Wednesday, 15.08.18 (125 views)

Buy the best property in Bangladesh

Are you planning to buy a property in Dhaka, Bangladesh? Buying a property like land, house or apartments/ flats is not an easy task to do. You have to be aware of the rates of the real estate you wish to buy. Or if you have already decided that you would like to have your own property then you have to follow a few simple rules which can make the whole procedure easier for you.
Everyone wants to make the property as it considers as an asset. These can give you the mental peace that you have done something for the betterment of your family. If you have a property like a land you can make a house or flat where you can give rent. This is a way to earn money also. Else you can buy a readymade flat or apartment to earn money by utilizing them.
We are here to guide you with 8 easy steps if you are a first time property buyer because one wrong step can be the cause of lifelong pain. So read it carefully and don’t get afraid, you just need a proper guideline and planning that can make your work successful.

#1. Fix your budget

Before you start planning to buy a new property set a proper budget. You need to settle on how much you can afford to have a new property. Just estimate that first and sit with a calculator and a pen and paper. Check the local rate of the property you want to buy. To catch a more definite figure you can ask a lender who will help you and know your income, debt and credit and can fix the kind of loan you can get and for a pre-approval.
The rule to fix a budget plan is the plan for a home which costs about two and a half times your gross annual income. If you have major credit card debt or other financial problems like alimony or even an expensive hobby then you definitely need to set your sights lower.
Another rule is all your monthly home payments should not cross 36% of your gross monthly earnings. The amount of down payment will also conclude how much you can afford.

#2. Line up cash

You need to manage with cash for your down payment and closing costs. Lenders want to see 20% of the home’s price as a down payment. If you can afford more than that the lender may be eager to approve a larger loan. If you have less then you have to find loans which can accommodate you.
Several private and public agencies can allow low down payment mortgages through banks and mortgages companies. If you qualify you can pay as little as 3% up front.
There is a warning you need to know is with a down payment under 20% you will most likely wind up having to pay for private mortgage insurance which is a safety net securing the bank in case you fail to pay. Once you settle down with the down payment ensure you have got enough of it to cover fees and closing costs. These may involve the appraisal fee, loan fees, attorney fees, inspection fees and the cost of a title search.
Check on if your employer can help on this matter, many big companies will cut down the payment or help you to get a low interest loan from chosen lenders.

#3. Find an agent

Most of the sellers list their properties through an agent. Basically, the thing is that those agents work for the seller, not for you. They are paid based on a percentage, generally 5 to 7% of the selling price so they want you to pay more so that they can get more.
You have to find some ‘exclusive buyer agent’ to get a better deal. Sometimes you may get the option to pay the agents directly on an hourly or contracted fee. Other times they crack the commission that the seller’s agent gets upon sale. A buyer’s broker has the same access to homes for sale that a Seller’s broker does but his or her commitment to be only to you.

#4. Select a home

The very first thing you need to figure out in what city or area or neighborhood you like to live in. Find for some signs of economic vivacity like a mixture of young families and older couples, less unemployment and good incomes.
Pay extra attention to those districts where you find good schools even if you don’t have school going, children. If you want to sell it sometimes you will find that a strong school system is a significant benefit in helping your home retain or gain the value.
Try to get a concept about the real estate marketing in that particular area. For example, if properties are selling close to or even above the asking price that means the area is really desirable. Be cautious of selecting search criteria which are too restrictive.

#5. Make an offer

Once you get the house you want to move as early as possible to make your bid. If you are working with a buyer’s agent then take the suggestion from him or her on an initial offer. If you are working with a seller’s broker plan the strategy yourself.
Try to gather information on at least three properties which have sold in recent times in the neighborhood. If you really like that property and want that then doesn’t hesitate. The seller may renounce in disgust. Don’t forget that your influence depends on the pace of the market.
Basically, there is no foolproof plan for negotiating a fair price. It’s often better to deal with the seller directly rather than through intermediaries.
Try to be a little pushy about finding ways to satisfy the seller’s requirements. As an example, you can ask that if the seller would throw in kitchen and laundry appliances if you pay his price – or take them away in exchange for a lower price.

#6. Enter contract

Give the contract to your lawyer or buyer’s broker to review and to ensure the deal is reliant upon;
  1. You’re obtaining a mortgage
  2. A home inspection which shows no major defects
  3. A guarantee which you may conduct a walk-through inspection 24 hours before closing the deal
You also have to make a good faith deposit – generally 1% to 10% of the buying price which should be deposited into an escrow account. The seller will get this money after the deal has closed. If the deal fails anyhow then you will get back the money only when you or your property failed any of the contingency clauses.

#7. Get an inspection

In addition in addition to the evaluation which mortgage lender will make of your property, you should appoint your own home inspector. He or she may cost a bit more and takes two or three hours.
You need to be present at the time of inspection because you will know a lot about your property, including its overall condition. If the inspector turns up with some major issues then tell your broker or lawyer to discuss it with the seller. You will either like the seller to fix the problem before you move on further or deduct the price from the final price. But if they deny doing all these things then you should walk away from the deal. You can get a penalty also if you have mentioned it in the contract.

#8. Close the deal

Two days before you will get the settlement paper from your lender which have the list of charges you need to pay at closing. Review it with great care and attention. It will involve matters like the cost of title insurance which safeguards you from any claims someone may create regarding ownership of your property. The cost of insurance varies from state to state.

At the end

Hope this article of mine will help to get you the best property in Bangladesh. Follow these 8 steps to buy the property which you want to have for a long time. Share if you have any suggestion regarding this topic. Comment in the box below.

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