10 Essential Things to Look For When Buying an Apartment

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October 31, 2018 Investment Decision


Buying an apartment in Dhaka especially for the first time buyers can be quite tricky with so many offers and ads that we see daily from various real estate companies. To aid in your home buying journey, here is a list of 10 essential things to look for when searching for an apartment. Hopefully, this will make you aware of things you really need to delve into when buying a property and avoid the pitfalls that most novice buyers fall for.

1. First things first, decide the location you want to settle in. If you want to relocate to another part of the city, then you would want to spend some time researching the area to be familiar with it and to know if it really suits your needs. Sometimes, relocation is easy if you consider factors such as commuting, development of the area, apartment price within your budget and so on.

2. Before you close the deal, research the current real market to ensure you are getting fair value for money. Talk to people who have recently bought in the same area and keep updated with the latest real estate news on current prices. You should also compare properties from different developer companies, their specifications, brand value, etc to get a clear picture.

3. When looking at flats for sale in Dhaka or anywhere else, you should check out as many properties as possible so that you will find the apartment that best suit your criteria.

After you have found a property you are interested in-

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4. Check out nearby amenities the neighborhood provides for example shops, bus stops, parks, hospitals, schools, gym, etc. While living in Dhaka and enduring its irksome traffic, staying in a neighborhood with such facilities will surely save you some time.

5. You also need to figure out the noise level you can withstand from your home. For instance, if the apartment building is situated on a main road, although it will be close to many amenities, it is also likely to be noisy from passing cars and traffic. However, if you want privacy then you should choose a home that is tucked away from the main road. Another point to note is the number of apartment units – you can opt for single unit homes which are usually large in size and also a bit on the expensive side. Whereas with double or more units per floor, you will get standard sized apartments in reasonable price but you will need to forsake your privacy.

6. When buying an apartment, you should also consider if you are looking for ready flats or unused flats or underconstruction homes. Ready flats give you the option to move in right away but since they are ready you won’t be able to customize it. On the other hand with underconstruction buildings, you have the option to customize but you will need to wait out until handover. If the flat is not ready, you should also check out developer’s credentials as many developers can hoodwink you and delay handover.

7. You also need to consider the security measures for the building for instance, can anyone walk into the building? Are there any CCTV cameras or barbed wire fencing?

8. Another important thing most first time buyers overlook is the orientation of the building. For example, does the apartment have front balcony so you can enjoy the view or afternoon sunshine or is it blocked by other buildings and does not get enough daylight?

9. Have you covered the maintenance charges? Many home buyers when searching for flats do not consider this when they buy a new apartment. Maintenance charges usually cover things like the municipal tax, property tax, common space charges, lift and generator maintenance and charges for support staff for building maintenance, like the garbage cleaner and security. Before buying consider these charges and then fix your budget to avoid any nasty surprises later on.

10. Does the building have modern amenities? When you look at apartments for sale in Dhaka, you should also consider the amenities included with the building such as common space, landscape, rooftop facilities, firefighting facilities and so on so that you can live comfortably in your new home.

Before buying make sure you have thought out the decision carefully in a well informed manner so that you do not have buyer’s remorse. Although buying a home can feel like a huge decision, with the right guidance and information, you can make your home buying journey a smooth and hasslefree one.