As you spend month after month paying rent just to have a roof over your head, you might come to realize that you would rather just buy a house of your own. You’ll break that fixed deposit account in your bank, perhaps borrow some money from friends or family. You might go a little easy on the expenses for the next few months. Yet, you don’t gather enough to get yourself that brand-new house. This is the case for many people in Bangladesh and therefore it is an ideal decision to acquire a flat from someone willing to sell theirs. You get an accommodation at a more affordable range. But how do you determine if the deal is reasonable or not? Here’s a checklist to go through before finalizing a decision.
Which real estate company constructed the building? Look into the company profile. Get an idea of their reliability regarding quality of work. It is not necessary that it needs to be a very famous brand but a well-known real estate developer is usually a trustworthy one. Most of these construction companies have their own websites these days, take a little bit of time and go through them.
Architectural & Structural Design
Start by getting to know who were the architects and structural engineers behind. Developers use both, in house employees as well as third party individuals or entities for architecture and engineering. Perhaps have a look at their previous works. When paying a visit to the residential prospect, observe the details. Look at how much air and light enters the flat. Structures that are fair faced or follow Bangladesh National Building Code (BNBC) rules should get more preference.
Size and Space Allocation
How big is the apartment? Try to obtain the floor plans to get an idea of the carpet area. The apartment doesn’t necessarily need to be enormous, but rather the appropriate size according to your requirements such as family member count, need for personal work space, guest bedroom etc. Furthermore, just a count of square feet will not do if the quantity and positioning of bedrooms and bathrooms don’t suit your preference.
Building Age & Present Condition
It is less likely that you would prefer to move in a place constructed decades ago. Consider how long ago was the building handed over. However, do not make your judgement solely on the structure’s age. Explore the premises and check the condition of the walls and fixtures such as washroom and kitchen fittings. Will you need to invest a lot in repairs? Once you have your answers, the decision-making process becomes easier.
Scope for Renovation
When buying a ready-made apartment, it’s near impossible that you will find the apartment designed exactly like you dreamed. It’s only normal that you choose to bring modifications here and there. Keep in mind, these are not repairs but rather customizations due to difference in taste. Analyze the extent of change you will need to make and how much it might cost you. Perhaps take your time and go slow with the changes over the years but if you need to bring changes to the majority of the fixtures and fittings, then you might want to reconsider.
Location & Community
Whenever you’re moving in to a new accommodation, check the location. Is it situated close to your work/school or facilities you seek often such as grocery shops, hardware stores, malls, parks etc.? Can emergency services like ambulances, fire trucks and police cars arrive quickly? But the concern does not end there. How are the neighbors? How is the building community? You don’t want noisy environments or invasions of privacy. Check if appropriate safety and security measures like fire hydrants, security guards etc. are available in the building.
You need to think of the added benefits when moving in. Look at what amenities you will be receiving. Keep in mind that a long list of facilities should not necessarily add weight to your preference until and unless they cater to your needs. A fitness enthusiast will make the most out of a gymnasium while families with multiple children will prefer open spaces for walking and outdoor playing, be it in the ground floor or at the terrace. However, given that the apartment is a used one, it was most likely constructed years ago so the probability of modern-day amenities being available is very low.
Legal Matters & Profile of Former Owner(s)
An apartment is a permanent asset in your possession. Hence, you do not want any issues associated with it which might be problematic in the future. Check if all the legal papers of the house are cleared. Make sure there’s no cases held up against it and ownership of the house is clearly listed. If there are multiple owners, ensure that the selling process has approval from all of them. You don’t want any hassles turning up after the transfer of ownership.
Reason(s) for Selling
A crucial concern for you should be the transaction happening. Suppose all the points above check well. Then you may ask yourself why the current owner is selling it. It is not necessary that it has be something negative about the apartment and might just be some other valid reason such as moving elsewhere, need for finance etc. But it’s better to be safe than sorry so why not pop the question.
Now that all other aspects have been checked, it’s time to set a price. The factors mentioned above will play a big role in the value of the house. Nevertheless, you should still look around and go through similar options in that area. Checking multiple alternatives gives you an idea of the appropriate price range and helps you understand which apartment would suit you the most. Do not settle for the first amount they ask for and negotiate your way through.
An investment in a permanent residence is considered a wise decision, may it be brand new or used. But the buyer needs to have an idea of how the market works before deciding on his/her residence of choice. Perhaps add a few more factors to the list and get going with the research. However, regarding legal matters and price, individuals always have the option to seek for assistance from specialized service providers in this segment like Bproperty, Suvastu Buy and Sell Unit, BTI Brokerage etc. Remember, this will be your home for the foreseeable future and hence acquire it only when you are fully satisfied.