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Factors to Evaluate when Buying a New Apartment

ARE YOU PLANNING TO BUY AN APARTMENT?

Buying your own house and moving in there with your family can be considered as living the dream. It ensures a sustainable accommodation for the long run and hence a sense of security. If one does not even wish to live there, they always have the option to rent it out or even sell it at some point. However, even if the outcome sounds wonderful, the process of selecting and buying an apartment is not so simple. There are several aspects to review before choosing an apartment to buy and investing a fortune on it. Here is a general list of items to study through when you’re thinking of purchasing a flat in Dhaka.

Construction & Architectural Building Design

When you enter the real estate market with the intention to buy the apartment of your dreams, your priority should be the quality of work by the construction company. A house is a permanent asset, and unless it is sold off, it usually passes through generations. Therefore, we need to make sure that the built quality of the structure is sustainable and will stand for decades. The construction company’s quality of work does not only refer to the effort put in the structure but also what sort of sand, cement, rods, bricks, and other materials are used along with the quality of soil that the building will stand on.

It is also necessary that it doesn’t require much repairs and shall remain in a sellable condition even after years so you can sell it off or rent it out when you no longer wish to reside there. A few years down the line, you do not want to witness damp or cracked walls, or even worse, the structure collapsing like a few incidents that has taken place in the city in the past due to poor usage of raw material and lack of supervision of work.

Architectural Building Design is an art to which the audience is anyone and everyone entering the house. Therefore, you want to study the interior of the units i.e., where the rooms are located, position of the doors and windows, how much air and light will be entering the floor, where the duct lies and the number of pillars and beams passing through. Chances are that you would want certain changes and the construction company might offer to make that customization for you. But if the amount of modification is high and even if the real estate developer is willing to go that extra mile, it is better to look for other apartments to buy since the nature of this one is not the most suitable for you. The orientation of the building is very important too. A South East facing structure is the most ideal choice for architectural building design in Bangladesh as it enables a lot of air flow. Lastly, when you visit the site, try to picture a finished result along with your desired furnishing and fittings and decide if you’re pleased with the ambience. If yes, proceed further.

Location

The location of the building is very vital, whether you intend to move in there or make it available for rent. First and foremost, you need to ensure that the place is located near your work, school, institution, or any other place that you need to visit daily. It is also better to purchase apartments in residential areas due to the discipline and serenity of the neighborhoods. Commercial areas remain very congested during most hours of day time and hence, houses in these places are not recommended. You also should check the availability of necessities like grocery shops, hardware and plumbing stores, shopping malls, restaurants, or any other businesses that you rely on within a walking range. Additionally, do not forget to determine how long it might take emergency vehicles like police cars, ambulances, or fire trucks to reach the location just in case.

Standard of Living

Your home is, to an extent, a part of your identity and it tells people a lot about you. Hence, you need to buy an apartment that reflects your lifestyle. There are a range of options to choose from. In modern times, real estate companies in Bangladesh offer standard, luxurious, and budget apartments. These categories expand even further depending on the company. Therefore, after analyzing your income level, net worth, family heritage, socio economic class and social status, you decide which of these apartments to buy will be the most suitable for you. It does not just depend on the architectural building design of the house but also the amenities it has to offer. One more consideration here lies on the number of members living in the household and match the carpet space and quantity of bedrooms and bathrooms accordingly. Some people prefer to keep an extra room for guests while others run the residence at full capacity. At the end of the day, the standard of living greatly relies one people’s choice of living and not necessarily only on wealth.

Safety & Security

To buy an apartment in a specific location, you need to feel safe in that environment. When settling for a house, study the neighborhood thoroughly. Past records of crime can give us a good estimation of whether the area is secure. Additionally, the building needs to provide proper security measures like active guards at the gate along with security detectors, verifying nonresidents before letting them enter the premises and monitoring the entire property through a 24/7 CCTV surveillance system. 

The perimeter should have high walls or glass boundaries which disables the probability of outsiders going over them. It is also very important that the real estate company provides firefighting measures alongside an emergency evacuation stair or lift. Some modern projects even have earthquake adjusted architectural structures. The community should also adapt any further measures that prevents theft, burglary, vandalism, road accidents and fire hazards. The presence of night guards in the neighborhood is a bonus to the concern.

