With Dhaka’s increasing infrastructure and facilities, it’s nothing new that the demand for apartments in Dhaka is increasing, and it is a hotspot for investors and buyers. Even though we get to see a lot of apartments for sale in Dhaka, the process behind this could be a daunting task. We will guide you on what to expect when you buy or sell apartments in Dhaka and provide insights from our professionals so that you invest in the perfect apartment in this booming market.
Current Market
Dhaka is the most populous city in Bangladesh. With almost 23 million people living in this city and new people coming in now and then, the demand for apartments keeps increasing, and the market has become more competitive. The price of the apartments varies depending on the location, size, amenities, construction quality, etc. For example, a 3500 SFT apartment in Gulshan with all the modern amenities and constructed by a good developer will cost more than you expect. Before you search for apartments for sale in Dhaka, it is a good idea to get an idea of the price based on the criteria.
If you are trying to buy an apartment in Dhaka, here are some tips that will make your buying experience a lot easier:
Determine your requirement & budget
Before you start your apartment hunt in Dhaka, you need to determine your requirement and budget for an apartment depending on the requirement of you and your family. It would help if you chose a secure neighborhood with the necessary facilities like hospitals, schools, groceries, and entertainment around with available public transport. Depending on the size and lifestyle of you and your family, select an apartment size with amenities that fulfill the need of everyone in the family. This process will narrow down the list, and you will only spend your time on apartments that match your requirement. Instead, you will find your desired apartment much faster.
Find a real estate agent/brokerage:
We do see a lot of ‘Apartments for sale in Dhaka’ advertisements every day around us. You might wonder if the process of buying or selling an apartment is that easy. In reality, the process is long and hectic for both buyer and seller. So how do they do it? Usually, they work with a real estate agent or a company that does most of the complex and critical work for them. If you want to buy, the agent or company will narrow the search according to your requirements. If you find an apartment of your choice, they will give you insights, negotiate, do the legal work, and even securely transfer funds. They will provide the same services for sellers as well. It is suggested to consult with a professional and reputable real estate agent or brokerage for a hassle-free apartment buying and selling experience in Dhaka and avoid legal issues.
Property and legal documents inspection:
Once you have found your desired residence and contacted the seller, ensure the property is properly inspected, and the documents are properly reviewed. These are important because the apartment might be damaged in some places that require repairs, and the documents might have some issues that will make you suffer in the long run. You must ensure that the original title deed has the seller’s name and that no other person owns any part of the apartment. Suppose you have enough experience in this industry. In that case, you can inspect on your own, but otherwise, hiring a professional, in this case, is a much better option.
Negotiating and Finalizing:
If you are happy with the apartment and the paperwork, the next and final step is to negotiate with the seller. Suppose you have already hired an agent or brokerage company. In that case, they will negotiate with the seller on your behalf and ask for a more reasonable price based on the property’s current market value. Once you are satisfied with the price, take the help of your agent or brokerage company and securely transfer the fund to the seller. After the transaction, you need to have the sale deed because it is documented proof of the terms agreed by both parties. Take help from a professional and read through the selling documents to find out if there are any legal gaps.
If you are trying to sell your apartment in Dhaka, these tips will ensure that you get a seamless, hassle-free experience:
Find a real estate agent/brokerage
Selling an apartment in Dhaka is a very long and complex process. There may be unexpected problems along the way that you didn’t expect. To avoid these unexpected incidents, a real estate agent or brokerage company is the perfect way to solve the problems. Since they are professionals and experienced in this field, they will solve all the minor and major problems for you, which is excellent riddance.
Prepare the property
The first thing you need to do after you have listed your apartment for sale is to prepare your apartment. You need to declutter and depersonalize your property as much as possible to look spacious. If any repair is needed, fix it before you show the buyers. These will make the buyers more attracted to the flat.
