The 7 Deadly Sins of First-Time Home Buyer

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7 deadly sins for first time home buyer 823460
February 22, 2017 Investment Decision

When it comes to buying your first apartment in Bangladesh, it would be prudent of you to be well-informed and educated before plunging into the big decision, as mistakes can be costly to your bank account and your peace of mind. Here is a list of blunders first-time homeowners make when buying an apartment and how to avoid them:

Not considering the location

Many times as a prospective apartment buyer you might see attractive offers on apartments and think, “This is a golden opportunity not to be missed.”  Don’t fall for that trap. Make sure the real estate property you are buying is suitably located or else soon after moving into your home of dreams, you may discover the remote or underdeveloped location has turned it into a house of nightmares.

For finding out what makes a great location to buy your dream home, check out:  6 Features of a Great Neighborhood to Buy Home:

Not chalking up a budget

The down payment to get your dream home may seem affordable but don’t forget the additional costs that come with home ownership, such as mortgage payment, utility bills, apartment maintenance, grocery and other lifestyle expenditures.

Make sure when looking at apartments for sale, you keep the apartment price in check. Just because you fancy living in a luxury apartment does not mean you should check high-end real estate properties that are way out of your league. Many developer companies in Bangladesh provide real estate properties at affordable cost with great amenities and features in small sized apartments.

Not comparing home loan interest rates

If you are a first-time apartment buyer looking to buy flats in Dhaka, chances are you will need additional financial support to finance your dream home. In that case, when you are looking for home loans, do not just go into one bank and check out the interest rates. Be informed about current market interest rates and check out multiple financial institutions. Many developer companies also have tie-up with financial institutions for easy availability of home loans. Check their ongoing offers and benefits and select the offer that suits you best.

Signing a deal too soon

You might easily get fired up about one particular apartment that seems to be the home of your dreams. But remember buying an apartment is a huge investment decision as it is not refundable. Discuss with your family and others who have bought a home. After you have critically thought of all the important factors such as monthly payments, future plans etc only then make a smart investment decision.

Not reading the Deed

The Deed of Agreement is an important document when you are buying an apartment from a real estate developer company. It contains pertinent information for apartment buyers, such as signing money, apartment unit, size, project completion timeframe, compensation etc. Before you sign on the dotted line, make sure you read the deed carefully to avoid nasty surprises later on.

Not checking out the developer company

Whether you are buying ready-flats or under construction property, you should carefully research the developer company’s reputation. Buying a home is more than just a place to live in, it should be a place where you feel safe, comfortable and so it’s important to ensure your home is a safe haven built to last with features like earthquake resistance, fire protection system etc. Check out company’s website, years of experience, testimonials and personal references for credibility of the company.

Not visiting the property

You should definitely check the finished apartment before officially receiving handover of your apartment to make sure everything is in order. If you are out of the country, send a trustworthy representative. This way you can clarify any last minute queries you may have from the developer company.  You should also visit project site from time to time to ensure construction work is going on smoothly.

Hopefully, with these tips and advice, your first time home buying experience will be a smooth sailing one.  To start your apartment search you can browse bti properties for sale.