Amenities

Features outside the walls of an apartment unit are real eye catchers in recent times. Since you’ll be investing a fortune on a house, your satisfaction will not be limited to just the accommodation. Amenities vary to a great extent from project to project as different real estate developers have different priorities. It is advisable to select an apartment with amenities matching your demands. Rooftop heated swimming pools and green playgrounds are farfetched features to some while basic expectations to others. People devoted more to the environment would likely prefer ecofriendly structures. Firefighting measures have become a necessity in the modern era. Amenities play a great part in the image of the apartment and helps determine its value for both parties.

Reliability

As of 2021, the Real Estate and Housing Association of Bangladesh (REHAB) has 1024 registered members. The vast diversification in options creates a great confusion for buyers. It is a safer option to go with a company that has a very splendid reputation in the market. Before deciding to buy an apartment, we suggest you do your homework and study as many companies as possible. Knowing that you can rely on the developer is mandatory given the finance, time and planning invested in your dream house. One should not have to worry about the completion of the project after you have made significant payments. Moreover, people outside the real estate industry are less likely to possess knowledge regarding construction. As a result, most people rely on the brand value of the developer and the promise it provides. Furthermore, the reliability concern also includes the availability of maintenance services. These are at times provided by the construction companies themselves. You do not want to move into a place and find yourself annoyed with a flickering light bulb at the lobby or piled up trash at a corner in the ground floor.

Resale/Tenancy Valuation

House owners might not necessarily be the resident. People often rent out their flats maybe due to owning other residences or living abroad. On the other hand, you could also wish to sell off your apartment perhaps due to moving elsewhere or any other inconvenience. It is very important that when you choose to do either, the value you receive is reasonable. A house is not an asset that depreciates much yet the resale amount is likely to be lower than the purchasing amount. Fair faced building tend to not lose their beauty even years after being handed over and therefore these properties tend to possess high renting and resale values. 

Moreover, apartments in prime locations of the city can be passed on to the next resident in remarkable rates. One risk that you might take is to estimate the future potential of an area. This move might even result in a profitable venture as you might end up selling the flat in an amount which is higher than that of purchase. However, this will require a lot of studying, forecasting and a tad bit of luck.

After Sales Services

After sales services are an added value to the purchasing of a residence. This aspect includes a few functions. The maintenance services, when provided by the real estate company, usually for a decade or two, creates a very positive impression. Following up on architectural damages and assisting on the repair is noteworthy move from the developer. On the other hands, a token of gift during festivals or birthdays brightens up the clients’ day. These after sales services are not compulsory duties of the real estate company but rather gestures that help build relationships. You, as a client, would surely think of that construction company again the next time you’re considering to invest in real estate in Bangladesh.

Legal and Land Clearance

You should not pursue the transaction without making sure all legal documents of the construction are cleared or the quality of the land is checked. Interested buyers should also have a thorough look at the title deed. Furthermore, the construction itself needs to be authorized with the plot and the real estate company needs to be in possession of approvals and NOCs from the area development authorities. 

For a guarantee, clients should consult firms like IDLC or IPDC, who would carry out an in-depth research on the projects before providing the finance to pursue the transaction. This research will bring out any short comings regarding the documents and legal clearances and you can act accordingly, whether you want the developers to fix the incompetence or move on to some other project. The legal aspects regarding real estate are very complicated and hence expert support is necessary to proceed further.

Price

Price is the final factor to be considered but perhaps one of the most important ones. Once you get a proper knowledge of all the other factors, you will be able to do a proper valuation of the apartment. However, we recommend you never settle for the first offer you get. No matter how good of a deal it may seem, seek for other options. Although price may vary depending on the location, amenities and services provided, look for similar apartments by rival companies. Compare every detail and note down the ups and downs. This shall give you a proper knowledge of the price range and you can select your desired home accordingly. The valuation is done by both parties and often the two outcomes differ greatly from each other. Do not settle for the lowest option but rather the one that gives you the most value for your money.

At the end

Investing in a home has always been a wise decision for most. If one checks all the details mentioned above and ensures proper follow up on them, they are likely to be highly satisfied with the house they acquire. However, there may be several other aspects to check and the priority of the factors will depend from person to person. At the end of the day, you can buy any apartment but making it feel like home is all that matters. And hence we recommend you emphasize on the building quality and brand reputation of the real estate company even if it means paying slightly higher for the premium residence that you’ll be accommodating for years to come.