Tips for buying an apartment in Dhaka, Bangladesh
Buying an apartment, especially in cities like Dhaka and Chattogram, can be a tough task. It is very crucial to be well-informed before making such a significant investment. To help you navigate this journey smoothly, here we discuss essential tips for buying an apartment in Dhaka, Bangladesh.
With proper research and planning, you can make a well-informed decision and buy flats/apartments without any hassle. Assure Group is committed to guiding you through the steps of property purchase. They can ensure a smooth and successful home-buying experience.
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Define your budget
The most important step in buying an apartment is setting a clear budget. This budget should include not only just the purchase price of the property but also additional costs such as registration fees, taxes, and maintenance charges. Here are a few points to consider:
- Down payment: Typically, you will need to make a down payment of 20-30% of the apartment's total cost. Ensure you have these funds available.
- Loan eligibility: If you're planning to buy a property through a mortgage, get a loan to understand your borrowing capacity and the monthly payments you can afford.
- Additional costs: There are some additional costs such as registration fees, stamp duty, and potential renovation or furnishing expenses.
Choose the right location
Location is a crucial factor when buying an apartment. It influences your daily convenience, long-term investment value, and overall quality of life. Here are some tips for choosing the proper location:
- Information about neighborhoods: Investigate various neighborhoods to find one that suits your needs in terms of work, schools, hospitals, shopping areas, and transportation links.
- Consider future development: Look into upcoming infrastructure projects and developments in the area. A neighborhood that is set for future growth might offer better investment potential.
Verify legal documents
Before purchasing apartments, thoroughly check and verify all the following legal documents associated with the property.
- Essential documents: These include land deeds, mutation documents, the RAJUK plan of approval, and the Power of Attorney (if applicable). Verify these documents with a legal expert to ensure there are no disputes or legal issues.
- For leasehold properties: Verify the allotment letter, lease deed, and final allotment letter.
- For freehold properties: Check the original ownership deed, Bia deed, deed of distribution (if applicable), and mutation documents.
- For older properties: Ensure that you have the previous ownership deed, sell permission from RAJUK, and other relevant documents.
Property inspection
Conduct a thorough inspection of the property to ensure the overall safety and security of the investment. Check for any visible signs of damage or poor construction.
Look at the quality of materials used and assess the overall condition of the building. Inspect the building’s amenities, such as elevators, water supply, and security features. Ensure that the common areas are well-maintained.
Review the developer’s reputation
In Bangladesh, various developers are involved in the construction of residential apartments. It is essential to choose a reputable developer. Here’s how you can assess a developer’s credibility:
- Past projects: Visit the developer’s previous projects to assess the quality of construction, finishing, and adherence to deadlines.
- Customer reviews: Talk to past buyers to understand their experiences. A developer with a good reputation will have positive feedback regarding timely delivery, transparency, and post-purchase service.
- Legal compliance: Ensure that the developer complies with all legal requirements, including necessary permits and approvals from local authorities such as RAJUK in Dhaka.
Understand the agreement
Carefully review the sales agreement or deed of agreement before signing. Ensure that all terms are clearly explained, including the purchase price, payment schedule, and any additional charges. Verify the clauses related to delays in handover and compensation.
If buying an under-construction property, check the option to make alterations or customize the apartment. Confirm that the agreement includes a clear outline of your rights regarding modifications.
Evaluate the apartment layout
The layout of the apartment plays a significant role in determining its functionality and comfort. Here are some topics that you should consider:
- Floor plan: Examine the floor plan to ensure that the apartment’s layout meets your needs. Consider factors like the number of bedrooms, bathrooms, and the size of the kitchen and living areas.
- Privacy: Check if the layout provides adequate privacy, especially in multi-family buildings. For example, ensure that bedrooms are not directly facing common areas or neighboring units.
- Future modifications: Consider whether the layout allows for future modifications, such as adding an extra room or extending the kitchen. This can be useful if your needs change over time.
Negotiate the Price
Once you have identified the apartment that meets your requirements, it’s time to negotiate the price. Here are some tips to help you get the best deal:
- Market research: Research the current market prices for similar properties in the area. This will give you a benchmark for negotiation.
- Multiple offers: If you are considering multiple properties, use this to your advantage by negotiating with multiple sellers. This can increase your chances of getting a better deal.
- Payment terms: Negotiate the payment terms, including the down payment, installment schedule, and any discounts for early payment. Flexible payment terms can ease your financial burden.
Plan for the future
Buying an apartment is a long-term investment, so it’s essential to plan for the future. Before it consider the following:
- Resale value: Choose a property with good resale potential. Consider factors that influence resale value include location, quality of construction, and the availability of amenities.
- Rental income: If you plan to rent out the apartment, consider its rental potential. Properties in prime locations with good amenities tend to attract higher rents.
- Family needs: Think about your family’s future needs. For example, if you plan to have children, you may need an apartment with more bedrooms and proximity to schools.
Finalize the purchase
Once you have completed all the necessary checks and negotiations, it’s time to finalize the purchase. Here’s what you need to do:
- Sign the sale agreement: Carefully review the sale agreement before signing. Ensure that all terms and conditions are clearly stated and that there are no hidden clauses.
- Make the payment: Make the payment according to the agreed terms. Keep all receipts and payment records for future reference.
- Register the property: Finally, register the property in your name with the relevant authorities. This is a legal requirement in Bangladesh and provides proof of ownership.
Final remark
Purchasing an apartment in Dhaka is a significant investment that requires proper planning. From selecting the right location to ensuring the legal formalities, every step is crucial in buying a property. If you are a first-time buyer, these tips can help you avoid common problems and make a well-informed decision.
Let Assure Group be your trusted partner in this journey. We are committed to guiding you every step of the way. Ready to find your dream apartment in Dhaka? Visit our apartments in Dhaka, and discover how we can turn your home-buying dreams into reality.
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