Important Things to Check Before Buying A Flat in Dhaka
It is a lifelong dream of most of us to have a place to call our own. While many of us have permanent residents in rural parts of the country, to keep with the modern civilization, we all want a place at the heart of the nation- the capital city of Bangladesh. As the industrialization and the modernization of the nation are generating from Dhaka, naturally, the demand for a permanent place is incredibly high within the city’s perimeter. However, buying flats in Dhaka is not cheap. It is very expensive and often difficult to find the right place at the right price. Often due to a lack of knowledge about the flat market in Dhaka, one may end up buying the wrong flat and ruining their dream of having a permanent resident in the capital. Hence, before buying a flat, one must be very wary of certain aspects. Here is a brief guide to things to check before buying a flat in Dhaka.
Location is the primary concern before choosing the flat. The traffic of Dhaka has always been infamous. Commuting from one part to another part of the city is a headache for us all. While buying a flat, we dream that it will bring comfort to our lives. However, a bad location can ruin that dream and can prove to be a matter which induces negative feelings in our lives. Thus, a suitable location is very crucial. One should select the location based on their workplace and frequently traveled places. Nevertheless, it is better to avoid flats which are far from the main road. The location should have accessibility to public transport. The roads to the apartment building should be spacious enough to drive heavy vehicles through. Considering the waterlogging issue of the city, it is crucial to check the road condition nearby the flat during the rainy seasons. As the transportation system in some parts of the city becomes completely obsolete after heavy rainfalls, it will be wise to know the road condition in the rainy season.
Whether one buys a flat for personal use or investment purposes, one must properly consider the location of the flat as a prime factor to figure its worth and lucrativeness.
The building structure is vital. Scientists have warned us that a possible earthquake may happen in the near future. The good news is; currently, we have the technology to withstand high earthquakes as well. Before purchasing a flat in Dhaka, the buyer must ensure that the developer has implemented earthquake-proof technology in the base of the apartment building.
A flat or apartment has three portions: carpet area, built-up area, and super built-up area. The carpet area is the inner side of the flat. In simplest terms, the carpet area is the area that can be covered by carpet. The carpet area is also known as the net usable area. The built-up area is the area that includes both the area covered by the walls and the carpet area. Lastly, the super built-up area includes the common area such as corridors, stairs, lift, parking space, and rooftop along with the built-up area.
It is important for buyers to know the carpet area of the apartment as the price should be based on the carpet area. Often, the sellers confuse the buyers using various terminologies regarding the actual size of the apartment. But with proper knowledge of these terms and understanding of the actual usable space for living will help the buyers to make a better decision in selecting a flat.
Light & Ventilation
When we dream of our dream home, we dream of colorful rooms with ample daylight in them. However, considering the current scenario of Dhaka, apartment buildings are being made within a few feet apart from each other. As a result, the flats do not receive ample natural light and air. Flats with minimum air and sunlight will cause a number of issues. It will hamper the residents’ health. In addition, it will increase the utility bills. Especially in summer, living in a poorly ventilated flat can prove to be unbearable. So, the buyers must take caution and investigate the air and light flow in the flat before purchasing the flat.
Parking space is a common area for all the owners of the flats. Usually, there is a guideline set by the majority regarding the use of the parking space. Knowing these parking rules and regulations before purchasing the flat is essential as it may not suit all lifestyles.
School & Hospital
We purchase a flat to build our dream home. Hence, buying a flat is a family decision in most cases. Buyers need to consider the necessities of the existing and upcoming family members as well. If the family has young members, it is crucial to ensure there are good schools nearby the flat. Unless the young member of the family will have a tough time commuting to the education institution.
Hospitals are another crucial factor before purchasing a flat. The human body may fall victim to illness at any time. Older members of the family are more prone to health issues. People may fall seriously ill at any time. If there are no good hospitals nearby, it can cause serious consequences. Hence, it is essential to purchase a flat that has a good hospital nearby. It is always a wise decision to prepare for the bad days.
Safety and Security
Dhaka is not free from burglars. Even the most secure parts of the city fall victim to home burglary from time to time. No matter the location of the flat, the apartment building must be highly secure. There should be ample security cameras surrounding the building. In addition, there must be competent security guards who will guard the building around the clock.
While one can expect to receive the basic utilities of water, gas, and electricity all the time, it may not be the case in some parts of the city. There are some parts of the city which severely suffer from the lack of gas and water. In some places, people get gas only for a few hours. At the same time, some other parts of the city suffer from a lack of water. Without such basic utilities, life can prove to be incredibly troublesome. Hence, it is very crucial to know about the utility service history of the area. The buyer must confirm the availability of gas and water all the time.
However, electricity is no longer an issue in Dhaka city. However, from time to time, load-shedding occurs. The apartment building must have a generator to power the flat during those times.
