What to Know Before Buying Your Dream Flats/Apartments
Investing in a new house or flat is one of the most crucial decisions of your life and is probably a dream that conceals in your soul from a very young age. Years of saving and years of planning cannot be let go in vain when you make the ultimate decision.
Thus, you are required to keep all possible facts in mind before deciding on spending your valuable savings. In a country like Bangladesh, people are much more aware of buying a new flat or apartment because the trust issue plays a vital role in decision making.
However, you must have noticed or heard about cheating or occupying flats by unauthorized or unreliable real estate regents who fool their customers in the wrong way. Even though some of the key factors to be considered while purchasing a new flat or house are location, possession date, and price, there are even more factors that need to remember and They are:
1. Compare & Fix Your Budget
Before selecting a flat or apartment you need to calculate the budget that you can afford. On the budget, we may select what kind of flats you are going to buy ranging from expensive to economical.
Accordingly, make a shortlist of flats or apartments based on features you would prefer to avail. Furthermore, compare the price of the flat in question with the ones surrounding It from various builders to get an idea that the builder has offered you a genuine quotation.
Hence, you are looking forward to a quality investment to compare properties in the area you are looking to get an approximate idea. You can do the job or gather information by searching on portal listings, brokers of a certain area or local people who already have properties there.
2. Know Your Flat’s Carpet Area
The simple understanding of carpet area, That area in the flat or the apartment, you could cover using a carpet, is the carpet area. This is the actual area that you get for use in your home.
This then implies that the carpet area of the apartment no longer includes the thickness of the inner walls, the space used in building the lobby, the elevator, the stairs, the play area, and so on.
There are several ways of calculating carpet area but you need to know that carpet area is 70 percent of built-up area, total inclusive area. While making your final call, this information will give you transparent data of unable space. the ball is now in your court, with more clarity and confidence.
3. Learn about Land Record
Although developers ensure your concern, you should know the condition of the land on which your flat is built in. Research the soil quality and topography of the land on which the house is constructed.
To avoid the later hassle you should also check out the title deed which is verified and checked in detail. The deed gives all information on the rights, ownership and obligations towards the property.
4. Check of Legal Documents of Property
Ensure the property is legally authorized to be constructed on the plot it stands on. The developer should have approvals and NOCs from Rajdhani Unnayan Kartripakkha, or RAJUK – literally the Capital Development Authority. if rajuk’s approval has been managed, the following documents you require to confirm are.
- RAJUK Lease deed- the proof of the ownership.
- RAJUK Approved Plan- permission to construct a building on the plot which contains information about the number of floors, floor size, free space, etc.
- Freehold Properties- Properties that are not managed by RAJUK or others are mainly considered freehold properties.
- City Survey Record- land ownership record in Dhaka to verify the ownership and the property information.
- Copy of Registration- main ownership document of a property assigned by the Land Registration Office.
- Mutation- a record that indicates successful completion of registration and acknowledgement of the registry office.
5. Define Timely Apartment Possession
A number of buyers facing problems due to delaying handover or possessions of flats and nowadays it is becoming trends. In Bangladesh, few developers are strictly committed to on-time delivery of projects and Assure Group one of them. As a buyer, you should have a clear estimate of the timeline for possession and contract as well.
6. Get Financial Support
Home loan, widely practised word in terms of building a house or buying flats or apartments. As a developing country, apart from affluent people whether you are from the upper-middle or middle class, you could have taken a loan from a financial institution to ease the immediate burden of a huge amount of money.
You must check with the banks that are willing to fund the project you are planning to invest in, there are the banks that want to be part of your dream affiliated with Dream World Group, a leading real estate company in Bangladesh. If you in need of financial support you may get a home loan with incentives from the following institutions
- Standard Chartered Bangladesh
- IPDC Finance Limited
- Dhaka Bank Limited
- Mutual Trust Bank Limited
- Delta Brac Housing
7. Define Clearly Builder-Buyer Agreement
When you select a flat or house of your choice, you should be more cautious about any claim over the property, legal complexity, encumbrances etc.
as well as should investigate the safety, security, facilities and other technical matters of the building including the utility services like lift, garage, gas, water, electricity, telephone line, fire extinguisher, drainage system.
These facts and information that is important must be determined in the sale deed and registered as well. Both parties have to mention all the terms & conditions and rules & responsibilities.
8. Spell-Out Hidden and Additional Charges
You as a buyer may fall into a state of confusion without ensuring that all the clauses of the documents are read in detail and penalty clauses are understood. Additional expenses such as GST, stamp duty, home loan processing fee, registration charges and all other charges should also be kept in mind and should be documented properly to avoid further hassle.
Buying a house or a flat is one of the biggest steps in your life, however you must remember each of these points before you seal the deal.
In Bangladesh, Assure Group could be the best platform for purchasing flats or apartments in the dynamic city of Dhaka, Bangladesh.
