Points to consider when buying an Apartment

Accommodation is a basic human need and right but the means of getting a place to stay varies from person to person. Some choose to stay in a rented house, while others want to own an apartment.

Although Renting an apartment might seem as the easier option but after a while one might realize that it is a waste of money, as he or she will keep on “throwing away” money every month yet will never have the freedom or satisfaction of staying in his or her own house. That’s why a lot of people nowadays are saving up and taking loans to buy their own property or apartment.

Since it is a matter of a lifetime purchase, i.e. buying an Apartment is not like impulse purchase, where you can replace or discard off the thing you have bought easily, so people take a lot of time to decide on buying the Apartment so that it is the most suitable for him or her. Sometimes the time taken to decide is too long as the buyers get confused as there are not enough and proper guidelines for them to follow.

That is why we are compiling a list of points to be considered and why they are important when buying an apartment.

 

  1. Location and Lifestyle Index

It is advisable to find a location that allows easy access to the places where you visit the most e.g. work, school, hospitals, banks, shops, recreation, relatives, etc.). Look for easy access to the main roads and check traffic flow.

On top of that, how are the expenses i.e. cost of monthly shopping, school fees etc. and the standards of those places. Not every lifestyle might be suitable for you.

These factors will help you have a peaceful living in the house. The flat should be in a safe and secure place, offering some security to families living in the flat.

 

  1. Size of your family and size of the Apartment

A lot of people cannot or do not plan based on this factor properly and later when the family size increases, they require to buy a bigger apartment. This can also go the opposite way, like buying a large apartment out of emotion, and later finding it empty most of the time.

 

  1. Built up Areas, Floor Areas, Carpet areas and Common Areas

These terms are vital to know about for anyone planning to buy an Apartment. Generally, a property’s area or the super built-up area includes the entire area including shafts, elevator space, stairs, thickness of walls and others. Carpet area on the other hand, is the actual area within the walls of the flat. Before buying an Apartment, buyers can learn about these terms and know the specific areas against each criterion.

 

  1. Architectural Design

This includes a lot of factors. The number of bedrooms, arrangements of rooms, the orientation of the building i.e. which side of the building is open, consideration to lighting and ventilation, open areas, landscaping etc. Moreover, the overall aesthetical value or outlook of the building is also important. For example, a Fare-faced building is nice to look at from the outside and it doesn’t require much maintenance after construction. The total architectural design adds value to the apartment both, for the sellers and to the buyers.

 

  1. Transportation Network

There should be an easy access with the other parts of the city via road from the location of the Apartment you want to buy. You should know about the public transport routes and the place should be accessible during special occasions like holidays, natural disasters e.g. flooding, or any other emergency cases.

 

  1. Features and Amenities

You should know what extra benefits you are getting with the Apartment, be it any fixtures in kitchen or the lift you are getting, parking facilities, any common rooms or community halls, rooftop facilities or even landscaping.

You can study about the different fixtures used in Bangladesh by different companies and study their specifications. Some of the features and amenities might be considered as luxury for you. So, you must decide on this factor according to your budget.

 

  1. Price

The pivotal and deciding factor of selecting an apartment is to fix a budget. You must decide or know how much you are capable to pay for the apartment. You can also compare the price of the apartment you have chosen with the price of the surrounding properties. There are many ways where you can get a price comparison of properties in the area you are looking to buy an Apartment, for e.g. brokers of the area, online listings especially on e-commerce site and social medias, newspaper listings are such sources.

 

  1. Seller (Individual, Company)

You need to know the seller from whom you are buying the Apartment. Certain well-reputed companies have the authority to charge higher because of the promises, trust and values they can provide to the buyers. Whereas a cheaper property bought from an unknown individual might cause future problems to arise.

That’s why it is always wise to do a market survey and check and stay updated.

 

  1. Land Records

The land on which the building is built is very crucial. You must know about the soil quality on which the building is constructed. Verify these matters before deciding on buying the Apartment. The plot should also be clear of all dues and be registered. Before buying a house, the title deed must be verified and checked in detail.

 

  1. Legal Documents

Ensure the building is legally authorized to be constructed on the plot it stands on. The developer should have approvals and NOCs from Area development authorities, water supply and sewage boards, electricity boards and Municipal Corporation. You can seek expert supports regarding this and the above matter.

 

  1. Security

One of the main factors to own a property is that we can stay safely in it with our family. Hence, it needs to be ensured that the total Apartment as well as the Surrounding area is safe and secured.

Nowadays almost all Buildings have CCTV cameras at the entrance, while modern buildings integrate more advanced technologies to upgrade the safety and security of the building. Which might include but not limited to incorporation of IoT for security matters, card access, video intercom system etc.

 

  1. Facilities Management

It can be considered as the maintenance related costs and hassles regarding the property. A well designed and constructed building doesn’t require much maintenance, but still periodic checkups, preventive measures and repair works are required from time to time. Some developers provide expert facilities management services as an after-sale service to the buyers.

 

  1. Resale Value/ Rent out Value

There might be a possibility that you might have to resale or rent out your property at some point. Hence, you should consider the Resale or Rent per Square feet value of your property when buying it. You must also take care of your property and keep it well maintained if you want to receive a high resale value.

 

  1. Additional or Hidden Costs

You should consider all additional expenses that might arise. For that you should go through the documents, clauses and other terms and conditions thoroughly and understand them.

 

  1. Banks and other Financial Issues

Most of the banks are willing to offer loans to real estate development companies or individuals. Yet, some companies might have a bad reputation and so banks are not willing to finance them. So, it is very important to check the funding sources of the property you are planning to invest on.

You can also get loan facilities from the same banks if you are required to do so, at a lower interest rates than those of other banks.

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