While adding an extra few thousand might not be that big of a deal when buying apartments, straying too far from your budget is not a wise move. After all, there are several other expenses that are related to property purchase
There have been plenty of things we could not afford due to budget constraints. We had to miss out on that perfect dress or phone we wanted, because we were a few thousand short. While phones and dresses might not have a long-term effect on your life, real estate does. Buying a home or apartment is probably one of the most substantial investments you will make in life, which may even impact generations to come. That is why sticking to budget can be difficult when it comes to finding the kind of home you want.
While adding an extra few thousand might not be that big of a deal when buying apartments, straying too far from your budget is not a wise move. After all, there are several other expenses that are related to property purchase. A little craftiness, a little adjustment and the right time can help you make the most out of your money and find the best apartments for the lowest prices.
Look for ‘growing’ areas
Do you dream of having a home in Dhanmondi so you can take advantage of the area’s schools, colleges, hospitals and restaurants? Well, there is no reason why you cannot experience all of these facilities just as easily by living in Rayer Bazar! Yes, even Rayer Bazar can be a great substitute without having to sacrifice the quick accessibility living in Dhanmondi would provide. “Growing” or developing areas such as Rayer Bazar or Rupnagar in Mirpur have almost the same accessibility and lifestyle, but the cost of real estate in those areas is significantly less than their more popular counterparts.
City planners tend to apply the term “growing” to areas that currently lack all the necessary infrastructural aspects require. More appropriately, in real estate, growing areas have the necessary facilities and infrastructure in place, but are not yet fully developed. Such areas are also not in the same limelight as other major areas. As a result, there is relatively less real estate demand in these areas.
Take the aforementioned Rupnagar for example. As per Bproperty’s database, the current square feet price of residential properties in the area is about Tk4,535; far less than that of its neighbouring areas and particularly less than that of Mirpur 10, which can cost about Tk5,110. Mirpur 6, which is only 10 minutes from Rupnagar and is considered a hot zone for real estate, is quite a bit more expensive in terms of real estate. So a person living in Rupnagar will enjoy almost the same facilities as they would have if they lived in Mirpur 6 without having to spend more on property purchase.
Compromise a little
A little compromise can go a long way, both for life and for real estate. Similar to choosing growing areas to make a home for yourself, compromising on aspects like floor and location a little can help you find great homes at cheaper prices.
The lower floors of a building tend to be less expensive and sometimes, so do the top floors. It’s the floors in between that usually fetch a higher price. However, if there’s a lift in the building, living in one of the top floors would hardly make a difference. So compromising to live at a higher floor would not be such a bad idea. The same goes for the orientation of the flat, like north-facing or south-facing, although that is more about the residents’ preference and the desire for ample natural light and air.
Another compromise that someone can make is to choose a neighbouring area for their residence. Take Uttara Sectors 3 and 4, for example. Both of these locations are at the forefront of Uttara and have the same sort of benefits. The major difference between these two locations is where they are located; Sector 3 is on the western side of the Dhaka-Mymensingh highway, and Sector 4 is on the eastern side. In fact, Sector 4 is a little bit closer to the airport than Sector 3; yet, real estate there costs less! According to Bproperty’s database, the residential real estate value in Sector 3 at the moment is about Tk8,710 per square feet, whereas, in Sector 4 it is around Tk8,141. That is nearly a difference of Tk600! So according to this price, two 1,500 square feet apartments having the same exact features and facilities can cost about Tk13,06,500 in Sector 3 while costing Tk1,22,11,500 in Sector 4! Now, of course, nothing is that simple when it comes to real estate, but it shows how much more affordable someone’s decision can become with a little bit of compromise.
Time your search
Have you ever wondered if there is any time or month of the year when there are more apartments for sale than the rest of the year? We often see people hauling their furniture to different places during the tail end and the early parts of the years – usually from December to February. Is that when there is most demand for properties?
Answering that question is difficult, especially for property purchase, as the moving date usually depends on the handover date of the property owner. However, it is during the middle months when people seem to have less interest in purchasing a residential place. And as the law of economics states, if there is a low demand for a particular product but a surplus of supply, the price of the product drops. In real estate, this can translate into the seller being in a more compromising state during “low-demand” periods than the rest of the year. Even though determining that “low-demand” period can be quite complex, it stands to reason that it is possible to find better deals on properties that have less demand.
Finding great affordable properties can be easier than some would assume, if they know how to go about their way.