Most of the city dwellers have a dream to buy their own apartments some day. To make these dreams come true, many housing companies are selling apartments. However, many of us make some mistakes and end up buying an apartment that is not suitable. By being aware of these mistakes, you can save yourself time, money, and potential heartache down the road. So without further ado, let’s take a look at some of the most common mistakes people make when buying apartments.
Sometimes buyers are confused about their needs or preferences. The stays in dilemma between Normal flat, duplex or condominium apartment? Which area of the city to buy? Small or big flat? 2 bedroom or 3 bedrooms? Many such questions can confuse you. So before buying an apartment, make sure that it is compatible with your needs and lifestyle.
Read Best Home Loans in Bangladesh to Build Your Dream Nest
Your budget is the most important factor in buying anything. The budget should be compatible with your needs and capabilities. It would be wise to keep the budget a bit higher rather than over-specifying it. You can avail some discount by making one time payment if you want. You can also take advantage of instalments by paying some amount.
Besides these, you can consider a bank loan if you want. In the case of a bank loan, you need to know about the down payment and interest rate. Also, it is necessary to know about the terms and conditions of banks for getting bank loans. Overall, you should set a budget first.
The apartment’s price is not the same in all areas, it varies depending on location and facilities. Research and consider the market in that area before buying a particular apartment. There are many reasons behind this.
Read Making Investment Decisions: Factors to consider when investing money
First of all, you will get a good idea about the apartment prices in your preferred area. Secondly, you will also understand the reason why the price of the flat of your choice is low or high. Also, you will get an idea of the seller or the selling company.
Buying a flat is a permanent investment. So it is very important to decide on the size of the flat and the number of bedrooms before investing. Otherwise, you can’t reverse your hard-earned money. Deciding on the number of bedrooms is the most important starting point. Before buying a flat, make sure that the number of bedrooms and size of the flat can meet your needs.
You should verify all the information provided about the house. It is necessary to know about the ownership of the land and the occupier of the land. That is, it is better to check the land documents of the place where your flat will be. Check out whether the flat is mortgaged to any bank for a loan. Also whether the flat has been sold to someone else before.
Read Metaverse Real Estate Investment: Buying Land, Apartment, Property in Virtual World
Find out whether the proposed flat falls under government land or not. The certificate regarding the approval of the Rajuk for the construction of the flat should be checked. You need to know whether the company you are buying a flat from has government approval, whether it has a plan approved by RAJUK, and whether the company is a member of REHAB or not.
Another point to be noted is that many times we see that Rajuk has approved 4-5 stories, but the building is 8 stories. Verify this issue before buying the apartment. If there is such a problem it is better not to book a flat.
Check whether there is an electricity and water connection and if so, whether the electricity bill is commercial or residential. It is better to verify as much as possible the accuracy of the electricity and water connections of the building of the flat.
Read Plot vs Apartment: Which is the Better Investment Option?
However, the household gas connections are not being provided in the new flats in Dhaka city for several years. If you don’t want to use cylinder gas, look for a flat that already has an authorised gas connection.
Security is one of the most important deciding factors while buying an apartment in Bangladesh and any other countries. So, check out the provision of 24 hours CCTV monitoring and check if the apartment has a professional security force for security. Also, check how strong the doors and window grills are.
Many apartments in Dhaka city employ security guards to assure the security of the residents of the building. The guard man keeps a record of the people who enter or leave the building. This arrangement also cuts down the risk of crime. Check out whether your apartment has such a facility.
Read Home Shifting Checklist: Important things to do while moving to new house
Contract legal assistance as a buyer. How are you buying the flat, the conditions should be clearly mentioned. The materials to be used in the construction of the building should be mentioned in the contract. The housing builder will also be obliged to show and provide the approved design of the flat to the buyer.
Properly mention in the contract which flat you are buying. Again, the flat cannot be changed without your permission, keep it in the contract. Also mention in the contract that the buyer is not obliged to pay any extra money beyond the terms. If the addition of any improved quality equipment is required, it should be done by mutual consent of both parties, it should be mentioned in the terms of the contract.
Check carefully the developer’s application form and the contract executed with the land owner. In many cases, agreements between land owners and developers are not registered. That’s why you have to bear the burden if there is any problem with the agreement between the land owner and the developer.
Read Investment: What Factors to Consider before Investing Money?
Many companies leave the work incomplete in the middle. Sometimes, the owner of the land might be forced to stop the work as the developer failed to complete the work on time. Again, the developer cannot do anything beyond the powers mentioned in the contract.
The apartments may face untimely cracks due to poor construction methods, faulty design, bad construction materials, etc. Some owners tend to design flats hiring cheap unprofessional persons without consulting the skilled planners, engineers and architects. In the short run, such practices may cut down cost but in the long run the residents of the apartments will suffer.
Besides these, during earthquakes many structures get damaged due to faulty construction. To prevent this danger, the buildings are being constructed following earthquake-resilient building design or ‘low damage design’ or ‘damage avoidance design.’ Therefore, before buying an apartment, don’t forget to check its seismic risk.
Read Is Gold a Good Investment in 2022?
To secure your investment in real estate don’t forget to check out the design, architecture and construction before buying an apartment.
Nowadays it has become very difficult to buy land and build a house. That is why many people want to buy a flat or apartment according to their choice. To fulfil this demand lots of housing companies develop and sell flats or apartments..
A flat that you have in mind, that you want, may not always be the same. The place and surroundings will change with time. But the most effective advice when buying an apartment is to be patient. The more apartments you look at, the better decision you can make.
Read Share Market Investment Guide: How to Invest in Stocks in Bangladesh
So far, we have highlighted the biggest mistakes to avoid while buying a flat or aprtment. Upon checking these factors you can make your decision.
United News of Bangladesh (UNB)
Cosmos Centre 69/1 New Circular Road, Malibagh, Dhaka-1217,Bangladesh.
Email :
ne******@un*.bd
About Author
