Nothing beats the feeling of finally saving up enough for years to purchase your very first home. You have saved your hard-earned money for years and finally decided to look for flats for sale in Dhaka that suit your and your family’s requirements. The excitement is paramount, but this is also the most important part. Many first-time buyers make common mistakes during this process that can be avoided. These mistakes can become a burden for you in the long run. Being strategic and considering some crucial factors can give you a sense of accomplishment on one of your most valuable assets.After deciding to purchase a property, you must prepare yourself before looking for an apartment.

Misjudging Location and Facilities

The location is obvious, and you might have already thought about it. But it is not just about buying a home in a great location. You also need to consider other factors when choosing the location, depending on your lifestyle. If you don’t have personal transportation, you must look for a location with the necessary facilities nearby, such as hospitals, grocery stores, and other day-to-day facilities. The location also needs to be selected based on your family’s requirements. For example, if you have children, you must consider how accessible their educational institution is from the location. Furthermore, you also have to consider how far your and other family member’s working place is and whether there are transportation options. Once you purchase an apartment in a location that doesn’t suit your and your family’s needs, there is no going back. This is why you need to prioritize and select a suitable location to make your investment secure.

Overlooking Financial Preparedness

If you are a first-time buyer with no previous experience in the real estate market, you must focus on your financial preparedness. Many first-time buyers focus primarily on the listing price of the flats for sale in Dhaka and don’t account for the other expenses. In fact, this is a common mistake while also buying other assets such as a car. On top of the price of a car, there are other expenses, such as registration, insurance, tax tokens, decorating, etc. Property assets also work in a similar way. It can include taxes, registration fees, legal charges, previous charges, and possibly renovation costs as well. These sudden costs can catch you off guard if you don’t plan your finances properly. Especially if you are taking a home loan, planning your finances realistically is absolutely crucial.

Ignoring Research and Planning

Research and planning are inevitable when entering a dynamic market that offers different types of flats for sale in Dhaka. Before starting to look for a flat, it is important to understand the local market trends, such as the pricing dynamics of various neighborhoods. Understanding this pricing trend allows you to judge if a seller overpricing their apartment. This ability ensures that you are not overpaying for an apartment or negotiating it to a fair amount. You also have to research the potential future value of your asset to get a sustainable profit amount in the future. Lastly, plan your family’s long-term goals and decide if a property fits the requirements. Proper research and strategic planning will set the stage for a successful property purchase.

Skipping Professional Inspections

Skipping professional inspections before finalizing the purchase is a major mistake first-time buyers make. Many buyers skip this part to save money. However, this small step can save you big expenditures in the long run. A professional inspection reveals hidden problems in an apartment that may not be visible to open eyes. These can include issues with structure, plumbing, electrical systems, and damp walls. Knowing these internal issues of a property gives you a rough estimate of your future expenditure while also allowing you to negotiate the price. Additionally, professionals can ensure that the building complies with relevant authorities like RAJUK. Otherwise, there might be future legal complications. For these reasons, allocate a budget for professional inspection to avoid a large financial burden in the future.

Underestimating the Importance of a Good Real Estate Agent

The real estate market in Dhaka is so complicated that even experienced buyers choose to work with a good real estate agent. First-time buyers often rule out the scope of working with a good real estate agent because they don’t want any third-party involvement and don’t want to spend money on this service. However, the benefits of a reputed real estate agent are typically worth the money. They have years of experience in the market, and they can assist you with all the points mentioned above. Furthermore, you get access to their vast collection of flats for sale in Dhaka’s various locations. They can also help you with additional services like home loans, legal assistance, and documentation. However, it is crucial to select the right real estate agent who will provide the required services and be transparent with you. Learn more about how to find the right real estate agent for you to make your buying journey easier.

First-time property buying experiences always come with a lot of complexities and learnings. You will get to learn about many processes and methods throughout your journey. But it is always a smarter approach to be prepared for these beforehand. By knowing the five common mistakes mentioned in the article and implementing them, you will be better prepared to purchase your very first apartment in Dhaka. If you want to learn more tips about property purchases, you should check our blog section, which covers various secondary real estate market topics. Rest assured, we extend our best wishes for your first property purchase.

Frequently Asked Questions (FAQ)

What common mistakes should I avoid as a first-time flat buyer in Dhaka?

You should avoid rushing into purchasing decisions without understanding the importance of location, preparing a financial plan, proper research, professional inspection of the property, and the importance of a good real estate agent.

What are the best places to look for flats for sale in Dhaka?

Check social media groups and real estate pages, real estate agent websites, and buy-sell websites for the best result.

What are the financial tips for first-time buyers in Dhaka?

Instead of just primarily focusing on the flat price, consider other financial aspects such as taxes, registration fees, legal charges, previous charges, and possibly renovation costs into your budget.

What legal documents should I review before buying a flat?

Focus on legal documents such as deeds, building approval, owner verification, and property tax receipts. Take the help of a good lawyer to ensure authenticity.

How do I choose the best neighborhood in Dhaka?

Choosing a neighborhood depends on your and your family’s lifestyle needs, such as proximity to work or school, if you require public transportation, extended safety, etc. However, selecting a location with necessary amenities such as hospitals, groceries, mosques, and recreational activities is always recommended.