise, sometimes the price of the properties can a bit higher, but it is a much more sensible decision to buy such property rather than buying a cheaper one and facing complications in the future.
Likewise, if you are planning to buy a secondhand flat from an individual, you would much prefer a trustworthy homeowner. A branded Developer or a cooperative homeowner shall assist you with the total process and provide you with necessary documents that you might need to settle on purchasing the apartment.
- Legal Matters
You must confirm that the building is legally authorized to be constructed on the plot it stands on. You should check all legal and relevant documents, e.g., Duly stamped title deeds, RAJUK approvals, NOCs from soil test reports, structural engineers, etc.
Often the general prospective home buyers are unaware of the necessary documents needed to check the details of the land and its ownership. It is a good call to involve a third party who would verify these documents on your behalf.
- After Sales Services
Although a thoroughly designed and well-constructed building requires little upkeeping, still periodic and preventive maintenance is important. Even if you are buying just a flat in the building, some actions are essential for everyone in the building like waste management and security. It can be overwhelming for an individual to manage these. If you are buying an apartment from a Real Estate Developer, it is a plus point if they include facilities management as an after-sales service.
Many Developers also send token gifts to the buyers during special occasions. These are minor yet pleasant gestures that help build great relationships.
- Resale Value and Rent-out Value
There can be a possibility that you might have to rent out your property at some point. In some cases, you might want to sell your old apartment and buy a new one. Therefore, it is advisable that you speculate and estimate these scenarios beforehand. If the area you wish to live in is going through massive infrastructural developments, then the property values shall rise. This in turn will raise both, the resale value, or the rent-out value of your apartment.
You must take care of your home if you want a high resale value. Repair and renovation work also increases the net worth of your residence.
- Financial Supports from Financial Institutions
As the property price is booming every day in Bangladesh, it is difficult for most people to buy an apartment with a single installment. That is why there are a lot of banks and even specialized financial institutions that provide home loans. Many Real Estate Companies also have a corporate tie-up with such financial institutions.
In case if you are planning to buy an ongoing, i.e., an under-construction project, it is imperative that you check for such corporate tie-ups. This is because the funding sources of the property you are planning to invest in are crucial.
On the other hand, if you are planning to take a loan from banks or any financial institutions, they will legally vet the property you are buying.
Real Estate Investment is one of the most lucrative means of investment in Bangladesh. Buying an apartment gives you a permanent address and safeguards a sustainable accommodation in the long run. That is why it is always advisable to own your house rather than staying in a rented flat. Although there are a lot of points to consider as mentioned above and there can be several other aspects, with the required knowledge, and proper guidance, you can buy your dream home with ease.