Effective marketing of the property
The property needs to be marketed effectively to the buyers. Your best bet for this is a real estate agent or brokerage. With their experience and network, they can reach out to many potential buyers. They will keep you updated with interested buyers and give you valuable insights.
Negotiate with potential buyers
You need to negotiate with the seller or their representative to agree on an acceptable price for your apartment. It would be best if you did multiple negotiations with different sellers to get your desired price. Once you have reached an agreement, review the documents and check if both parties have included and signed all terms.
Transfer Ownership
You will need to execute the necessary legal procedures to complete the transfer of ownership. This document legally transfers the title and ownership right to the buyer. A broker or agent will make the process much easier and more secure since they will verify the documents and ensure all the legal issues associated with this process.
Completing the Transaction
The final step in the selling process is the completion of the transaction. Before this final transaction, make sure that you have paid your dues and taxes, such as utility bills, property taxes, and any other fees that need to be paid off. After ensuring all the financial matters, sign the necessary documents. If you have an agent or brokerage, they will verify the documents securely and adequately assist you with the fund transfer. Hiring a lawyer would be a good idea if you don’t have one.
Handover Process
After securely gaining the agreed-upon payment, create a checklist of items that you need to hand over to the new owner, including keys, documents, and any other relevant possessions. You should conduct an inspection with the buyer to confirm that everything is in order before officially handing over the apartment. It is also suggested to inform the necessary parties about the ownership change of the apartment. This includes utility providers like water, gas, internet providers, homeowners association if there is any, etc.
Conclusion
To buy or sell an apartment in Dhaka, you must research the market, plan carefully, and have attention to detail. You can also hire a real estate agent or brokerage, allowing you to avoid the complex aspects and concentrate on the other parts. But, whatever path you take, these tips will certainly help in your real estate journey and achieve your desired outcome.
FAQ (For Sellers)
How do I determine the right price for selling my apartment in Dhaka?
Determining the price for your apartment requires market research and depends on the size, location, amenities, etc. You can get a rough idea about the price when you compare the recent sales data of the apartments sold in your location. Consulting with a real estate agent or broker can also give you valuable insights.
How long does it take to sell an apartment?
The time required to sell an apartment depends on the market condition, price, location, and demand. On average, it can take several weeks to months to find the right buyer, complete the processes and transaction.
Should I hire a real estate agent to sell my apartment?
Hiring an agent or brokerage is not mandatory but could benefit you. Usually, they have market knowledge, an extensive network of potential buyers, and negotiating skills that can get you the right price. Brokerage companies like Concord Property Solutions offer professional legal support as well.
What are the common costs associated with selling an apartment?
Standard costs include real estate agent commissions, taxes, legal fees, advertising, and necessary repairs to make the apartment more marketable. Consulting with professionals can help you accurately estimate these common costs.
Do I need to hire a lawyer when selling my apartment?
A lawyer can help you with legal document verification, ownership transfer, preparing contracts, and legal transactions. But, instead of hiring a lawyer separately, you can engage Concord Property Solutions as a real estate brokerage, and you will get legal support from our experienced lawyers.
FAQ (For Buyers)
What factors should I consider when buying an apartment in Dhaka?
Consider important factors such as location, layout, proximity to services and transportation, security features, and potential location growth. Requirements might be different for different buyers. It is suggested that you find out your priorities first.
What are the additional costs associated with buying an apartment?
The additional costs include registration fees, taxes, legal fees, and agent commission if you hire any.
How long does it take to complete the apartment-buying process?
Based on your requirements, the purchase process can take weeks to months.
How do I make sure the apartment is in good condition?
Consider checking the structural integrity of the building, electrical systems, plumbing, and other potential issues. Checking these before the purchase will make sure what necessary repairs are required. You can get a professional inspection team from Concord Property Solutions.
What legal documents do I need to review before buying the apartment?
Important documents such as approved building plans, ownership deeds, sell permission, mutations, and other relevant documents must be appropriately checked. Concord Property Solutions’ professional legal team can help you with document verification.