Recreation & Amenities
Dhaka has become a concrete jungle. There are hardly any fields in the neighborhoods. Young people are forced to stay at home due to the lack of recreation opportunities. However, recently many developers such as Mir Real Estate have been offering a gym and pool within the apartment building. In addition, the rooftop is built in such a manner that the young people can play popular sports like football and cricket in the afternoon. While the gym and pool option will add to the high maintenance cost, it will significantly benefit both the body and the mind.
The reputation of the Developer
There are many developers in Dhaka city. The real estate industry has become highly competitive over the last two decades. As the number of developers increased, naturally, the number of developers who failed to retain buyers’ trust increased. Many developers do not use the top trade materials and technology while building the apartment complex. Poorly constructed buildings are always a risk. Some developers fail to deliver the flat in time as well. Hence, the buyers must choose a developer with a good reputation in the industry, such as Mir Real Estate. The history of the developer needs to play an essential role as it will ensure a safe and secure home for the buyer.
Legal Aspects to Check Before Buying a Flat in Dhaka
Buying a flat in Dhaka can be a long and drawn-out experience. One of the primary concerns of flat buyers in Dhaka is the legality of the apartment. Flat buyers in Dhaka may face numerous legal hurdles such as inexperienced brokers, complicated laws, proper knowledge regarding the ownership of the flat, title defects, and many other issues. It is crucial to systematically deal with the legal issues before purchasing a flat. Here is a guide to the essential legal documents one must check before buying a flat in Dhaka.
The title deed is the legal document that states the actual ownership of a property. The title deed provides the owner with the right to use the purchased property. The title deed will specify one’s specific interest in the property, which can be full or partial. However, if one holds the title deed, he or she can access the flat, modify it, or transfer the ownership as well.
Before purchasing the flat, the buyer must check if the original title deed shows the seller’s name and ensure that only the seller has the right to sell it and no other party owns any portion of the flat. It is advisable that the buyer reviews the title deed by a lawyer to fully confirm the document’s authenticity.
Mother deed of the property is another crucial document. Mother deed is the first and main legal document of the property. It works as evidence of the ownership. With the mother deed, one can trace back all the previous owners and seek out if there are any legal ownership gaps of the property. Oftentimes, a flat gets sold to multiple people over a period of time. A buyer must obtain the mother deed and scrutinize the legality of the flat.
The sale deed is the primary proof of the purchase. It entitles the new owner to the flat. After the title deed, the sale deed is a document that the buyer must acquire. Furthermore, the sale deed will specify all the terms of the purchase. The buyer must carefully read through all the terms stated in the sale deed before closing the deal. It is better to review the sale deed by a lawyer to seek out if there are any legal loopholes.
Building Approval Certificate
Before constructing the property, the constructor must obtain the approval certificate from RAJUK. The buyer must check whether the constructor has built the building according to the approved design as well. If the building is not built according to the approved design, RAJUK may decide to take drastic action, and in the worst-case scenario, the building may be brought down.
No Objection Certificate (NOC)
The constructor of the property must obtain a set of NOCs from different organizations such as Water (WASA), Gas, Electricity (DESCO). Without all the NOCs, the seller cannot legally sell the property. Hence, the buyer must obtain all the necessary NOCs from the seller before purchasing the flat unless the buyer may face various service issues from these crucial organizations.
Utility Bill Papers
Before purchasing the flat, buyers must collect and crosscheck the utility (Water, Gas, Electricity) bill papers. If there are any dues attached to the flat, the previous owner must pay them. If this goes unchecked and there are certain dues attached to the flat, the utility provider may cut off the line, which will cause hassles. Hence, it is wise to thoroughly check the utility bill papers and ensure that all the dues are paid till the buying date.
Buying a flat is once in a lifetime decision for most of us. The buyers of flats in Dhaka city must approach this decision very cautiously as there are chances to get deceived in each step. Every little thing regarding the location of the flat, the developer, the construction, the carpet area, the air & ventilation should be thoroughly checked. Finally, before closing the deal, all the legal documents should be properly scrutinized by a lawyer.
Can one buy a flat in installment?
Ans: Certainly. There are various schemes provided by the developers and home loans offered by the banks. Before taking any loan, don’t forget to check out the guidelines.
Can one resale a flat?
Ans: Of course. With all the legal papers and NOCs, one can easily transfer ownership.
Can a flat have multiple owners?
Ans: Yes. A flat can be multiple owners with different shares.
How to find a good neighborhood in Dhaka?
Ans: Relying on renowned real estate companies like Mir Real Estate can be a stress-relieving strategy as all of their projects are located in the best neighborhoods around Dhaka.
How to find a budget-friendly flat in Dhaka?
Ans: Seeking guidance from a real estate agent can certainly help to find budget-friendly housing options from their listings.