Apartment buying mistakes to avoid to secure your investment
Most city dwellers dream of buying their own apartments one day. To realize these dreams, many housing companies sell apartments. However, many of us make mistakes and end up buying an apartment that is not suitable for us. By being aware of these mistakes, you can save time, money, and potential heartache down the road. So without further ado, let’s take a look at some of the the most common mistakes people make when buying apartments.
10 big mistakes to avoid when buying apartments
Neglect the need
Sometimes buyers are confused about their needs or preferences. Stays in dilemma between normal apartment, duplex or condominium apartment? Which part of town to buy? Small or large apartment? 2 bedrooms or 3 bedrooms? Many of these questions may confuse you. So before buying an apartment, make sure it is compatible with your needs and your lifestyle.
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Your budget is the most important factor in buying anything. The budget should be compatible with your needs and abilities. It would be wise to keep the budget a bit higher rather than over-specifying it. You can benefit from a discount by making a one-time payment if you wish. You can also take advantage of installments by depositing a certain amount.
In addition to this, you can consider a bank loan if you wish. In the case of a bank loan, you need to know the down payment and the interest rate. Also, it is necessary to know the terms and conditions of the banks for obtaining bank loans. All in all, you need to set a budget first.
Do not research the surrounding market
The price of the apartment is not the same in all areas, it varies depending on location and facilities. Research and consider the market in this area before buying a particular apartment. There are several reasons for this.
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First, you’ll get a good idea of apartment prices in your preferred neighborhood. Second, you will also understand the reason why the price of your desired apartment is low or high. In addition, you will have an idea of the seller or the selling company.
Do not take into account the size of the apartment and the number of bedrooms
Buying an apartment is a permanent investment. It is therefore very important to decide on the size of the apartment and the number of bedrooms before investing. Otherwise, you cannot cancel your hard-earned money. Deciding on the number of bedrooms is the most important starting point. Before buying an apartment, make sure that the number of bedrooms and the size of the apartment can meet your needs.
Buy a pig in a poke
You must verify all the information provided on the house. It is necessary to know the ownership of the land and the occupant of the land. That is, it is better to check the land documents of the place where your apartment will be. Check if the apartment is mortgaged with a bank for a loan. Also if the apartment has already been sold to someone else.
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Find out whether or not the offered apartment is on government land. The certificate regarding Rajuk’s approval for the construction of the apartment should be verified. You need to know if the company you are buying an apartment from has government approval, if it has a plan approved by RAJUK and if the company is a member of REHAB or not.
Another point to note is that we often see that Rajuk approved 4 or 5 floors, but the building is 8 floors. Check this issue before buying the apartment. If there is such a problem, it is better not to book an apartment.
Electrical, water and gas connections
Check if there is an electricity and water connection and if so, if the electricity bill is commercial or residential. It is better to check the correctness of the electrical and hydraulic connections of the apartment building as much as possible.
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However, household gas connections have not been provided in new apartments in Dhaka city for several years. If you don’t want to use bottled gas, look for an apartment that already has an authorized gas connection.
Ignore security issues
Security is one of the most important deciding factors when buying an apartment in Bangladesh and any other country. So, check the provision of 24-hour CCTV surveillance and check if the apartment has a professional security force for security. Also check the strength of doors and window grilles.
Many apartments in Dhaka city employ security guards to ensure the safety of building residents. The caretaker keeps a register of people entering or leaving the building. This arrangement also reduces the risk of crime. Check if your apartment has such a facility.
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Signature of the contract with an appropriate legal procedure
Legal assistance contract as buyer. How do you buy the apartment, the conditions must be clearly mentioned. The materials to be used for the construction of the building must be mentioned in the contract. The home builder will also be required to show and provide the approved design of the apartment to the buyer.
Mention correctly in the contract which apartment you are buying. Again, the apartment cannot be changed without your permission, keep it in the contract. Also mention in the contract that the buyer is not obligated to pay any additional amount of money beyond the terms. If the addition of better quality equipment is required, it must be done by mutual agreement between the two parties, this must be mentioned in the terms of the contract.
Buy without knowing the real owner of the land
Carefully check the developer’s application form and the signed contract with the land owner. In many cases, agreements between landowners and developers are not registered. This is why you have to bear the burden if there is a problem with the agreement between the landowner and the developer.
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Many companies leave the work incomplete in the middle. Sometimes the land owner may be forced to stop the work because the developer has not completed the work on time. Again, the developer cannot do anything beyond the powers mentioned in the contract.
Overlooking the design and construction
Apartments can face untimely cracks due to poor construction methods, faulty design, poor construction materials, etc. Some landlords tend to design apartments by hiring cheap non-professional people without consulting qualified planners, engineers and architects. In the short term, such practices may reduce costs, but in the long term, apartment residents will suffer.
In addition to this, during earthquakes many structures are damaged due to faulty construction. To avoid this danger, buildings are constructed according to earthquake resistant building design or “low damage design” or “damage avoidance design”. Therefore, before buying an apartment, do not forget to check its seismic risk.
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To secure your real estate investment, remember to check the design, architecture and construction before buying an apartment.
Nowadays, it has become very difficult to buy land and build a house. That is why many people want to buy an apartment or an apartment according to their choice. To meet this demand, many housing companies are developing and selling flats or flats.
An apartment that you have in mind, that you desire, may not always be the same. The location and surroundings will change over time. But the most effective advice when buying an apartment is to be patient. The more apartments you visit, the better your decision will be.
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So far we have highlighted the the biggest mistakes to avoid when buying an apartment or apartment. After checking these factors, you can make your decision.